BBA meaning

In this issue: Arbitration in England & Wales International Arbitration Investment treaty arbitration Institutional and ad hoc arbitration Other arbitration and ADR-related news and developments Daily and weekly news alerts New and updated content Useful information Arbitration in England & Wales Court infers a ‘horizontal’ arbitration agreement and orders a stay of proceedings Alrubie v Chelsea Football Club Ltd and another [2025] EWHC 541 (Comm) concerned a successful bid by the second defendant to pause the court proceedings in the London Circuit Commercial Court. In the court claim, the claimant said the second defendant had procured the first defendant to breach a contract between the claimant and the first defendant. The claimant maintained that the agreement gave him a right to a commission connected to the transfer of a player from the first defendant, Chelsea Football Club Ltd (Chelsea), to West Ham United Football Club (West Ham). In allowing the stay, the court had to...

Background to the regulated activities relating to benchmarks Benchmarks play a crucial role in pricing numerous financial instruments and in commercial and non-commercial contracts. After reports of manipulation involving benchmarks such as the London Interbank Offered Rate (LIBOR), there were widespread doubts about the overall integrity of benchmarks. In 2009, amid ongoing concerns about how LIBOR operated, the Financial Services Authority (FSA), working with other overseas regulators, began investigating a number of institutions for alleged misconduct linked to LIBOR, the Euro Inter-Bank Offered Rate (EURIBOR) and other benchmarks. As part of the response to these investigations, in July 2012 the UK Government set up an independent review into the setting and use of LIBOR. The review was led by Martin Wheatley, then managing director of the FSA and former CEO of the FSA’s successor, the Financial Conduct Authority (FCA). The Wheatley Review identified several failings in both the production and oversight of the process for determining LIBOR, which at the time was administered by the British Bankers' Association...

This practice note sets out two mechanisms by which trustees can reduce exposure to personal liability arising from their office: indemnities exoneration clauses in trust instruments Indemnities Trustees may reimburse themselves from the trust fund for expenses incurred in performing their trustee functions. This spans administration costs, taxes connected to the trust fund, and contractual obligations. It can also extend to the costs of actions against third parties and trust litigation, but care is needed to ensure such legal expenses are payable from the fund rather than personally. A trustee’s right to be indemnified arises only where the costs were incurred: properly, and while acting in their capacity as trustee In FMA v BBA, a case involving compromised trust proceedings, the trustees were refused an indemnity from the trust fund for costs incurred to advance their own interests rather than those of the beneficiary. Distribution When assets are distributed to a beneficiary, trustees...

This Practice Note: sets out what LIBOR is gives a concise overview of the developments influencing LIBOR in recent years and the anticipated forthcoming changes examines in depth the Wheatley review and the measures taken to carry out its recommendations—please note these sections cover historical developments and are not maintained For up-to-date developments concerning LIBOR, see LIBOR developments tracker [Archived]. What is LIBOR? LIBOR (the London Inter-Bank Offered Rate) is the interest rate at which one bank (acting as lender) offers funds to another bank (as borrower) within the London inter-bank market. It is commonly employed as a benchmark across a wide range of finance transactions. From 1986 until 1 February 2014, LIBOR was administered by the British Bankers’ Association (BBA) (since 1 July 2017, the BBA has been part of UK Finance). Rates overseen by the BBA were generally termed ‘BBA LIBOR’ to differentiate them from a particular bank’s own LIBOR. On 1 February 2014, responsibility for administering...