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Dutch civ 511/30/2023 ![]() Linklaters LLP acted for Deutsche Bank in this case. Given the Credit Support Annex’s widespread use as a standard market document, the case is highly significant for the derivatives market as a whole. The Court of Appeal reached the same view as the trial judge and dismissed the appeal, holding that the Credit Support Annex does not contemplate the payment of negative interest. The case concerned the interpretation of an ISDA Credit Support Annex in a negative interest environment and raised a novel issue as to whethe parties must account for negative interest on cash collateral. On, the English Court of Appeal handed down its judgment in The State of the Netherlands v Deutsche Bank AG EWCA Civ 771.
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