High Court finds English court has exclusive jurisdiction in ISDA swaps case

In a recent decision, the High Court has granted summary judgment in favour of a French bank seeking declarations that: (i) the English courts had exclusive jurisdiction under the jurisdiction clause contained in the 1992 ISDA Master Agreement (which applied to the transactions in dispute); and (ii) proceedings commenced in Italy by an Italian municipal authority were therefore commenced in breach of that clause: Dexia S.A. v Comune di Torino [2025] EWHC 1903 (Comm).

This decision is one of a number of judgments in recent years relating to swaps entered into by Italian public authorities. The English court has once again taken a robust approach to interpreting a jurisdiction clause, confirming its appreciation of the importance of market certainty and predictability in the interpretation of standard form ISDA documentation.

For more information see this post on our Banking Litigation Notes blog.