Mr Roger McCormick
Director of LSE Law and Financial Markets Project
Date: 15 May 2007
Time: 1:00pm - 2:30pm
Venue: CARR Seminar Room, H615
Legal risk has been a focus of attention in the financial markets for some time, at least since the Hammersmith & Fulham case prompted the Bank of England to form the Legal Risk Review Committee and cases such as British Eagle and Charge Card started various hares running about the effectiveness of set-off in insolvency and certain kinds of netting arrangements.
The debates in this area have been refuelled by the new emphasis that Basel 2 places on operational risk control procedures and systems as well as the rapid growth of the compensation culture and consumerism and the fashion for zealous market regulation and legislative attempts to "prevent" (or at least combat more effectively in some way) fraud, terrorism, money-laundering, serious crime etc.
Meanwhile, the ambitions of financial market participants remain boundless, with technical legal problems being perceived as little more than nuisances from a bygone era that should not be allowed to inhibit product development and the functioning of a global market in a manner that transcends the foibles of individual jurisdictions. What risks result from such phenomena? What exactly do we now mean by legal risk and how can we manage it? Who should be responsible for it in any event?
About the speaker
Roger McCormick is a Visiting Professor and Senior Research Fellow at the London School of Economics and Political Science (where he is also the Director of its Law and Financial Markets Project).
He is also the author of "Legal Risk in the Financial Markets" (Oxford University Press 2006) and the General Editor of Law and Financial Markets Review (Hart)
Roger retired from full-time private legal practice in 2004, having practised law in the City of London for nearly thirty years.