Dispute Resolution analysis: This judgment on the Italian swaps litigation addresses a range of jurisdictional questions. It focuses on a bespoke version of the standard ISDA jurisdiction clause. While ostensibly providing for the jurisdiction of both the English and Italian courts, the court construed it as an exclusive jurisdiction clause in favour of England. The judgment also clarifies the scope of the service out gateway under CPR 6.33(2B(b), confirming that it extends to any claim (whether ‘in respect’ of a contract or not) falling within a contractual jurisdiction clause. Finally, the court dismissed Trentino’s innovative argument that the ‘unforeseeable effects’ of Brexit (notably the risk of parallel proceedings and the potential unenforceability of an English judgment in Italy) made Italy a more appropriate forum than England. Written by Harriet Campbell, senior knowledge lawyer at Penningtons Manches Cooper LLP.
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