Work of the Financial List
The financial markets play an important role nationally and internationally, and are continually developing. In their disputes, participants have particular needs and issues of overall financial stability may arise.
The Financial List is a joint initiative of the Chancery Division and the King’s Bench Division, built on the expertise of the judges of the Commercial Court and the Chancery Division. Judges from both jurisdictions have been nominated to sit as “Financial List judges”.
A key feature of the list is the particular financial expertise and experience of the nominated judges, who are responsible for cases allocated to them from inception through to enforcement if necessary.
Disputes that are eligible for inclusion are those that principally relate to financial disputes of over £50m or equivalent, or which require particular market expertise, or raise issues of general market importance.
As explained in the Guide to the Financial List, the procedure is intended to fit seamlessly with existing procedure. Parties issue proceedings in either the Commercial Court or the Chancery Division. Before judge allocation, the parties have the opportunity to indicate any particular feature of expertise that may be advantageous.
Subject to adjustments indicated in the Guide to the Financial List, the proceedings take place under the procedures in the Commercial Court Guide.
The Financial List provides a pilot “Financial Markets Test Case Scheme” to facilitate the resolution of market issues to which immediately relevant English law guidance is needed.