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Email Last week the Court of Appeal of England and Wales handed down its decision in four appeals which raise a number of questions of construction in relation to derivatives in the form of interest rate swaps and forward freight agreements documented under the International Swaps and Derivatives Association Inc. Master Agreement (the “ISDA Master Agreement”). In particular, the decision focuses on the interpretation of section 2(a)(iii) of the ISDA Master Agreement. https://www.cadwalader.com/resources/clients-friends-memos/english-court-of-appeal-interprets-the-isda-master-agreement