Recent market volatility has meant that users of the 1992/2002 ISDA Master Agreements ("ISDA MA") have gone to extraordinary lengths to try and curtail their losses. In such times, market participants naturally attempt to side-step contractual obligations on increasingly technical grounds. In this context, claimants are ever more imaginative with their arguments which has in turn led to some interesting results and legal decisions.

There have been a number of cases based on the ISDA MA over the past year both in the UK and in the U.S.. These cases have affirmed traditional ISDA MA jurisprudence but have also provided a few surprises along the way.

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