Fountain Court
Raymond Cox QC

Raymond Cox QC Call date: 1982 | Silk date: 2002

 “a terrific advocate” Chambers Guide to the UK Legal Profession

(for a more detailed CV please use print/email/download links above)

Russian: Русская версия

Hindi: यहाँक्लिककरें

Chinese: 请点击这里


Recommendations (Practitioners' Guides)

Recommended as leading silk in Commercial, Banking and Finance, and Insurance and Reinsurance, Legal 500, 2014; and Banking and Finance, and Insurance, Chambers 2014.

"A distinguished silk singled out for his expertise in complex derivatives transactions. He consistently impresses both peers and instructing solicitors with his calm and thoughtful approach."

Expertise: "Very impressive, he's a calming influence on the team and a genuine leader, who instils great confidence in everyone."

"A cerebral silk who has an easy manner and is a pleasure to work with."

Recent work: "Acted for the claimant in a multifaceted derivatives case against Barclays that raised issues of negligence and misrepresentation."  Chambers 2014

Well respected for his expertise in insurance and reinsurance law. He is particularly skilled in matters relating to the banking and finance sectors." Chambers 2014

Expertise: "He's very good with clients, and has a wide range of expertise and knowledge."  Chambers 2014

Raymond Cox QC is ‘immensely knowledgeable about financial services matters’, and ‘an excellent adviser’.  Legal 500 2014

"Raymond Cox QC is a "recognised leading light in the banking litigation field," with wide experience of disputes relating to derivatives and structured products. He is "meticulous over details and has an exceptionally good bedside manner with clients." Chambers 2013

"Interviewees highly recommend Raymond Cox QC for his "ability to cut through the details and get straight to the key issues of a case." Chambers 2013

"a 'pure joy to work with' and earns particular praise for his commerciality" and "talented" Chambers 2012

"one of those barristers who make all seem terribly easy" Chambers 2011

"pleases due to his "outstanding grasp of detail" and "extremely calm and measured approach." Chambers 2011

"continues to impress the market” and "sources remark that his evident expertise is added to by the fact that he is "extremely easy to get on with" Chambers 2009

"knows the financial regulatory arena well" Legal 500 2009   

"a terrific advocate" Chambers Guide to the UK Legal Profession 2008 

"is seen as having great acumen in retail banking issues, such as overdraft and credit card fees, and is not flashy, but very, very clever" Legal 500 2007

Recent Practice

Banking & Financial Services

Raymond’s practice covers the whole breadth of banking and financial services law and practice, including:

  • derivatives: forwards, options, synthetic bonds, ISDA credit default and interest rate swaps, CDOs, CFDs and other derivatives.
  • securitised lending, structured finance.
  • investment banking securities, sovereign notes, corporate bonds, loan notes and sukuk
  • commercial banking and corporate finance; syndicated lending; acquisition, asset, property, and project finance; certificates of deposit.
  • administration and insolvency, domestic and foreign, including debentures, set-off and netting.
  • share trading, CREST, over the counter bonds, certificates of deposit.
  • payment: technical disputes under most international and domestic mechanisms, including SWIFT, Clearstream, Euroclear, TARGET, CHAPS, bills of exchange and cheques.
  • regulation; all aspects of regulation and control of finance, including FSA regulation (see further below), OFT, and Competition Commission investigations; mis-selling; bank charges; Unfair Terms in Consumer Contracts regulation; money laundering; POCA; and the Consumer Credit Acts.
  • much of this work is international. 

Recent highlights include:

  • Cheque clearing system - advised Cheque and Credit Clearing Company Limited for UK banks re proposed new system for clearing images of cheques, and alterations Bills of Exchange Act 1992 and Cheques Act. 1957.  In March 2014 the Treasury issued public consultation about the proposed changes to statute to allow clearing of images of cheques.
  • Deutsche Bank (Suisse) SA v Khan [2013] EWHC 482 (Comm) acted for claimant bank and Deutsche Bank AG in claim for facilities owing – defences based on fraud and misrepresentation – disputes relating to condition precedent, breach of warranty, security shortfall, and no set off clause.
  • Tidal Energy v Bank of Scotland [2013] 2 Lloyd's Law Reports 605 – misdirected CHAPS payment - acting for defendant bank on appeal. Also [2014] EWCA Civ 847 in relation to cost capping.
  • LIBOR (2013) – global investigations of financial institution in relation to setting of LIBOR rates – advising financial institution. 
  • Marex Financial Ltd v Creative Finance Ltd [2013] EWHC 2155 (Comm) – US$850m carry trade position closed out – acted for defendant in dispute relating to sums recoverable on close out – profits made by broker on close out not recoverable.
  • Bank Leumi v Wachner [2011] EWHC 656 (Comm) acted for claimant in claim for sums owed under FX options trading - claims that the client had been misclassified under COB/COBS, that personal recommendations or misrepresentations had been made, and that a general advisory duty was owed.
  • RBS v Highland [2010] EWCA Civ 809 (CA), [2010] EWHC 194 (Comm), acted for hedge fund - issue of notes and subordinated securities in CDOs terminated early – dispute with RBS acting as warehouse providers.
  • Awal Bank and Al-Gosaibi and others – acting for the global administrators of Awal Bank in relation to claims involving Saad Group - proceedings for fraud, freezing order proceedings and asset recovery in Cayman, UK, USA, Bahrain, and Saudi Arabia.
  • Enka v Banca Popolare [2009] EWHC 2410 (Comm) acted for claimants on advance payment and performance bonds – proceedings in UK, Italy and Russia.
  • Tracker interest rate mortgages - raising of mortgage rates - acting for Building Society in representative claim on behalf of action group of claimants

 Structured finance

  • Structured finance – senior lenders exercising power to vary the finance documents – issues relating to oppression, application of non- cash proceeds of sale, change of control and release of guarantors – advising senior lenders.
  • Senior Facilities Agreement – advising whether or not unanimous lender support required for grant of new facility – or majority support only. 
  • Eurodollar Noteholders – restructuring through enforcement of share pledges – advising on whether or not unanimous consent of noteholders required to release notes and securities and to credit bid.
  • Dubai Sukuk - advised in relation to restructuring of Nakheel debt
  • Gartmore Financial Services - advised re break fee payments on disposal of the company.
  • Securitised loans to Bulgarian telecoms group – advised re options for restructuring open to senior and mezzanine lenders and equity holders.
  • Senior, mezzanine and third ranking lenders - advised re priority issues.
  • Senior Credit Agreement - advised re application to inducement fee paid to acquirer in relation to share acquisition.
  • Ancillary Bank set off rights – advised re set off rights (pre and post insolvency) where there is a syndicated loan, intercreditor agreement, flawed asset account, debenture and set-off and netting agreement.

 Derivatives, notes and bonds

  • Depfa Bank plc – acting for Depfa in proceedings relating to validity of CDS, amortising swap and interest rate swap under ISDA Master agreement (multicurrency – cross border). 
  • Parmalat Brasil and Credit Suisse (2013) – purchase of convertible US$500m euro bond by Credit Suisse and sale of Forward Sale Agreement for partial conversion – advising Parmalat. 
  • Senior Notes issued by Hong Kong public company – advising in relation to whether the intended mechanism for privatisation of the company was prohibited by the terms of Senior Notes issued by the Company, or would require the approval of noteholders.
  • Callable Bullish Notes – sold in Kuwait – advising in relation to misselling. 
  • Credit Suisse Callable Return Notes and Discount Reverse Convertibles – acting in relation to misselling.
  • Floating Rate Notes for over US$400m – advising in relation to claims by purchaser against bank issuer relating to prospectus liability and misrepresentation.
  • Foreign Currency Convertible Bonds issued by Indian company (FCCBs) – ISDA interest rate swap, target profit forward swap with knock out, structured FX transactions – law of India regulating derivatives - acting in dispute between issuer and customer.
  • Greek sovereign bonds – changes in relation to private bondholders - advising in relation to compliance with European Convention on Human Rights. 
  • Sovereign medium term €10bn issue of notes – acting in freezing application in respect of interest payments under the notes.
  • Secure Capital SA v Credit Suisse - bearer notes issued by Credit Suisse –acting in dispute in relation to breach of terms of notes by issuer – notes in Permanent Global Note form and transferred through Clearstream. 
  • Merrill Lynch 15 billion euro loan note programme – advised Merrill Lynch in relation to terms and regulation.
  • ISDA Swaps related to shipbuilding loan facilities - impact of breaking swap contracts on loan facilities - acting in claims against bank.
  • Target Forward Redemption contracts (TARFs) – misselling in Saudi Arabia - over US$400m loss – acting in relation to arbitration. 
  • 30 year total return swaps – issues relating to misrepresentation, frustration, regulation and competition issues
  • 15 year interest rate swap – breach of COB/COBS rules – contractual estoppel.
  • Floating rate credit facility – indemnity to bank for break costs – did indemnity extend to costs of breaking a swap contract entered by bank to fix the interest.

 Other

  • Icelandic banks – acted in various matters relating to deposits in Landsbanki, Kaupthing and Glitnir Icelandic banks, loan facilities and recovery of CHAPS payments.
  • Jersey Fund management– investments by the Fund – alleged failings by Manager, Custodian and Directors –investing and monitoring breaches – breaches of net asset value limits - Jersey proceedings – acting for Bank defendants and advising Directors.
  • MF Global– margin under ICE exchange Rules and Regulations - the application of client money under CASS – advising the counterparty.
  • Payments via Clearstream – advising in relation to making and stopping payments.
  • LCH. Clearnet – advised re regulation of £200m insurance/guarantee cover.
  • CREST payments – advised re dispute in relation to payments for eligible debt securities involving Kaupthing Singer and Friedlander.
  • LSE and CREST rules – advising corporate finance house re dispute with execution agent re settlement for certificated and uncertificated shares.
  • Acting for PwC as administrators of an airline in relation to processing of credit card payments and chargebacks by Deutsche Bank as merchant acquirers under the European VISA and MasterCard rules.
  • Landsbanki, Kaupthing and Glitnir Icelandic banks – acted in various matters re loan facilities with Kaupthing in administration, and recovery of CHAPS payment made to Kaupthing.
  • Interest rate swaps – advised re potential bank liability for misselling.
  • Structured collar interest rate swap – advising on misrepresentation and contractual estoppel.
  • Standard Chartered Insurance Limited v Standard Chartered Bank - acted in dispute re collapse of Bombay Stock Exchange concerned with the market in India in loan certificates. The issues related to an English law bankers blanket bond, but depended in part on the enforceability in India of the trades.
  • Dexia Bank – advised re forged transfers.
  • RBS – dealing with joint account funds – advising Bank.

 Raymond is the co-editor of the leading textbook, Law of Bank Payments (4th ed., 2010, Sweet and Maxwell).

 Commercial disputes

Raymond’s experience covers the spectrum of commercial disputes. He has acted in relation to joint ventures; share sales and transfers of business; commodity, currency and other trading disputes; distribution and agency agreements; partnerships and private equity finance. He has acted in relation to commercial freezing orders, injunctions and conflict of law disputes. Recent highlights include:

  • Marex Financial Ltd v Creative Finance Ltd. [2013] EWHC 2155 (Comm)  - foreign exchange broker - close out of client's USD 800m position in NZD/JPY and EUR/JPY - duties owed to client on closing out - Marex not entitled to mark-up spreads on the close out of a client's position.
  • Sovereign medium term €10bn issue of notes – acting in freezing application in respect of interest payments under the notes.
  • Tullow Uganda Ltd v Heritage Oil and Gas Ltd. [2013] EWHC 1656 (Comm) - Contracts of indemnity - Oil and gas industry – acting for defendant on appeal relating to tax assessments and Uganda.
  • Societe Generale v Goldas missing US$500m consignments of gold – freezing orders.
  • Calyon v Awal Bank freezing order.
  • Shipbuilding - loan facilities for 4 vessels to be built in Chinese yard - impact of breaking swap contracts on loan facilities - acting for shipowners against bank.
  • Target Forward Redemption contracts – misselling in Saudi Arabia - over US$400m loss – acting for one party in relation to arbitration
  • International hotel Joint Venture – acted in dispute re break up of Joint Venture.
  • UK/US solicitors firm – acted in breakup of firm.
  • European Enforcement Order Regulation 2004 – acted in proceedings for enforcement by shipping agent.
  • Options to purchase shares – capacity and duress – effect of the options – advising.

Fraud: Civil

Raymond acts in relation to claims for conspiracy, breach of trust, breach of fiduciary duty, restitution and tracing. Recent highlights include:

  • Deutsche Bank (Suisse) SA v Khan [2013] EWHC 482 (Comm) acted for claimant bank and Deutsche Bank AG in claim for facilities owing – defences based on of unfair relationship under Consumer Credit Act and unfair terms under Unfair Contract Terms Act, and Unfair Terms in Consumer Contract Regulations
  • Awal Bank and Al-Gosaibi and others – international proceedings for fraud, freezing order proceedings and asset recovery.
  • diversion of business from former employers – unlawful means conspiracy – advising in relation to Singapore proceedings.
  • missing shipment of mobile phones – claims for conspiracy, breach of trust and damages.
  • Gemini Investments v Botolph –  freezing order proceedings arising from fraudulent rent guarantees.
  • R v Leaf, advising on civil law aspects of criminal proceedings for tax fraud – fraudulent reclaim of corporation tax.
  • Cronos Containers NV v Palatin, international fraud and constructive trust claim against a bank.

Serious Fraud Office: Queen’s Counsel list (2009).

Conflicts of Law

Choice of law and jurisdiction disputes occupy much of Raymond’s practice. He frequently acts in disputes relating to jurisdiction involving the Brussels Regulation or non EU jurisdictions. Much of his experience involves a foreign law or laws, and the Rome regulation. Raymond regularly advises in cases from Singapore, and was admitted to the Cayman Bar. Recent highlights include:

  • Diag Human v Czech Republic [2014] EWHC 1639 (Comm) enforcement of an award in Czech arbitration - decision of Austrian court that award not binding within New York Convention - issue estoppel.
  • State Immunity – acting for claimant in enforcement of award by judgment – issues re State Immunity.
  • Awal Bank and Al-Gosaibi and others – acting in proceedings in Cayman, UK, USA, Bahrain, and Saudi Arabia.
  • Enka v Banca Popolare [2009] EWHC 2410 (Comm) jurisdiction and choice of law disputes - proceedings in UK, Italy and arbitration in Russia.
  • British Sugar v Babbini [2005] 1 Lloyd's Rep. 332, jurisdiction under Brussels Convention relating to third party proceedings.

 Raymond is the co-author of Private International Law of Reinsurance and Insurance (December 2006, Informa LLP, and the author of "Choice of Law:  New York and English Approaches to Insurance and Reinsurance Contracts" in Lloyd's Research Handbook on International Insurance Law & Regulation (eds Burling and Lazarus, December 2011).  The British Insurance Law Association (BILA) Book Prize for 2013 was awarded to Research Handbook on International Insurance Law and Regulation.   He is also the co-author of "England and Russia: resolving jurisdictional disputes", Law Society Gazette, 22 April 2013.

 Insurance and Reinsurance

Raymond’s reinsurance experience covers most of the recent reinsurance market losses including the Kuwait and Exxon recoveries, the split capital investment market, spiral and PA LMX spiral business, film finance, and the ERAS EIL pollution scheme. In relation to insurance, Raymond’s experience includes all manner of primary and excess layer coverage disputes. Third party claims against brokers and claims managers in relation to reinsurance and insurance business are part of this experience. Much of the work is arbitration. Recent highlights include:

  • Surety bonds – advising pension fund trustees whether they are contracts of insurance or guarantee.
  • Interlocking clauses– towers of reinsurance across several years – interlocking clauses applying to retention and limits – advising on operation of clauses.
  • LIBOR (2013) - civil liability insurance – investigation costs - global investigations of financial institution in relation to setting of LIBOR rates – advising financial institution. 
  • Quota share reinsurance– claims on bordereaux – proof of loss within reinsurance – avoidance for issues relating to broker charges – acting for reinsured.
  • Business interruption cover – acted in arbitration proceedings re reinsurance claims of over £150m arising from nuclear plant shutdown.
  • Exxon and Kuwait recoveries – acted in arbitration proceedings.
  • Sphere Drake v Stirling Cooke Brown [2003] 1 Lloyd's Law Reports IR 525, PA LMX spiral.
  • Film Finance v RBS [2007] 1 Lloyd's Law Reports 382 arbitration agreement relating to film finance gap cover.
  • Banker’s blanket bond claim for $850m – acted in claims co-operation dispute.
  • WorldCom share issue – advising re coverage of bankers’ liability for arranging and underwriting share issue.
  • Split Capital Investment Trusts (zeros) – advising on various brokers insurance claims arising from the collapse of the zeros market and regulation.
  • Film finance litigation and arbitration proceedings – acting in proceedings relating to “gap” insurance policies covering losses made in financing films.
  • ‘Debt cancellation and suspension’ clauses in loans – advising in relation to insurance regulation.

 Raymond is the co-author of Private International Law of Reinsurance and Insurance (December 2006, Informa LLP); contributor to Encyclopaedia of Insurance Law (Sweet and Maxwell, 2006); and the author of "Choice of Law:  New York and English Approaches to Insurance and Reinsurance Contracts"  in Lloyd's Research Handbook on International Insurance Law & Regulation (eds Burling and Lazarus, December 2011).   The British Insurance Law Association (BILA) Book Prize for 2013 was awarded to Research Handbook on International Insurance Law and Regulation.

 International Arbitration

Raymond has acted in commercial, banking and insurance and reinsurance arbitrations.  Recent experience includes:

  • MCIArb (Chartered Institute of Arbitrators)
  • Diag Human v Czech Republic [2014] EWHC 1639 (Comm) enforcement of an award in Czech arbitration - decision of Austrian court that award not binding within New York Convention - issue estoppel.
  • Telecoms in Saudi Arabia - acting for mobile virtual network company in dispute relating to grant of licences in Saudi Arabia - LCIA arbitration.
  • Diag Human SE v Czech Republic [2013] EWHC 3190 (Comm) application for an order for security for costs in an application to set aside an arbitral award enforcement order under s.101 Arbitration Act 1996 – refused where the amount of the award and interest would far extinguish the costs of the enforcement of the award.
  • Arbitration proceedings against East European state – enforcement and freezing proceedings in many different jurisdictions – issues of State Immunity.
  • ICC arbitration under ISDA Master – structured products – advising in relation to potential proceedings. 
  • LCIA arbitration of issues relating to interest rate swaps and currency options – ISDA Master Agreement.
  • Arbitration of quota share reinsurance dispute. 

 Offshore

Raymond has acted in relation to matters in the Channel Islands, Caribbean and Asia. Recent highlights include:

  • Jersey Fund management – investments by the Fund – alleged failings by Manager, Custodian and Directors –investing and monitoring breaches – breaches of net asset value limits - Jersey proceedings – acting for Bank defendants and advising Directors.
  • Awal Bank and Al-Gosaibi and others – acting in proceedings in Cayman, UK, USA, Bahrain, and Saudi Arabia.
  • RC Cayman Holdings v Ryan (2013) acted for claimants in dispute in Cayman relating to guarantees on share sale.
  • Glorious Property Holdings Limited (2014) Hong Kong – advising in relation to whether the intended mechanism for privatisation of the company was prohibited by the terms of Senior Notes issued by the Company, or would require the approval of noteholders.
  • Singapore (2014) – conspiracy – equitable compensation - advising in relation to appeal to Singapore Court of Appeal.

 Professional Negligence

Raymond’s experience of professional negligence cases includes in particular professionals in the areas of financial services (e.g. brokers, bankers and IFAs), construction and real property, and the legal professions. Recent highlights include:

  • IFA – advising on liability in respect of contracts for differences.
  • Commercial bank, architects and engineers – advising re liability in relation to property subsidence and lack of insurance.
  • Comunica v BDO Binder Hamlyn acting for claimant in an audit negligence case.
  • John Mowlem Construction plc v NF Jones & Co [2003] EWHC 2894 (TCC) solicitors’ negligence action relating to advice about professional indemnity insurance.

Raymond is a contributor to Professional Negligence and Liability (LLP).

Regulation of Financial Services

Raymond’s experience of the regulation of financial services covers the whole spectrum of advisory and advocacy work:

  • authorisation
  • COBS, ICOBS and CASS rules.
  • conduct of business, and client assets rules.
  • financial promotions.
  • FSA investigations and enforcement proceedings, including s.45 notices and s.166 reviews.
  • market abuse and insider dealing.
  • money laundering and POCA requirements, and compliance with the Unfair Terms in Consumer Contracts regulation.
  • litigation and investigations in relation to claims for damages for breach of regulatory duties in relation to misselling of products such as pensions, bonds, derivatives, CFDs and swaps, as well as “boiler rooms”.

Recent highlights include:

  • Cheque clearing system - advised Cheque and Credit Clearing Company Limited for UK banks re proposed new system for clearing images of cheques, and alterations Bills of Exchange Act 1992 and Cheques Act. 1957.  In March 2014 the Treasury issued public consultation about the proposed changes to statute to allow clearing of images of cheques.
  • Deutsche Bank (Suisse) SA v Khan [2013] EWHC 482 (Comm) acted for claimant bank and Deutsche Bank AG in claim for facilities owing – defences based on of unfair relationship under Consumer Credit Act and unfair terms under Unfair Contract Terms Act, and Unfair Terms in Consumer Contract Regulations.
  • Mortgage portfolio –acting for financial institution in relation to potential disputes. relating to Unfair Terms in Consumer Contracts Regulations, Consumer Credit Act 1974 
  • Proceeds of Crime Act – spread betting profit and losses – advising in relation to “property” within POCA (2013).
  • Bank Leumi v Wachner [2011] EWHC 656 (Comm) Flaux J. rejected the Defendant’s claims that the client had been misclassified under COB/COBS, that personal recommendations or misrepresentations had been made, and that a general advisory duty was owed.
  • MF Global– application of client money under CASS, advising.
  • Consumer Credit Act 1974 –telecoms company – regulation of lease-sale, hire-purchase and fixed sum loan contracts for handsets and network. 
  • Authorised representatives of regulated firm – alleged fraud - advising in relation to liability of regulated firm for conduct of AR. 
  • Combination notes – exchanged for component notes – duties in relation to receipts – advising collateral administrator and trustee. 
  • Target Rate Redemption Forwards (TARFs) structured products – advising in relation to misselling in Kuwait.
  • Investments by bank customers – alleged breaches of COBS – application of COBS to foreign business - acting for bank
  • RBS –  Sharesave scheme – regulation under Financial Services and Markets Act 2000 – advising RBS. 
  • Nakheel sukuk (Dubai) – advising re insider dealing, market abuse, misleading statements and financial promotions in relation to restructuring.
  • Structured collar interest rate swap – advising on application of COB rules and contractual estoppel.
  • 15 billion euro loan note programme – advised Merrill Lynch in relation to terms and regulation.
  • FSA investigation of credit card charges – advised HSBC in relation to investigation.
  • Spread betting – regulation under Financial Services and Markets Act 2000 and Criminal Justice Act 1993 – advising. 
  • Lloyd’s brokers – advised in relation to regulation of mortgage intermediary business.
  • LCH.Clearnet – advised in relation to regulation of £200m insurance/guarantee cover.
  • Securitised mortgage investment vehicle – advised re FSA regulation.
  • Contracts for differences – advised re establishment of trading vehicle, regulated activities and financial promotions under the FSMA.
  • Client funds under CASS – advised investment manager.
  • FSA “assets requirement” notice under s.45 – advised Newcastle Building Society re the notice and money laundering.
  • Regulatory Transactions Committee – advised re RTC hearing and s.166 review for multinational financial institution.
  • Bank charges – acted in various hearings re default charges.
  • Contracts for differences – advised IFA re application of FSMA.
  • Stockbrokers – acted in claim under COB rules and for misrepresentation in relation to portfolio of AIM shares.
  • Insurance – breaches of obligations under ICOBS in claim handling – acting for claimant. 
  • FSMA Controllers Regulation 2009 – advised on application of rules to share disposal.

 Raymond is a contributor to the regulatory section of Encyclopaedia of Insurance Law (Sweet and Maxwell, 2006).

 Telecommunications

Recent highlights include:-

  •  Major UK telecoms company - advising in relation to disablement of handsets for never pay customers - Consumer Credit Act 1974.
  • Telecoms in Saudi Arabia - acting for mobile virtual network company in dispute relating to grant of licences in Saudi Arabia - LCIA arbitration.

Education and appointments

BA Jurisprudence (1st class) and Eldon Scholar, Oxford University; Arden Scholar, Gray’s Inn

MCIArb (Chartered Institute of Arbitrators)

Serious Fraud Office: Queen’s Counsel List (2009)

Bencher of Gray's Inn, 2008

Admitted to Cayman Bar