Marex Financial Ltd v Creative Finance Ltd.  EWHC 2155 (Comm)
Mr Justice Field found that the foreign exchange broker Marex was not entitled to mark-up spreads on the close out of client’s USD800m position in NZD/JPY and EUR/JPY. The judge reasoned that, when forcibly liquidating clients’ positions, brokers such as Marex were acting in their own interests and, absent an express contractual provision to the contrary, were not entitled to mark-up the prices obtained from the market. Marex’s terms and conditions did not provide for such a right. Those terms were adapted from the standard form from the leading FOREX industry body.
Raymond Cox QC acted for the client Defendant, with James McClelland.