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¹²⁶ For further discussion see e.g., Philipp Paech, The Need for an International Instrument on the Enforceability of Close-Out Netting in General and in the Context of Bank Resolution (Preliminary Draft Report, UNIDRIOT Study Group on Principles and Rules on the Netting of Financial Instruments, March 2011), available online at: http://www.unidroit.org/english/documents/2011/study78c/s-78c-02-e.pdf (last accessed: 1 December 2012).Google Scholar

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¹²⁸ Hazell v Hammersmith and Fulham London Borough Council & Ors [1992] 2 AC 1. For discussion see e.g., Andrew Tickle, Creative Finance and the Local State: The Hammersmith and Fulham Swaps Affair, 17 Pol. Geog. 865 (1998).Google Scholar

¹²⁹ In particular section 111(1) of the UK Local Government Act 1972 which stipulated that ‘a local authority shall have power to do anything (whether or not involving the expenditure, borrowing or lending of money or the acquisition or disposal of any property or rights) which is calculated to facilitate, or is conducive or incidental to, the discharge of any of their functions'’.Google Scholar

¹³⁰ Hazell v Hammersmith and Fulham London Borough Council & Ors [1992] 2 AC 1, 36.Google Scholar

¹³¹ Ibid., 37, per Lord Templeman.Google Scholar

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¹³⁴ Eternity Global Master Fund Ltd. v Morgan Guaranty Trust Co. of N.Y. 375 F.3d 168, 182 (2^nd Cir. 2004); Eternity Global Master Fund Ltd. v Morgan Guaranty Trust Co. of N.Y., No 02 Civ.1312 (LMM)(GWG), 2003 WL 21305355 (S.D.N.Y. June 5^th, 2003); Eternity Global Master Fund Ltd. v Morgan Guaranty Trust Co. of N.Y., No. 02 Civ.1312(LMM), 2002 WL 31426310 (S.D.N.Y. Oct. 29, 2002) [hereinafter litigation].Google Scholar

¹³⁵ See e.g., Gelpern, Anna, After Argentina, 2005-PB05-2 Institute for International Economics Working Paper (2005), available online at: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=880794 (last accessed: 1 December 2012). On the dynamics of sovereign debt restructurings more broadly, see Udaibir Das, Michael Papaioannou & Christoph Trebesch, Sovereign Debt Restructurings 1950-2010: Literature Survey, Data and Stylized Facts (IMF Working Paper 12/203, August 2012), available online at: http://www.imf.org/external/pubs/ft/wp/2012/wp12203.pdf (last accessed: 1 December 2012).Google Scholar

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¹³⁹ For discussion, see e.g., Hemel, Daniel, Empty Creditors and Debt Exchanges, 27 Yale J. on Reg. 159, 162 (2011); Jongho Kim, From Vanilla Swaps to Exotic Credit Derivatives: How to Approach the Interpretation of Credit Events, 13 Fordham J. of Corp. & Fin'l L. 705 (2008).Google Scholar

¹⁴⁰ See e.g., Clarke, Blanaid, Where Was the Market for Corporate Control When We Needed It?, in Corporate Governance and the Global Financial Crisis: International Perspectives, (William Sun, Jim Stewart & David Pollard eds., 2011); Henry Hu & Bernard Black, Equity and Debt Decoupling and Empty Voting II: Importance and Extensions, 156 Univ. of Penn. L. Rev. 625 (2008); Shaun Martin & Frank Partnoy, Encumbered Shares, 3 Univ. of Ill. L. Rev. 775 (2005).Google Scholar

¹⁴¹ CSX Corporation v the Children's Investment Fund Management (UK) LLP & Others (08 Civ. 2764 (LAK) (SDNY, 11 June 2008)).Google Scholar

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¹⁴³ For discussion, see e.g., Daniel Bertaccini, To Disclose or Not to Disclose? CSX Corp., Total Return Swaps, and Their Implications for Schedule 13D Filing Purposes, 31 Card. L. Rev. 267 (2009); Brian Sullivan, CSX Corp. v Children's Investment Fund Management and the Need for SEC Expansion of Beneficial Ownership, 87 North Car. L‥ Rev. 1300 (2009).Google Scholar

¹⁴⁴ For further discussion in a similar vein see e.g., Frank Partnoy, ISDA, NASD, CFMA and SDNY: The Four Horsemen of Derivatives Regulation? (Brookings-Wharton Papers on Financial Services, 2002).Google Scholar

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¹⁵⁷ Cashore, Benjamin, Legitimacy and the Privatization of Environmental Governance: How Non-State Market-Driven (NSMD) Governance Systems Gain Rule Making Authority, 15 Governance 503, 511-512 (2002).Google Scholar

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¹⁵⁹ On a similar theme see e.g., Isabelle Huault & Hélène Rainelli-Le Montagner, Market Shaping as an Answer to Ambiguities: The Case of Credit Derivatives, 30 Org'n Stud. 549 (2009).Google Scholar

¹⁶⁰ Black, Julia, Enrolling Actors in Regulatory Processes: Examples from UK Financial Services Regulation, Pub. L. 62 (2003).Google Scholar

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¹⁶² Particularly in Gelpern & Gulati, supra note 16.Google Scholar

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