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Table of contents

• What are the practical implications of this case?
• What was the background?
• How was three month USD LIBOR defined?
• What were the parties’ submissions?
• Why were the fallbacks not suitable?
• What was Standard Chartered’s proposed implied term?
• What was the Funds’ proposed implied term?
• What term did the court imply into the contract and what approach did it take?
• How did the court’s approach differ from Standard Chartered’s proposed implied term?
• What did the court say about the Funds’ proposed implied term that the shares should be redeemed?

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Article summary

Banking & Finance analysis: This analysis discusses the case of Standard Chartered plc v Guaranty Nominees Ltd, in which the court implied a term into a contract that a ‘reasonable alternative rate’ applied following the cessation of USD London Interbank Offered Rate (LIBOR).