Secure Capital v Credit Suisse

In Secure Capital v Credit Suisse [2017] EWCA Civ 1486: A bearer security held as a global note by a common depositary on behalf of clearing systems which has a Contracts (Rights of Third Parties) Act 1999 provision excluding the right of the end noteholder (in the clearing systems) to sue the issuer is enforceable according to its terms. The governing law is the law in which the contract is expressed to be governed and not that whre trhe instrument happens to be situated (in this case in a clearing system in Luxembourg).