To illustrate the size of the internationally mobile transactions that have relied substantially on English law as the governing law, we highlighted in section 4 four examples from a wide range of sectors in the UK economy. In this annex, we provide a more detailed explanation of each sector and how English law underpins a large proportion of internationally mobile transactions and economic value. The four sectors discussed are:
- the maritime sector (section A1.1);
- commodity trading (section A1.2);
- ISDA swaps and derivatives (section A1.3);
- insurance sector (section A1.4).
In these example sectors, English law plays a crucial role in the generation of economic value for the UK economy.
For each example, we give an overview of the sector and its importance to the UK economy. We then examine the prominence of English law within the relevant internationally mobile transactions before assessing some of the risks and opportunities in each market. In each case, most of the value generated for the UK economy comes from businesses outside the legal services sector through the mechanisms outlined in section 3.