A motion sought to transfer a proceeding involving equity derivative transactions between two financial institutions to the Toronto Region Commercial List under the “basket clause” of the Commercial List Practice Direction.
The dispute concerned the interpretation and adjustment of settlement mechanisms under ISDA confirmations following a corporate restructuring affecting securities in the derivative basket.
The court reviewed the principles governing transfer to the Commercial List, including whether the matter is in essence commercial, its complexity, the number of parties, and considerations of efficient case management.
The court held that disputes involving the interpretation or performance of complex derivative transactions fall within the type of commercial matters commonly heard on the Commercial List.
The motion to transfer was granted and the parties were directed to attend a subsequent appointment to schedule the proceeding.
