Natixis S.A. v Marex Financial and Access World Logistics
(Singapore) Pte Ltd [2019] EWHC 2549 (Comm)
The English Commercial Court recently delivered a judgment which
will have consequences in the area of commodity finance and in
particular, the relationship between warehouse operators, commodity
owners and financing banks, the legal status of warehouse receipts
and the purpose of the acknowledgement of the warehouse operator
that it holds the goods on behalf of the commodity owners.
Facts of Natixis v Marex
Natixis S.A. ("Natixis") is a bank
that entered into five spot purchase contracts with Marex Financial
("Marex"), in which Marex agreed to
sell, and Natixis agreed to buy, nickel stored at warehouses
operating under the Access World group of companies. Under these
purchase contracts, Marex had the option to repurchase the nickel
at a later date and the documentation required that Marex deliver
to Natixis warehouse receipts. Marex delivered hardcopy
