London has the chance to improve its competitiveness for commodities and financial trading as it reshapes its rules and regulations in coming years in the wake of the historic vote for the UK to quit the European Union (EU).

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The UK's anchor of English law for commercial contracts will remain strong after the landmark referendum result, which could provide a platform for more business to be conducted through London if regulatory changes were handled with dexterity, said senior lawyers at Holman Fenwick Willan (HFW).

"We don't see today as 'Black Friday' but 'Opportunity Friday'," said HFW's respected commodities and shipping partner Brian Perrott.

"It's not just that we're that sort of firm, but with financial trading demands changing there is the opportunity for the UK to be different and fresh."

UK politicians and regulators will face the challenge to create new rules that are "fit for purpose and not over-restrictive. And I personally think that is a good thing," he added.

Perrott is advising his clients to ensure they examine 'material adverse change' (MAC) clauses in contracts to ensure they are not ensnared by disputes over the upheavals in the financial status of clients or even the UK itself.

However, the fundamental stability of English law for shipping is unaffected. "Disputes will be resolved in London tomorrow exactly as they were yesterday. The English law 'anchor' remains in place and solid."

In the wake of the sharp fall in the value of sterling he added: "London lawyers will now be more competitive, because we'll be relatively cheaper."

Perrot's view was backed by Stephenson Harwood partner and head of marine and international trade Mike Phillips who suggested the leave vote would not affect London's role as the leading centre for shipping law.

"The long term implications for the Maritime legal market of a Brexit are difficult to predict at this time. Unless and until we have clarity on the timing and terms of a Brexit, no-one knows.," Phillips said.

"That said, London's role at the heart of global trade, maritime insurance and dispute resolution pre-dates the EU by three centuries. The financial, legal, and organisational infrastructure that has built up around this during that time is of unparalleled depth and sophistication. It is that infrastructure which attracts the world's businesses to London and, in the long run, a Brexit is unlikely to change that."

HFW partner Toby Stephens said the fallout from the Brexit vote would help London be more competitive in dispute resolution against its two major rival centres, New York and Singapore.

He anticipated little significant change to the UK's shipping rules when its laws are untangled from Europe.

"There is a query about what will be done. Even if shipping regulations have been EU driven it is unlikely they will be torn up," Stephens said.

"They may be streamlined if we so wish, but the basic principles of safety and protection of workers' rights will remain."

Marine insurers, P&I clubs based in the UK and Lloyd's will face challenges due to the anticipated loss of 'passporting' rights for financial services across the EU.

"The question is can London maintain its competitive strengths and skills, and what are the opportunities for other markets to push themselves forward?" said Stephens.

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