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Bank of England coughs up for Freshfields’ advice over aborted energy markets scheme

Backstop for traders facing massive margin calls was quietly dropped, but City legal giant still cashes in

Magic Circle titan continues to cement its links to Threadneedle Street
Magic Circle titan continues to cement its links to Threadneedle Street Photo: Mike Kemp/Getty Images

The Bank of England has been billed for legal advice around plans for a now-aborted backstop for energy traders during last year's volatility.

City legal giant Freshfields Bruckhaus Deringer, one of the Bank's longest-standing legal advisers, billed its client for £160,000 for a "one-off requirement for external legal services" to launch the Energy Markets Financing Scheme, new contract documents reveal.

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