Expertise in TARFs

25 November 2023

Martello were instructed on behalf of a Dubai-based specialist brokerage firm to provide an expert witness report relating to ‘Target Accrual Redemption Forwards’ (TARFs) in a dispute regarding the nonpayment of outstanding fees by a construction company.


The expert work involved commenting on a report from an independent financial adviser regarding transactions made on behalf of the construction company. This consisted of determining the correct ‘risk assessment’ profile that should be used for the specific TARFs, as well as reviewing a worked example of the TARF trades in question. The expert was also required to pass comment on the business model of the brokerage firm and its relevance to the use of TARFs.


The Martello analysis involved extracting relevant data to support conclusions reached by the expert, as well as the rapid transformation of turning an expert advisory note to the legal team into a CPR35 compliant report to be served to the Court. This case team was led by Rachel Henderson.


This case settled beneficially for the client prior to hearing.