The financial list would hear disputes arising from the equity, derivatives, foreign exchange and commodity markets, #John Thomas said. It would develop a test case procedure to establish precedents in areas where there was no existing legal authority.
Speaking at the annual judges’ dinner at the Mansion House in London, he said: “The new financial list … will not only encourage international litigants to continue to use our courts, the principles they embody and their jurisprudence, but in doing so they will help to raise standards.
“The resolution of disputes in this area is of benefit not just to those actors, but, importantly, to wider society. The existence and accessibility of judicial institutions is an essential means of securing the growth of efficient economic markets to serve the public good.”
But, Lord Thomas added, access to justice for the less wealthy needed to be restored. “There are few individuals in our nation who today would willingly contemplate using our system to resolve a dispute, as the cost has become prohibitive for all but the very wealthy,” he said. “That is unacceptable. Our courts exist for the benefit of everyone.”
A financial court specialising in claims of more than £50m and cases that raise issues about UK and international markets is to be established, the lord chief justice has announced.