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Welcome to Leading Edge Derivatives Research Ltd., LEDR. About the principal, William Porter.


Hotel Californ-euro. You can check out any time you like, but you can never leave.

Negative interest rates. An under-explored potential solution to Japan's problems and possibly the correct one.

Corporate hybrids. An emergent asset class.


The Bank Charter Act, or Bank of England Act, 1844. The primary legislation which still governs the Bank of England may be found in full here, in a format consistent with newer UK legislation put online by HMSO, now OPSI.

The Wimbledon and Putney Commons Act, 1871. The legislation which established Wimbledon Common and the very much smaller (41 acre) Putney Lower Common (both by purchase from Earl Spencer) and still governs them.

Other law and tax

Personal tax. A recent case won against the Inland Revenue in the area of redundancy pay, as well as other links.


Concorde. It was loud, and I miss it. In my view, the externalities were net positive.

The PIBOR fiasco matured as expected. Has now passed into history, but stands as an object lesson in "sweating the details".


Colour test pages. Pure pages for testing displays and printers.

Main index William Porter