Second, the missed deadline. The bid itself was submitted on time at 1pm. Within such a highly-charged atmosphere, no wonder emotions ran high. The Panel sets itself up as a quasi-judicial body so you are effectively dealing with a body that should behave as if they were judges. That's not to say they should follow every word to the last, but there should be a transparency and visibility about the process.
Flexibility is all very well.
The City will never know what would have happened to the Panel if Nomura had decided to take its grievances to the courts. But once the EU Directive becomes enshrined in law, the Panel's decisions may come under closer scrutiny - if anyone dares take it on. This is not the first time the Panel has faced controversy, bearing in mind that since its inception it has overseen 7,000 bids. However, what makes the Hyder bid so significant is that it coincides with a general feeling of uncertainty in the City about the future of the Panel. I take the view that we are representing the client and if that means we disagree with the Panel, we will do so.