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Mastering Isda Collateral Documents: A Practical Guide for Negotiators: Financial Times

Autor Paul C. Harding, Christian Johnson
en Limba Engleză Paperback – 30 noi 2011
A timely updating of the only accessible single volume guide to the ISDA Credit Support Annexes, sanctioned under English and US law. The Annexes collateralise or secure over the counter derivatives risk exposure. This is the companion book to Mastering the ISDA Master Agreements, now in its third edition.
First published in 2002, the book is a guide to negotiation of the two main ISDA Credit Support Annexes which are used to support the ISDA Master Agreements. The ISDA Credit Support Annexes are the main support documents which relate to collateralised or secure over the counter derivatives risk exposure.
This book covers collateral management from an operational perspective and focuses on the two main ISDA Credit Support Documents. It provides a clear concise narrative on their provisions and amendments
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Specificații

ISBN-13: 9780273757177
ISBN-10: 0273757172
Pagini: 512
Dimensiuni: 170 x 239 x 33 mm
Greutate: 0.87 kg
Ediția:Revised
Editura: FT Press
Seria Financial Times


Textul de pe ultima copertă

Mastering the ISDA(R)Collateral Documents

A practical guide for negotiators [subtitle]

second edition

Paul C. Harding & Christian Johnson

[Front bullets]

  • Provides clear, detailed and practical guidance on ISDA(R)Collateral Support Documents
  • Describes collateral management in concise terms and with screen-based examples

[ BACK JACKET ]

Mastering the ISDA(R)Collateral Documents

A practical guide for negotiators [subtitle]

second edition

As the only accessible single volume guide to the ISDA Credit Support Annexes under English and US law, this revised and updated edition remains an invaluable resource for anyone negotiating these documents. Mastering the ISDA (R) Collateral Documentsis the essential introduction to collateral documentation.

This thoroughly revised and updated edition provides informative and practical guidance and covers collateral management from an operational perspective. It focuses on the two main ISDA Credit Support Documents and provides a clear, concise explanation of their provisions and amendments commonly seen in the market.

Mastering the ISDA (R) Collateral Documents includes

  • The implementation of the European Directive on Collateral Financial Arrangements in all EU States
  • ISDA's Best Collateral Practices (2010)
  • Latest position on ISDA's Dispute Resolution Procedures
  • Industry initiatives on portfolio reconciliation rules

[ FRONT FLAP ]

Mastering the ISDA(R)Collateral Documents

A practical guide for negotiators [subtitle]

second edition

This book is clear, concise and up-to-date. Mastering the ISDA (R) Collateral Documentscovers everything you need to know to master these important documents.

Chapters cover:

  • Types of collateral, product risk exposure and the evolution of collateral documentation
  • Collateral management from a European perspective
  • Legal issues relating to collateral from the European and US perspective
  • Credit issues relating to collateral
  • The English Law ISDA Credit Support Annex
  • The New York Law ISDA Credit Support Annex
  • The ISDA English Law Credit Support Deed

[ BACK FLAP ]

Mastering the ISDA(R)Collateral Documents

A practical guide for negotiators [subtitle]

second edition

Paul C. Harding is a graduate of London University and has worked in several UK and foreign banks in London in credit, marketing and documentation roles. Since 1990 he has been involved with OTC derivatives documentation and was a well known negotiator in the City of London with Barclays Capital Securities Limited and Hill Samuel Bank Limited where he was Head of Treasury Documentation.

In February 1997 he co-founded Derivatives Documentation Limited, a derivatives consultancy and project management company which provides negotiation, recruitment and in-house training services in derivatives and securities documentation. Its clients include many of the world's leading banks. (www.derivsdocu.com)

Paul is the author of Mastering the ISDA (R) Master Agreements (1992 and 2002), now in its third edition and is co-author with Christian Johnson ofMastering Securities Lending Documentation, both published by Financial Times Prentice Hall. He and Christian Johnson also co-wrote APractical Guide to Repo Master Agreements.

Christian Johnson is a professor at the University of Utah where he teaches courses on corporate finance, banking and taxation. He was previously a professor at Loyola University Chicago School of Law for 13 years. He graduated from Columbia Law School and was the Executive Editor of the Columbia Law Review. He practised law with Milbank Tweed Hadley & McCloy in New York and Mayer Brown Rowe & Maw in Chicago before teaching.

Christian has published extensively on derivative documentation, lending and banking. He is also a frequent speaker and panellist on derivatives, repos and banking issues and has served as an expert witness in these areas. He is also a regular instructor for Euromoney Training on these subjects.


Notă biografică

Paul C. Hardingisa graduate of London University and has worked in several UK and foreign banks in London in credit, marketing and documentation roles. Since 1990 he has been involved with derivatives documentation. He is the founder of Derivatives Documentation Limited, a derivatives consultancy and project management company providing negotiation, recruitment and in-house training services in derivatives documentation. He is the author of Mastering the ISDA Master Agreements and, Mastering Securities Lending Documentation.


Cuprins

About the authors

Disclaimer

Acknowledgements

Authors' foreword

1 Introduction

Definition of terms

Why collateral is taken

Types of collateral

Product risk exposure covered

Evolution of collateral documentation

2 Collateral management from a European perspective

Some facts and figures

What collateral management units do

The importance of policies and procedures

Setting up the collateral relationship

Exposure monitoring and collateral valuation and calling

Transfers

Reuse of collateral

Collateral substitutions

Distributions

Disputes

Portfolio reconciliations

Defaults

Branches

External collateral management services

3 Legal issues relating to collateral from the European and US perspectives

European perspective by Paul Harding

Introduction

General issues

Recharacterisation

Conflict of laws rules

The PRIMA rule

Other legal issues

ISDA collateral legal opinions

The European Directive on Financial Collateral Arrangements

Draft Hague Convention on indirectly held securities

Amending Directive to the Collateral Directive and Settlement

Finality Directive

Geneva Securities Convention

Collateralisation and central clearing counterparties

US perspective by Christian Johnson

Introduction

Enforcement of New York choice of law

Security interest creation and perfection

Exercising rights under the Security Agreement

Other issues

Other enforcement concerns

Dodd-Frank changes

4 Credit issues relating to collateral

Establishment of collateral management risk guidelines

Initial margin

Haircuts

Thresholds

Minimum Transfer Amounts

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