简介
"Discussing both legal aspects and the operationalenvironment of the ISDA Master Agreement, this book will certainly prove to bemuch more consulted, and well appreciated as its predecessor was. Thecomplicated made simple, this is a must-have for any one regularly confrontedwith the ISDA Master Agreement or it's consequences."Sybrand de Vries, Regional Manager (Europe), ABN AMROBank NV. "The thorough section by section review andsummary makes this an essential companion to the original edition. Togetherwith the new developments chapter, this is required reading for anybody new tonegotiating, as well as those who want to keep right up to date with themarket."Keith Spiller, Executive Director, UBS Investment Bank. "Again a great a great piece of work, thispractical guidance will help the market to overcome the burden of a newagreement and to understand the concept behind it. This book definitelysupports the growth of the derivatives market and helps to establish the new2002 ISDA Master Agreement."Wilfried F. Schutte, Senior Legal Councel, DZ-Bank AG. "This book keeps the qualities of thepredecessor intact. The 'simple glossary' explanations and clearreferences to the differences between the 1992 and the 2002 Agreement arevaluable tools for practitioners intending to enjoy the fruits of staying in'ISDA Heaven'.Svend Erik Walther, Documentation Manager, Danske Bank A/S. Every year professionals in financial institutionsand major corporations around the world face the challenge of understanding andworking with the ISDA Master Agreement. Mastering the ISDA Master Agreement 1992 and 2002, will provide a practical, clear and useful foundation for the fledglingnegotiatoras well as supporting them with a good overview of the legal, credit andoperational issues inherent in the ISDA Master Agreement.
目录
About the author p. viii
Disclaimer p. ix
Acknowledgements p. x
Author's foreword p. xi
Introduction p. 1
What are derivatives? p. 3
Differences between the OTC and exchange-traded derivatives markets p. 3
Main products p. 5
Size of the global derivatives market p. 9
How a deal is done from start to finish p. 10
The people involved p. 13
The documentation process p. 15
The evolution of the ISDA Master Agreement p. 17
How ISDA documentation has evolved p. 19
Inefficient documentation of trades in the market's early days p. 19
The ISDA documentation architecture p. 20
The ISDA Master Agreement p. 24
The 1992 ISDA Master Agreement p. 29
Section by section analysis of the 1992 ISDA Master Agreement p. 31
Glossary of most terms in Section 14 p. 119
The 2002 ISDA Master Agreement p. 137
Evolution of the 2002 ISDA Master Agreement p. 139
Section by section analysis of the 2002 ISDA Master Agreement p. 141
Glossary of most terms in Section 14 p. 283
Analysis of Schedule p. 313
What did not make it into the 2002 Agreement p. 342
Likely implementation of the 2002 Agreement p. 342
Legal issues relating to the ISDA Master Agreement from the European and US perspectives p. 345
European perspective p. 347
Gaming/wagering p. 347
Capacity and UK Local Authority litigation p. 348
Credit derivatives p. 351
Derivatives and building societies, pension funds and hedge funds p. 352
Authority p. 355
Suitability p. 355
Financial Services and Markets Act 2000 p. 357
Enforceability of close-out netting and set off p. 358
Cross-border netting on insolvency p. 359
ISDA collective legal opinions p. 361
Automatic Early Termination p. 361
Credit Support p. 362
Third party rights p. 363
US perspective p. 364
Enforcement of New York choice of law p. 364
US bankruptcy and banking insolvency law p. 365
Non-New York head office of a US counterparty p. 372
The Commodity Exchange Act (1974) and the Commodity Futures Modernization Act (2000) p. 373
Gaming and bucket-shop laws p. 379
Credit issues relating to the ISDA Master Agreement p. 381
Downgrade from Cross Default to cross acceleration p. 383
Threshold Amount p. 384
Credit Event Upon Merger p. 384
Addition of Specified Entities p. 385
Specified Indebtedness p. 385
Set off p. 387
Transfers p. 388
Political risk p. 389
Other credit issues p. 389
Pre-signing trade policies p. 390
Categories of risk in the Agreement p. 390
Using the ISDA Master Agreement to enhance credit protection p. 391
The "vanilla ISDA" p. 392
Operational issues p. 395
Confirmations p. 397
Payments p. 398
Deliveries p. 400
Close-out p. 401
Administrative matters p. 402
Negotiation of an ISDA Master Agreement Schedule p. 403
Sample Schedule p. 405
Variants and implications of each provision p. 421
Other provisions commonly seen in the market and their implications p. 546
Part 6 - FX Transactions and Currency Options p. 581
Special provisions for special entities and those sought by US counterparties p. 605
Building societies p. 607
Investment funds p. 611
Hedge funds p. 619
Pension funds p. 620
Insurance companies p. 622
Sovereign entities p. 624
Special purpose vehicles for loans p. 627
Individuals p. 636
US Schedule provisions p. 636
New developments p. 651
ISDA Amendment: Close-out Amount p. 653
ISDA Credit Support Annex Amendments p. 653
2002 Master Agreement Protocol p. 653
Electronic negotiation of the ISDA Master Agreement p. 654
Annexes p. 655
Bibliography p. 737
Disclaimer p. ix
Acknowledgements p. x
Author's foreword p. xi
Introduction p. 1
What are derivatives? p. 3
Differences between the OTC and exchange-traded derivatives markets p. 3
Main products p. 5
Size of the global derivatives market p. 9
How a deal is done from start to finish p. 10
The people involved p. 13
The documentation process p. 15
The evolution of the ISDA Master Agreement p. 17
How ISDA documentation has evolved p. 19
Inefficient documentation of trades in the market's early days p. 19
The ISDA documentation architecture p. 20
The ISDA Master Agreement p. 24
The 1992 ISDA Master Agreement p. 29
Section by section analysis of the 1992 ISDA Master Agreement p. 31
Glossary of most terms in Section 14 p. 119
The 2002 ISDA Master Agreement p. 137
Evolution of the 2002 ISDA Master Agreement p. 139
Section by section analysis of the 2002 ISDA Master Agreement p. 141
Glossary of most terms in Section 14 p. 283
Analysis of Schedule p. 313
What did not make it into the 2002 Agreement p. 342
Likely implementation of the 2002 Agreement p. 342
Legal issues relating to the ISDA Master Agreement from the European and US perspectives p. 345
European perspective p. 347
Gaming/wagering p. 347
Capacity and UK Local Authority litigation p. 348
Credit derivatives p. 351
Derivatives and building societies, pension funds and hedge funds p. 352
Authority p. 355
Suitability p. 355
Financial Services and Markets Act 2000 p. 357
Enforceability of close-out netting and set off p. 358
Cross-border netting on insolvency p. 359
ISDA collective legal opinions p. 361
Automatic Early Termination p. 361
Credit Support p. 362
Third party rights p. 363
US perspective p. 364
Enforcement of New York choice of law p. 364
US bankruptcy and banking insolvency law p. 365
Non-New York head office of a US counterparty p. 372
The Commodity Exchange Act (1974) and the Commodity Futures Modernization Act (2000) p. 373
Gaming and bucket-shop laws p. 379
Credit issues relating to the ISDA Master Agreement p. 381
Downgrade from Cross Default to cross acceleration p. 383
Threshold Amount p. 384
Credit Event Upon Merger p. 384
Addition of Specified Entities p. 385
Specified Indebtedness p. 385
Set off p. 387
Transfers p. 388
Political risk p. 389
Other credit issues p. 389
Pre-signing trade policies p. 390
Categories of risk in the Agreement p. 390
Using the ISDA Master Agreement to enhance credit protection p. 391
The "vanilla ISDA" p. 392
Operational issues p. 395
Confirmations p. 397
Payments p. 398
Deliveries p. 400
Close-out p. 401
Administrative matters p. 402
Negotiation of an ISDA Master Agreement Schedule p. 403
Sample Schedule p. 405
Variants and implications of each provision p. 421
Other provisions commonly seen in the market and their implications p. 546
Part 6 - FX Transactions and Currency Options p. 581
Special provisions for special entities and those sought by US counterparties p. 605
Building societies p. 607
Investment funds p. 611
Hedge funds p. 619
Pension funds p. 620
Insurance companies p. 622
Sovereign entities p. 624
Special purpose vehicles for loans p. 627
Individuals p. 636
US Schedule provisions p. 636
New developments p. 651
ISDA Amendment: Close-out Amount p. 653
ISDA Credit Support Annex Amendments p. 653
2002 Master Agreement Protocol p. 653
Electronic negotiation of the ISDA Master Agreement p. 654
Annexes p. 655
Bibliography p. 737
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