9780273757177

Mastering ISDA Collateral Documents A Practical Guide for Negotiators

by ;
  • ISBN13:

    9780273757177

  • ISBN10:

    0273757172

  • Edition: 2nd
  • Format: Paperback
  • Copyright: 1/9/2012
  • Publisher: FT Press
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Summary

A practical guide for negotiators

Author Biography

Paul C. Hardingis 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 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.

Table of Contents

About the authorsp. v
Disclaimerp. vii
Acknowledgementsp. xiii
Publisher's acknowledgementsp. xiv
Authors' forewordp. xv
Introductionp. 1
Definition of termsp. 2
Why collateral is takenp. 3
Product risk exposure coveredp. 3
Evolution of collateral documentationp. 4
Collateral management from a European perspectivep. 7
Some facts and figuresp. 9
What collateral management units dop. 10
The importance of policies and proceduresp. 13
Setting up a collateralised relationshipp. 14
Exposure monitoring and collateral valuation and callingp. 20
Transfersp. 24
Reuse of collateralp. 2 5
Collateral substitutionsp. 25
Distributionsp. 27
Disputesp. 28
Portfolio reconciliationsp. 30
Defaultsp. 30
Branchesp. 32
External collateral management servicesp. 33
Legal issues relating to collateral from the European and US perspectivesp. 35
European perspectivep. 37
Introductionp. 37
General issuesp. 37
Recharacterisationp. 40
Conflict of laws rulesp. 41
The PRIMA rulep. 42
Other legal issuesp. 43
ISDA collateral legal opinionsp. 48
Hague Convention on Indirectly Held Securitiesp. 48
Geneva Securities Conventionp. 49
Collateralisation and central clearing counterparties (CCPs)p. 5 3
US perspective by Christian Johnsonp. 55
Introductionp. 55
Enforcement of New York choice of lawp. 57
Security interest creation and perfectionp. 57
Exercising rights under the Security Agreementp. 60
Other issuesp. 65
Other enforcement concernsp. 69
Dodd-Frank changesp. 70
Credit issues relating to collateralp. 75
Introductionp. 77
Establishment of collateral management risk guidelinesp. 78
Initial marginp. 79
Haircutsp. 79
Thresholdsp. 80
Minimum Transfer Amountsp. 81
Eligible collateralp. 81
Scope of collateralisationp. 82
Establishing a policy for eligible collateralp. 83
Special counterpartiesp. 83
Sovereignsp. 84
Supranational entitiesp. 84
Hedge fundsp. 84
Other dutiesp. 85
Risksp. 85
The Basel II Capital Accordp. 90
Position of collateralisation under Basel IIIp. 92
The futurep. 94
The ISDA Credit Support Annex under English Lawp. 97
Paragraph by paragraph analysisp. 101
Glossary of terms in Paragraph 10p. 137
Examples of Paragraph 11 provisionsp. 167
The New York Law Credit Support Annexp. 251
Paragraph by paragraph analysisp. 255
Glossary of terms in Paragraph 12p. 299
Examples of Paragraph 13 provisionsp. 316
Comparison of the New York Law CSA with the English Law CSAp. 348
The ISDA English Law Credit Support Deedp. 353
Paragraph by paragraph summary of the ISDA English Law Credit Support Deedp. 354
Principal differences between the ISDA English Law CSA and the ISDA English Law Credit Support Deedp. 374
ISDA Fallbacks for the English Law Credit Support Deedp. 375
Developments since 2002p. 377
Results of ISDA collateral initiatives since 2001p. 378
ISDA Collateral Roadmaps 2010 and 2011 and their Constituentsp. 381
Portfolio Reconciliation Planp. 384
Collateralized Portfolio Reconciliation Operational Best Practicesp. 386
Minimum Market Standards for Collateralized Portfolio Reconciliationp. 389
Standards for the Electronic Exchange of OTC Derivative Margin Callsp. 392
Market Review of OTC Derivative Bilateral Collateralization Practicesp. 393
Best Practices for the OTC Derivatives Collateral Processp. 397
Independent Amount White Paperp. 413
ISDA Dispute Resolution Procedurep. 418
Central clearing counterparties and collateralisationp. 423
The "Standardised CSA"p. 426
The futurep. 427
Annexesp. 429
ISDA Credit Support Annex subject to English Lawp. 433
ISDA Credit Support Annex subject to New York Lawp. 447
List of countries where ISDA has obtained collateral legal opinionsp. 461
Relevant extracts from the New York Uniform Commercial Codep. 463
Bibliographyp. 483
Indexp. 485
Table of Contents provided by Ingram. All Rights Reserved.

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