Negotiating Skills for the ISDA Master Agreement The Essential Playbook for Over-the-Counter Derivatives

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  • Edition: 1st
  • Format: Hardcover
  • Copyright: 2011-02-01
  • Publisher: FT Press
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If you negotiate OTC derivatives using the ISDA Master Agreement and Credit Support Annexes, this practical guide will help you protect your interests. Seth Phillip Bender identifies key provisions you can actually change; provides drafting recommendations, language suggestions, and operational tips; and helps you take advantage of ISDArs"s latest initiatives.

Author Biography

Seth P. Bender, Esq., is a graduate of Washington University in St. Louis, and attended law school at the Fordham University School of Law in New York City. He began his career in the Capital Markets practice at the law firm Cadwalader, Wickersham & Taft LLP. Since that time, he has consulted at some of the largest New York buy- and sell-side institutions negotiating new trading documentation and renegotiating preexisting agreements to account for the changes in today’s volatile markets. His experience at investment managers and dealers has provided him with a diverse forum to examine the varying issues applicable to each of these constituents during market swings, and has provided him with a greater understanding of both sides of a trading relationship, the terms generally accepted in the marketplace by dealers, and the inefficiencies created in the negotiation process--knowledge that he believes can streamline the negotiation phase of the ISDA Master Agreement for many industry participants.

Table of Contents

Forewordp. xi
Structure of This Playbookp. 1
Important Note on Playbook Structurep. 5
Framework of the ISDA Master Agreementp. 7
What Is the ISDA Master Agreement?p. 7
Why Enter into an ISDA Master Agreement?p. 9
Introduction to the Schedule to the ISDA Master Agreementp. 12
The Dealer's Onboarding Processp. 14
Selected Readingsp. 16
Negotiating the Schedule to the ISDA Master Agreementp. 17
Important Contextual Information to a Negotiation: The Fund Is the Riskier Partyp. 17
Schedule's Headingp. 19
Termination Provisionsp. 20
Tax Representationsp. 65
Agreement to Deliver Documentsp. 66
Miscellaneousp. 70
Other Provisionsp. 84
FX Transactions and Currency Optionsp. 93
Selected Readingsp. 95
Introduction to the Credit Support Annexp. 97
Why the Credit Support Annex Is Usedp. 97
Forms of Credit Support Annexesp. 99
Basic Mechanics of the Credit Support Annexp. 100
Introduction to the Paragraph 13 of the 1094 ISDA Credit Support Annexp. 102
Selected Readingsp. 103
Negotiating the Paragraph 13 to the 1994 ISDA Credit Support Annexp. 105
Important Contextual Information to a Negotiationp. 105
Paragraph 13. Elections and Variablesp. 107
Selected Readingsp. 132
New ISDA Initiativesp. 133
Adhering to Protocolsp. 133
ISDA Protocols to Facilitate Central Clearingp. 134
Initiatives in Response to Market Volatility-Close-out Amount Protocol and 2009 Collateral Dispute Resolution Procedurep. 140
Selected Readingsp. 143
Sample Schedule to the 1992 ISDA Master Agreementp. 145
Termination Provisionsp. 145
Tax Representationsp. 148
Agreement to Deliver Documentsp. 148
Miscellaneousp. 150
Other Provisionsp. 152
FX Transactions and Currency Optionsp. 156
Sample Paragraph 13 to the 1994 ISDA Credit Support Annexp. 159
Summary of Suggested Provisionsp. 165
Selected Termsp. 177
Preprinted 1992 ISDA Master Agreementp. 181
Preprinted 2002 ISDA Master Agreementp. 207
Preprinted 1994 ISDA Credit Support Annexp. 245
Indexp. 261
Table of Contents provided by Ingram. All Rights Reserved.

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