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Mastering ISDA Collateral Documents A Practical Guide for Negotiators

by: Harding, Paul; Harding, Paul

Mastering ISDA Collateral Documents A Practical Guide for Negotiators

by: Harding, Paul; Harding, Paul

ISBN 13:
9780273757177
ISBN 10:
0273757172
Edition: 2nd
Format: Paperback
Copyright: 12/09/2011
Publisher: FT Press

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Summary

A practical guide for negotiators

About the authors	p. v
Disclaimer	p. vii
Acknowledgements	p. xiii
Publisher's acknowledgements	p. xiv
Authors' foreword	p. xv
Introduction	p. 1
Definition of terms	p. 2
Why collateral is taken	p. 3
Product risk exposure covered	p. 3
Evolution of collateral documentation	p. 4
Collateral management from a European perspective	p. 7
Some facts and figures	p. 9
What collateral management units do	p. 10
The importance of policies and procedures	p. 13
Setting up a collateralised relationship	p. 14
Exposure monitoring and collateral valuation and calling	p. 20
Transfers	p. 24
Reuse of collateral	p. 2 5
Collateral substitutions	p. 25
Distributions	p. 27
Disputes	p. 28
Portfolio reconciliations	p. 30
Defaults	p. 30
Branches	p. 32
External collateral management services	p. 33
Legal issues relating to collateral from the European and US perspectives	p. 35
European perspective	p. 37
Introduction	p. 37
General issues	p. 37
Recharacterisation	p. 40
Conflict of laws rules	p. 41
The PRIMA rule	p. 42
Other legal issues	p. 43
ISDA collateral legal opinions	p. 48
Hague Convention on Indirectly Held Securities	p. 48
Geneva Securities Convention	p. 49
Collateralisation and central clearing counterparties (CCPs)	p. 5 3
US perspective by Christian Johnson	p. 55
Introduction	p. 55
Enforcement of New York choice of law	p. 57
Security interest creation and perfection	p. 57
Exercising rights under the Security Agreement	p. 60
Other issues	p. 65
Other enforcement concerns	p. 69
Dodd-Frank changes	p. 70
Credit issues relating to collateral	p. 75
Introduction	p. 77
Establishment of collateral management risk guidelines	p. 78
Initial margin	p. 79
Haircuts	p. 79
Thresholds	p. 80
Minimum Transfer Amounts	p. 81
Eligible collateral	p. 81
Scope of collateralisation	p. 82
Establishing a policy for eligible collateral	p. 83
Special counterparties	p. 83
Sovereigns	p. 84
Supranational entities	p. 84
Hedge funds	p. 84
Other duties	p. 85
Risks	p. 85
The Basel II Capital Accord	p. 90
Position of collateralisation under Basel III	p. 92
The future	p. 94
The ISDA Credit Support Annex under English Law	p. 97
Paragraph by paragraph analysis	p. 101
Glossary of terms in Paragraph 10	p. 137
Examples of Paragraph 11 provisions	p. 167
The New York Law Credit Support Annex	p. 251
Paragraph by paragraph analysis	p. 255
Glossary of terms in Paragraph 12	p. 299
Examples of Paragraph 13 provisions	p. 316
Comparison of the New York Law CSA with the English Law CSA	p. 348
The ISDA English Law Credit Support Deed	p. 353
Paragraph by paragraph summary of the ISDA English Law Credit Support Deed	p. 354
Principal differences between the ISDA English Law CSA and the ISDA English Law Credit Support Deed	p. 374
ISDA Fallbacks for the English Law Credit Support Deed	p. 375
Developments since 2002	p. 377
Results of ISDA collateral initiatives since 2001	p. 378
ISDA Collateral Roadmaps 2010 and 2011 and their Constituents	p. 381
Portfolio Reconciliation Plan	p. 384
Collateralized Portfolio Reconciliation Operational Best Practices	p. 386
Minimum Market Standards for Collateralized Portfolio Reconciliation	p. 389
Standards for the Electronic Exchange of OTC Derivative Margin Calls	p. 392
Market Review of OTC Derivative Bilateral Collateralization Practices	p. 393
Best Practices for the OTC Derivatives Collateral Process	p. 397
Independent Amount White Paper	p. 413
ISDA Dispute Resolution Procedure	p. 418
Central clearing counterparties and collateralisation	p. 423
The "Standardised CSA"	p. 426
The future	p. 427
Annexes	p. 429
ISDA Credit Support Annex subject to English Law	p. 433
ISDA Credit Support Annex subject to New York Law	p. 447
List of countries where ISDA has obtained collateral legal opinions	p. 461
Relevant extracts from the New York Uniform Commercial Code	p. 463
Bibliography	p. 483
Index	p. 485
Table of Contents provided by Ingram. All Rights Reserved.

Amazon no longer offers textbook rentals. We do!

Mastering ISDA Collateral Documents A Practical Guide for Negotiators

Mastering ISDA Collateral Documents A Practical Guide for Negotiators

9780273757177

0273757172

Summary

Author Biography

Table of Contents

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