Securities lending master agreements are vital for covering securities loans between contracting parties. They also offer legal and credit protection and a close-out netting procedure if a party defaults or goes bankrupt. These agreements are widely used by banks, securities houses, pension funds, hedge funds and insurance companies. Mastering Securities Lending Documentation is a practical guide to understanding the negotiation of these master agreements used in the United Kingdom, United States and Europe. It is an essential handbook for anyone involved in negotiating these agreements and…mehr
Securities lending master agreements are vital for covering securities loans between contracting parties. They also offer legal and credit protection and a close-out netting procedure if a party defaults or goes bankrupt. These agreements are widely used by banks, securities houses, pension funds, hedge funds and insurance companies. Mastering Securities Lending Documentation is a practical guide to understanding the negotiation of these master agreements used in the United Kingdom, United States and Europe. It is an essential handbook for anyone involved in negotiating these agreements and includes: An introduction to the history and operations of the market A clear, user-friendly explanation of all paragraphs of the master agreements An easy-to use split page format with the original text and commentary Examples of commonly negotiated additions and amendments and their implications Answers to legal, risk and operational questionsHinweis: Dieser Artikel kann nur an eine deutsche Lieferadresse ausgeliefert werden.
Paul Harding is the founder and managing director of Derivatives Documentation Limited, a derivatives consultancy and project management company based in the City of London providing negotiation, recruitment and in-house training services in derivatives documentation. He has also written A Practical Guide to the 2003 ISDA Credit Derivatives Definitions and A Practical Guide to Using Repo Master Agreements (Euromoney Books, 2004). Christian Johnson has taught courses on finance, derivatives and tax for thirteen years and has published 4 books and over 36 articles on these topics. His three books on OTC derivatives and repo documentation have become standard texts in the area. Professor Johnson has provided training on OTC derivatives, repos and securities lending for large institutions such as ABN AMRO, Wachovia, and other large financial institutions. He also teaches across the globe on a regular basis for Euromoney where he has given courses on repos and securities lending in London and Johannesburg.
Inhaltsangabe
Chapter 1: Introduction to the securities lending market (30 pages) -Size of market according to latest industry figures. -Types of securities loan transactions. - Differences between repos and securities loans -Main players -Regulatory infrastructure in the UK and USA. -The influence of automation. -How a deal is done from start to finish. Chapter 2: Risk issues ( 5 pages) - Counterparty risk - Issuer risk - Market risk - Operational risk - Legal risk - Collateralised nature of the product. Chapter 3: Legal issues (8 pages) - Nature of the transaction - Ownership of the securities - Drawbacks of recharacterisation - English law legal opinion by Richard Sykes QC - SIFMA legal opinions Chapter 4: Evolution of master agreement documentation (6 pages) - Inefficiency in documenting trades in the market's early days. - Documentation standardisation in the 1990s. - Description of the different master agreements - The benefits they confer. Chapter 5: Section by section clear analysis of the Global Master Securities Lending Agreement (2000) (65 pages). The idea is as before to have a block of Global Master Securities Lending Agreement (2000) text highlighted on a page and a clear explanation of it underneath. Chapter 6: Section by section clear analysis of the Global Master Securities Lending Agreement (2009) (75 pages). Same format. Chapter 7: Section by section clear analysis of the European Master Agreement and its Product Annex for Securities Loans (2004) (58 pages) Same format. Chapter 8: Section by section clear analysis of the US Master Securities Lending Agreement (70 pages) Same format. Chapter 9: The credit crunch and likely future of the securities lending market (6 pages) Chapters 5, 6 and 8 are the hub of the book because negotiators need core knowledge of these master agreements and awareness of possible variations proposed in their Schedules and their implications.
Chapter 1: Introduction to the securities lending market (30 pages) -Size of market according to latest industry figures. -Types of securities loan transactions. - Differences between repos and securities loans -Main players -Regulatory infrastructure in the UK and USA. -The influence of automation. -How a deal is done from start to finish. Chapter 2: Risk issues ( 5 pages) - Counterparty risk - Issuer risk - Market risk - Operational risk - Legal risk - Collateralised nature of the product. Chapter 3: Legal issues (8 pages) - Nature of the transaction - Ownership of the securities - Drawbacks of recharacterisation - English law legal opinion by Richard Sykes QC - SIFMA legal opinions Chapter 4: Evolution of master agreement documentation (6 pages) - Inefficiency in documenting trades in the market's early days. - Documentation standardisation in the 1990s. - Description of the different master agreements - The benefits they confer. Chapter 5: Section by section clear analysis of the Global Master Securities Lending Agreement (2000) (65 pages). The idea is as before to have a block of Global Master Securities Lending Agreement (2000) text highlighted on a page and a clear explanation of it underneath. Chapter 6: Section by section clear analysis of the Global Master Securities Lending Agreement (2009) (75 pages). Same format. Chapter 7: Section by section clear analysis of the European Master Agreement and its Product Annex for Securities Loans (2004) (58 pages) Same format. Chapter 8: Section by section clear analysis of the US Master Securities Lending Agreement (70 pages) Same format. Chapter 9: The credit crunch and likely future of the securities lending market (6 pages) Chapters 5, 6 and 8 are the hub of the book because negotiators need core knowledge of these master agreements and awareness of possible variations proposed in their Schedules and their implications.
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