Paul Harding, Christian Johnson

Mastering Securities Lending Documentation

• Broschiertes Buch

Produktbeschreibung

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 questions

Produktdetails

• The Mastering Series
• Verlag: FT Publishing International / Financial Times
• 1. Auflage
• Seitenzahl: 792
• Erscheinungstermin: 7. April 2011
• Englisch
• Abmessung: 240mm x 170mm x 43mm
• Gewicht: 1272g
• ISBN-13: 9780273734970
• ISBN-10: 0273734970
• Artikelnr.: 32555766

Autorenporträt

Paul C. Hardingisa 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.

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.