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Written by leading US financial lawyers Anthony C. Gooch of Cleary, Gottlieb, Steen & Hamilton and Linda B. Klein of Dewey Ballantine LLP, this fully revised, updated and expanded book is the fourth edition of the best-selling guide to derivatives documentation.
Volume 1 explores the main legal issues so you can check whether agreements are enforceable and whether they present problems under U.S. commodities and securities laws. Descriptions of specific classes of products are accompanied by sample confirmations, to help you protect your and your clients’ interests. The volume includes documentation for swaps; caps and floors; collars and corridors; swaptions; FRAs; currency products (swaps, forwards and options); commodity-linked derivatives; credit, debt and equity derivatives (including credit default swaps and equity index swaps); and weather derivatives.
Volume 2 includes a clause by clause examination of ISDA-based Master Agreements. You will understand the features of the agreements and how they relate to each other, and be able to amend and enhance them to best achieve your client’s objectives. Also included is detailed analysis of ISDA’s credit support annexes and 2001 Margin Provisions, as well as extensive material on cross-product risk management. Decades of documentation experience and insight distilled into two volumes. This is an essential documentation tool for anyone working in or around the derivatives markets.
“One cannot negotiate an ISDA Master Agreement and do justice to its complexity and intricacy without consulting “Documentation for Derivatives” regardless of one’s level of expertise in the area.” - Professor Christian A. Johnson, Loyola University of Chicago School of Law (of the 3rd Edition)
Contents:
Part 1: Legal Issues in Derivatives Documentation
1. Power and Authority to enter into DerivativesTransact ions
2. Statutes of Frauds and Parol Evidence Rules
3. Commodities, Gaming and Bucket-Shop Laws
4. Securities Laws
5. Counterparty Relationships and Duties
6. Damages and Close-Out Settlement
7. Bankruptcy and Insolvency
8. U.S. Withholding Taxes
Part 2: Derivatives Products and their Documentation
Introduction to Part 2
Interest Rate Products
Introductory Note
Swaps
Sample Rate Swap confirmation
Caps and floors
Sample Rate Cap confirmation
Collars and corridors
Sample Rate Collar confirmation
Swaptions
Sample Swaption confirmation
Forward Rate Agreements (FRAs)
Sample FRA confirmation
Currency Products
Introductory Note
Sample Cross-Currency Rate Swap Confirmation
Forward Foreign Exchange Contracts
Sample confirmation for a Non-Deliverable FX Transaction
Options
Sample Currency Option Confirmation
Derivatives linked to Commodities
Introductory Note
Sample Confirmation for Cash-Settled Commodity Swap
Sample Confirmation for Cash-Settled Commodity Price floor
Sample Confirmation for Cash-Settled Bullion Swap
Sample Confirmation for Physically Settled Bullion Trade
Credit, Debt and Equity Derivatives
Introductory Note
Credit Default Swaps
Sample for Credit Default Swap Confirmation
Equity Swaps
Sample Equity Index Swap Confirmation
Weather Derivatives
Introductory Note
Sample Confirmation for HDD Swap
Sample Confirmation for ATDD Cap
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