Mastering the ISDA Master Agreement: A Practical Guidefor Negotiation (Market Editions)

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9780273654308: Mastering the ISDA Master Agreement: A Practical Guidefor Negotiation (Market Editions)

The first clear, detailed, practical guide to the ISDA Master Agreement: an essential resource for everyone involved in OTC derivatives negotiation.-- Presents clear, easy-to-understand explanations of each section of the ISDA Master Agreement.-- Contains a sample schedule describing the reasons for each addition and amendment.-- Describes examples of the market's most commonly-used variations, and the implications of accepting them.This is the first book to offer clear, comprehensive, practical guidance on ISDA Master Agreement negotiation, which is vital to every institution involved in over-the-counter derivatives trading. Expert derivatives negotiator Paul Harding illuminates the complex ISDA document that is at the heart of most OTC global derivative trades -- helping negotiators master its fine points far more quickly, and clearly understand the implications of variations that may be requested by their negotiating partners. When used as the basis of initial training for negotiators, it can often save 50% of the training course costs -- or even more. Paul Harding begins by introducing the global derivatives market and the role of the ISDA Master Agreement in simplifying and promoting OTC derivatives agreements. He offers in-depth coverage of the legal, credit, and operational issues associated with the ISDA Master Agreement; then covers the agreement's structure and reviews the types of transactions it covers. Next, he provides a clear, section-by-section analysis of the agreement. Finally, Harding walks through a sample ISDA Master Agreement Schedule -- the document negotiators actually negotiate -- providing in-depth commentary and illuminating the most commonvariations and their implications.

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From the Back Cover:

Every year institutions such as banks, financial institutions, and major corporations collectively spend millions of pounds globally in training people on the ISDA Master Agreement. This training takes place mainly through public courses which sometimes last 2-3 days and tend to leave attendees with bulky, uncoordinated materials and brain overload. Generally too much is attempted at these courses. It is like trying to turn a chess novice into a grandmaster in a few days.

Mastering the ISDA Master Agreement will provide a practical, clear and useful foundation for the fledgling negotiator as well as supporting them with a good overview of the legal, credit and operational issues inherent in the ISDA Master Agreement.

Published by the International Swaps and Derivatives Association, the ISDA Master Agreement is the main agreement used in the over-the-counter global derivatives market. It is a complex document and it normally takes 1-2 years for a negotiator to become fully proficient in its intricacies.

Mastering the ISDA Master Agreement is the first book to offer clear, detailed, practical guidance on ISDA Master Agreement negotiation, which is vital to all institutions involved in OTC derivatives. It will provide the many new entrants globally to derivatives documentation with a practical negotiation guide so that they can approach their work confidently without the need for constant reference to seniors or regular attendance on training courses. It dispels any mystique to reveal a very versatile Agreement that any intelligent person can negotiate with a solid foundation of technical knowledge.

Mastering the ISDA Master Agreement includes:

  • clear facing page commentary on the Agreement and a sample Schedule
  • examples of Schedule elements for special entities
  • numerous examples of Schedule provisions
  • chapters on the Agreement's legal, credit and operational aspects
  • useful annexes offering key information in one place
  • a simplified glossary of terms used in the Agreement.

It will be of invaluable use to banks, other financial institutions, fund managers, law firms, credit officers, companies, regulators and financial students.

About the Author:

Paul Harding graduated from London University in 1972 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, and was a well known negotiator in the City with Barclays Capital Securities and Hill Samuel Bank, where he was head of treasury documentation.

In 1997 he founded Derivatives Documentation Ltd, a derivatives consultancy and project management company based in the City of London and providing negotiation, recruitment and in-house training services in derivatives documentation. Its clients include many of the world's leading banks.

Paul Harding brings over ten years' in-depth market experience to the subject of this book.

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