Marked by the establishment of ISDA in 1985, derivatives have become an indispensable, integral and deeply embedded part of the international financial markets.
The new global regulatory framework instituted following the 2008 financial crisis was accompanied by a series of operational, commercial and documentation changes, which has made the derivatives markets stronger, safer and more resilient. However, a deeper and more robust product and regulatory understanding of the derivatives market is more important than ever.
This fourth edition of Practical Derivatives: A Transactional Approach features a number of new chapters analysing the latest trends in the following areas:
the rise of derivatives referencing cryptocurrencies and other digital assets, and the emerging regulatory framework on both sides of the Atlantic;
the slow but steady move to assets meeting the Environmental, Social and Governance (ESG) criteria in the area of derivatives and structured products;
the completion of the regulatory framework for cleared and OTC derivatives;
the development of non-English/New York law derivatives documentation; and
the emergence of new structures in the securities finance world.
It also includes updated chapters explaining how derivatives are used in the practical context, how the documentation works and any pitfalls for the unwary. It provides real-life tips for the application and negotiation of transactions referencing:
2021 ISDA Interest Rate Derivatives Definitions;
2014 ISDA Credit Derivatives Definitions;
2002 ISDA Equity Derivatives Definitions;
2005 ISDA Commodity Definitions;
Regulatory IM and VM documentation; and
The principal repo and stock lending forms of agreement.
With contributions from leading law firms, investment firms and academics, this accessible book takes a transactional approach and features coverage of product innovations. Whether you are at a bank, asset manager, pension fund, insurance company or other financial institution; from a company or organisation looking to invest or manage your risk; or involved in providing advisory services to these entities, this title will provide you with practical tools for using derivatives in your business.
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978-1-78742-843-0 (9781787428430)
Schweitzer Klassifikation
Preface 7
Edmund Parker
Mayer Brown
Marcin Perzanowski
Simmons & Simmons
Part I: The regulatory environment
Overview of EU/UK derivatives regulation: EMIR, MiFID and UK rules 9
Tom Harkus
Harmed Pourzadeh
Igor Zyskind
Simmons & Simmons
Matthew Hebburn
Solicitor
Initial margin requirements for non-centrally cleared derivatives 29
Guy Antrobus
Emma Lancelott
Allen & Overy
Variation margin requirements for non-centrally cleared derivatives 69
Matthew Hebburn
Solicitor
Part II: Documenting and designing derivatives transactions
Overview of industry standard documentation 83
Guy Usher
Fieldfisher
Introduction to repo and stock lending documentation 107
Jonathan Haines
Ashurst LLP
Documentation for cleared OTC derivatives 129
Patrick Scholl
Mayer Brown
Introduction to German derivatives documentation 149
Patrick Scholl
Mayer Brown
Designing derivatives structures 165
John D Finnerty
Fordham University
Rachael W Park
AlixPartners LLP
Part III: Derivatives, asset classes and corresponding industry documentation
a) Commodity derivatives
Introduction to commodity derivatives 189
Edmund Parker
Mayer Brown
Marcin Perzanowski
Simmons & Simmons
Overview of the 2005 ISDA Commodity Definitions 219
Edmund Parker
Mayer Brown
Marcin Perzanowski
Simmons & Simmons
Emissions trading 273
Tim Baines
Edmund Parker
Mayer Brown
Energy derivatives and hedging strategies 303
Cyriel de Jong
KYOS
b) Equity derivatives
Introduction to equity derivatives 321
Edmund Parker
Mayer Brown
Marcin Perzanowski
Simmons & Simmons
Overview of the 2002 ISDA Equity Derivatives Definitions 359
Edmund Parker
Mayer Brown
Marcin Perzanowski
Simmons & Simmons
c) Credit derivatives
Introduction to credit derivatives 441
Edmund Parker
Mayer Brown
Overview of the 2014 ISDA Credit Derivatives Definitions 485
Edmund Parker
Mayer Brown
d) Interest rates and FX
Interest rate derivatives and documentation 569
Matthew Hebburn
Solicitor
Oliver Ward
Simmons & Simmons
FX derivatives 599
David R Johnson
First Abu Dhabi Bank PJSC
e) Digital assets and ESG
ESG derivatives 631
Erwin Faas
Lidewey van der Wal
ABN AMRO
Fausto Giacomet
McDermott Will & Emery
Oliver West
Simmons & Simmons
Crypto derivatives in the UK and EU - regulation and documentation 667
Rosali Pretorius
Oliver Ward
Simmons & Simmons
US regulations of digital asset derivatives - an evolving landscape 705
Joyce Sophia Xu
Joyce Xu Law LLC
About the authors 721
About Globe Law and Business 728
