Design Of Master Agreements For Otc Derivatives
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Design Of Master Agreements For Otc Derivatives
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Author : Dietmar Franzen
language : en
Publisher: Springer
Release Date : 2011-09-30
Design Of Master Agreements For Otc Derivatives written by Dietmar Franzen and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011-09-30 with Business & Economics categories.
I first came across the issue of derivatives documentation when writing my diploma thesis on measuring the credit risk ofOTC derivatives while I was an economics student at the University of Bonn. Despite the fact that security design has been an area of research in economics for many years and despite the widespread use of derivatives documentation in financial practice, the task of designing contracts for derivatives transactions has not been dealt with in financial theory. The one thing that aroused my curiosity was that two parties with usually opposing interests, namely banking supervisors and the banking industry's lobby, unanimously endorse the use ofcertain provisions in standardized contracts called master agreements. Do these provisions increase the ex ante efficiency of contracts for all parties involved? I actually began my research expecting to find support for the widely held beliefs about the efficiency or inefficiency of certain provisions and was sur prised to obtain results that contradicted the conventional wisdom. I would strongly advise against using these results in any political debate on deriva tives documentation. They were obtained within a highly stylized model with some restrictive assumptions. This work should rather be seen as an attempt to formalize the discussion on derivatives documentation and to challenge the notion that certain provisions are generally ex ante efficient. It is also an invitation to all those advocating the use of certain provisions in master agreements to formalize their arguments and to explain the economic ratio nale behind these provisions.
Design Of Master Agreements For Otc Derivatives
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Author : Dietmar Franzen
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Design Of Master Agreements For Otc Derivatives written by Dietmar Franzen and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
I first came across the issue of derivatives documentation when writing my diploma thesis on measuring the credit risk ofOTC derivatives while I was an economics student at the University of Bonn. Despite the fact that security design has been an area of research in economics for many years and despite the widespread use of derivatives documentation in financial practice, the task of designing contracts for derivatives transactions has not been dealt with in financial theory. The one thing that aroused my curiosity was that two parties with usually opposing interests, namely banking supervisors and the banking industry's lobby, unanimously endorse the use ofcertain provisions in standardized contracts called master agreements. Do these provisions increase the ex ante efficiency of contracts for all parties involved? I actually began my research expecting to find support for the widely held beliefs about the efficiency or inefficiency of certain provisions and was sur prised to obtain results that contradicted the conventional wisdom. I would strongly advise against using these results in any political debate on deriva tives documentation. They were obtained within a highly stylized model with some restrictive assumptions. This work should rather be seen as an attempt to formalize the discussion on derivatives documentation and to challenge the notion that certain provisions are generally ex ante efficient. It is also an invitation to all those advocating the use of certain provisions in master agreements to formalize their arguments and to explain the economic ratio nale behind these provisions.
The Negotiation Of Otc Derivatives Documentation
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Author : Andrea Geat
language : en
Publisher: Lulu.com
Release Date : 2016-01-08
The Negotiation Of Otc Derivatives Documentation written by Andrea Geat and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-01-08 with Business & Economics categories.
This book takes the ISDA Master Agreement (including the Credit Support Annex) as the benchmark for any OTC Derivatives documentation negotiation and explains the relevant "DOs and DON'Ts" when it comes to the most commonly negotiated terms, providing sufficient background to help the reader make an informed decision in relation to important elections. Particular focus is on a number of areas that include but are not limited to: the ISDA modular structure: 1992 and 2002 versions, the ISDA Credit Support Annex (Title Transfer - English Law and Pledge - New York and Japanese Law), practical insights about negotiating the ISDA and CSA, the ISDA protocols and other documentation initiatives linked to EMIR and Dodd-Frank, OTC Clearing, FATCA, Asia-Pacific Regulatory overview, Give-up trading models and documentation. There is no pretention to provide the basis for the perfect negotiation strategy or approach, but there are enough negotiation tips, sample provisions and case law references to help the readers understand what is important, permissible and sensible so as to drive the negotiation effectively. The sample provisions and documentation presented in this book are for reference only and serve the sole purpose of explaining the inherent impact and significance of the underlying topics, risks and issues calling for the inclusion of certain terms. By no means this book should be read or seen as a collection of provisions or templates for general use.
Negotiating Skills For The Isda Master Agreement
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Author : Seth Bender
language : en
Publisher: Financial Times/Prentice Hall
Release Date : 2011
Negotiating Skills For The Isda Master Agreement written by Seth Bender and has been published by Financial Times/Prentice Hall this book supported file pdf, txt, epub, kindle and other format this book has been release on 2011 with Credit derivatives categories.
In the wake of recent turbulence in the financial markets, institutions that transact OTC derivatives are increasingly relying on the International Swaps and Derivatives Association, Inc.'s ("ISDA") Master Agreement. However, because this agreement is extremely complex, many money managers, hedge fund managers, and traders find themselves at a serious disadvantage when negotiating with dealer counterparties. Now, for the first time, there's a complete, practical guide to successfully negotiating the ISDA Master Agreement and its associated Credit Support Annexes. Negotiating Skills for the ISDA Master Agreement helps readers clearly understand what dealers will and won't concede, helping them focus on the issues and provisions they can actually change. Long-time OTC derivatives consultant Seth Phillip Bender clearly introduces the ISDA Master Agreement's documentation architecture, provides drafting recommendations and language suggestions, and offers specific operational tips related to the Credit Support Annex and the collaterization of exposure. He also devotes a full chapter to recent ISDA initiatives, showing how they have affected negotiations, and guiding readers in aligning with them. Simply put, this book gives financial professionals the insights they need to protect their interests in today's OTC derivatives marketplace--fairly, efficiently, and consistently.
Collateral Netting And Systemic Risk In The Otc Derivatives Market
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Author : Mr.Manmohan Singh
language : en
Publisher: International Monetary Fund
Release Date : 2010-04-01
Collateral Netting And Systemic Risk In The Otc Derivatives Market written by Mr.Manmohan Singh and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-04-01 with Business & Economics categories.
To mitigate systemic risk, some regulators have advocated the greater use of centralized counterparties (CCPs) to clear Over-The-Counter (OTC) derivatives trades. Regulators should be cognizant that large banks active in the OTC derivatives market do not hold collateral against all the positions in their trading book and the paper proves an estimate of this under-collateralization. Whatever collateral is held by banks is allowed to be rehypothecated (or re-used) to others. Since CCPs would require all positions to have collateral against them, off-loading a significant portion of OTC derivatives transactions to central counterparties (CCPs) would require large increases in posted collateral, possibly requiring large banks to raise more capital. These costs suggest that most large banks will be reluctant to offload their positions to CCPs, and the paper proposes an appropriate capital levy on remaining positions to encourage the transition.
International Convergence Of Capital Measurement And Capital Standards
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Author :
language : en
Publisher: Lulu.com
Release Date : 2004
International Convergence Of Capital Measurement And Capital Standards written by and has been published by Lulu.com this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Bank capital categories.
Recommendations For Central Counterparties
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Author : Group of Ten. Committee on Payment and Settlement Systems
language : en
Publisher:
Release Date : 2004
Recommendations For Central Counterparties written by Group of Ten. Committee on Payment and Settlement Systems and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Clearing of securities categories.
Islamic Commercial Law
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Author : Mohamed H Reda
language : en
Publisher: BRILL
Release Date : 2017-10-30
Islamic Commercial Law written by Mohamed H Reda and has been published by BRILL this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-10-30 with Law categories.
Islamic Commercial Law: Contemporariness, Normativeness and Competence offers new perspectives on why for centuries Islamic commercial law has been perceived as arbitrary and unpredictable, and on its evolution to a contemporary, consistent, reliable and credible body of law. The book also examines why Western positivists have viewed Islamic commercial law in a simplistic or archaic religious framework and counters those arguments with an examination of its normative legal qualities. The work analyses the competencies of Fiqh (jurisprudence) for structuring new financial instruments, and restructuring conventional financial products more equitability.
Pricing Portfolio Credit Derivatives By Means Of Evolutionary Algorithms
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Author : Svenja Hager
language : en
Publisher: Springer Science & Business Media
Release Date : 2008-09-08
Pricing Portfolio Credit Derivatives By Means Of Evolutionary Algorithms written by Svenja Hager and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008-09-08 with Business & Economics categories.
Svenja Hager aims at pricing non-standard illiquid portfolio credit derivatives which are related to standard CDO tranches with the same underlying portfolio of obligors. Instead of assuming a homogeneous dependence structure between the default times of different obligors, as it is assumed in the standard market model, the author focuses on the use of heterogeneous correlation structures.
Counterparty Risk Management
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Author : Eduardo Canabarro
language : en
Publisher:
Release Date : 2014
Counterparty Risk Management written by Eduardo Canabarro and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with Asset-liability management categories.