Practitioner Problems for Derivatives Lawyers
St. Cross College, Oxford; Freshfields Bruckhaus Deringer
December 31, 2009
This LLM research project analyses four topics from the work of derivatives and structured products lawyers. The first topic is the interpretation of standard industry documentation, taking the example of Market Quotation and Loss definitions in 1992 ISDA Master Agreement. The second topic is the drafting and construction of bespoke structured product documentation, specifically clauses from Structured Investment Vehicles (SIVs) and related litigation in the English courts. The third topic is the concept and regulation of derivatives mis-marking including recent FSA and SEC notices. The final topic is the interpretation of related legislation, specifically the determination of sterling exchange rates for non-GBP denominated assets under the Insolvency Rules 1986. In addition to these analyses, c.40 student test problems and drafting exercises are also included in the dissertation.
Keywords: derivative, SIV, Structured Investment Vehicle, foreign exchange, ISDA, GMRA, mis-marking, mismarking, insolvency, Insolvency Rules, FSA, SEC, Final Notice, exchange rate
JEL Classification: F31, G12, G33, K22, K49working papers series
Date posted: January 1, 2010 ; Last revised: August 21, 2012
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