Mastering Collateral Management and Documentation: A Practical Guide for Negotiators

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9780273659242: Mastering Collateral Management and Documentation: A Practical Guide for Negotiators

In response to the continuing and growing use of collateral by banks and other financial institutions, this is the first comprehensive book on the subject. This practical guide provides negotiators with a clear, concise explanation of the topic, from an operational perspective and with particular focus on the five ISDA Credit Support Documents. Collateral is now big business. In January 2001 the International Swaps and Derivatives Association, Inc. (ISDA) calculated that between US$175-200 billion was pledged as collateral to protect credit exposure in the derivatives market. The authors estimate that 20-25% of interest rate and currency swap trades are now covered by collateral. This book describes collateral documentation in jargon-free, concise terms making it the must have book for all junior and experienced negotiators in this field.

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About the Author:

Paul Harding is Managing Director of Derivatives Documentation Ltd, a derivatives consultancy and project management company based in the City of London. Its clients include many of the world's leading banks.Christian Johnson is an associate professor based at Loyola University Chicago School of Law.

Review:

"While this book is mainly focused on the documentation issues surrounding Collateral Management it also provides a good overview of other aspects of Collateral Management.ISDA provides a set of documents for cross border securitisation that is neither self-explanatory nor easy to handle And this book will help market participants at all different stages of the collateralisation process. It provides guidance to both institutions, on how to formulate their own Collateral Policy, and to negotiators concerned with the day to day negotiation of Collateral Agreements. Paul Harding has done a great job."Wilfried F. Schutte, Banksyndikus, Legal Services "An excellent review of an important and complex area, analysing the critical legal, operational and credit strands together in one volume. This will add to the understanding of an increasingly vital area of risk management, where the consequence of any failure is that a false sense of security may be the only security you are left holding!A fine complementary volume to Mastering the ISDA Master Agreement, explaining in detail not only the legal complexities but also the important operational and credit considerations. Not only a 'practical guide for negotiators' but also valuable for credit and operational risk professionals. It includes a full review of not only the widely used ISDA collateral documents but also the new 2001 Margin Provisions, which will help to spread better understanding of this new untested document and may lead to greater acceptance in the market."Keith Spiller, Executive Director, UBS Warburg "Comprehensive yet practical, this timely volume offers lawyers, risk-managers and documentation specialists the necessary insight into today's collateral management practices. Additionally it offers those instutions that wish to start-up their collateral program a well-structured overview of the issues under consideration both from a European and US perspective." David Suetens, Senior Vice President, Risk Management

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Harding, Paul C., Johnson, Christian A.
Published by Financial Times Management (2002)
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Paul C. Harding; Christian A. Johnson
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