ISDA

May 15th, 2018 by Nick Railton-Edwards Tags: , , , ,

There is mounting pressure to revisit a fundamental aspect of the IM calculation methodology. The BCBS-IOSCO 2015 framework mandates an IM determination based on a 99% VAR over a fixed 10 day liquidation horizon[1]. ISDA have published a paper by Professor Rama Cont, Chair of Mathematical Finance at Imperial College London, which advocates for a […]

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This blog aims to provide a brief overview of the potential impact of Brexit with regard to the UK’s civil judicial cooperation with the other European Union Member States, in particular with respect to jurisdiction, recognition, enforcement and choice of law, with some added commentary on the impact on derivatives transactions. In brief, the UK’s […]

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March 2nd, 2018 by Nick Railton-Edwards Tags: , ,

ISDA has released new model clauses and non-binding guidance in respect of Section 13 (a) and (b), dealing with choice of Governing Law and choice of court. The 15 page 2018 Choice of Court and Governing Law Guide (“the Guide”) contains the following: New exclusive jurisdiction model clauses. One in favour of the English courts, another […]

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January 23rd, 2018 by Nick Railton-Edwards Tags: , , , , ,

On 18 January  the Supreme Court closed the curtain on the long-running Dexia Crediop SpA v Comune di Prato saga. The Court refused leave for the municipality (Prato) to appeal the 15 June 2017 Court of Appeal decision in Dexia’s favour. The case became something of a cause celebre when an earlier decision by the […]

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December 1st, 2017 by Nick Railton-Edwards Tags: , , , , , ,

A persistent background of abnormally low rates and flattened yield curves combined with increased regulation and capital requirements, has long mandated that the easiest way for banks to “make” money has been for them to save it. The industry has generally failed in this regard. Despite large-scale reductions in head count, physical relocation to north- […]

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August 10th, 2017 by Jessica Cousin

  Introduction The recent Court of Appeal case of African Export-Import Bank & Ors v Shebah Exploration & Production Company Ltd & Ors [2017][1] dealt with a Rumsfeldian “known unknown” – the question of whether dealing on negotiated industry standard terms could be said to be dealing on “written standard terms” for the purposes of […]

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What did we learn? 1 March 2017 – deadline day for ‘big bang’ – has come and gone.  We all breathed a sigh of relief.  Or did we?  Regulators recognised the fact that firms would not be compliant and, in general, counselled the industry to ‘do your best to get it done by 1 September’.  […]

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Introduction With VM CSA repapering in full swing over at DRS, this article took a while longer to write than first anticipated.  It has now been two weeks since ISDA published another two supplemental rules exhibits further amending the ISDA 2016 Variation Margin Protocol (the “Protocol”) on 27 January 2017: Supplemental Rules Exhibit for Non-Netting […]

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On 20 December 2016, ISDA published template clauses which allow market participants to include “Independent Amounts” within their Variation Margin CSAs.  The purpose of the amendments is to allow counterparties to create a single CSA which covers both regulatory variation margin and non-regulatory Independent Amounts. The new provisions work by amending the definitions of “Delivery […]

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On 16 December 2016, ISDA published a revised supplement to the ISDA 2016 Variation Margin Protocol for EU non-cleared margin regulations (the “Revised EMIR Supplements”). The Revised EMIR Supplements makes technical changes to the original EMIR Protocol supplements published on 17 November 2016 (the “Original EMIR Supplements”), in order to reflect more closely the settlement […]

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