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“The book does a fantastic job of distilling commonly accepted fallback provisions and effective negotiating strategies into a quick and easy guide for seamlessly establishing over-the-counter derivative trading relationships with broker-dealers. With this book, a practitioner can cut through lengthy negotiations armed with legal provisions that have become standard in the marketplace.”
--Christian Pugaczewski, Attorney
“This is a great, practical guide for professionals and attorneys in the OTC derivatives industry. If you are interested in adequately protecting your interests under the ISDA Master Agreement, this book is a must-read.”
--Seth M. Zaben, Attorney
This is the first no-nonsense, start-to-finish roadmap for protecting your interests in the negotiation of the ISDA Master Agreement. Drawing on a wealth of ISDA experience in the trenches, Seth P. Bender, Esq., distills today’s most effective negotiating strategies into a quick and easy guide for establishing OTC derivative trading relationships.
Bender helps you identify onerous provisions you can confidently decline, as well as revisions to the Schedule and Paragraph 13 that provide crucial, additional protection and are widely accepted by dealers.
Replete with easy-to-follow examples, drafting recommendations, and language suggestions, this playbook will help you identify industry “soft spots” and take advantage of them. Even if you’re new to negotiating the ISDA Master Agreement, it will help you level the playing field–executing more efficient, favorable contracts with fewer dealer termination rights.
Increasingly, institutions that transact over-the-counter (OTC) derivatives rely on the International Swaps and Derivatives Association, Inc.’s (ISDA) Master Agreement. However, many financial professionals find themselves disadvantaged when negotiating with dealer counterparties due to the complexity of the agreement.
Negotiating Skills for the ISDA Master Agreement will help these professionals level the playing field. This is the first complete, practical guide to successfully negotiating the ISDA Master Agreement and its associated Credit Support Annex. OTC derivatives attorney Seth P. Bender clarifies what dealers will and won’t concede, helping readers focus on the issues and provisions they can actually change.
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.
Whatever your role in negotiating OTC derivative transactions governed under the terms of an ISDA Master Agreement, this book will help you protect your interests--fairly, efficiently, and consistently.
Seth P. Bender, Esq., is a graduate of Washington University in St. Louis, and attended law school at the Fordham University School of Law in New York City. He began his career in the Capital Markets practice at the law firm Cadwalader, Wickersham & Taft LLP. Since that time, he has consulted at some of the largest New York buy- and sell-side institutions negotiating new trading documentation and renegotiating preexisting agreements to account for the changes in today’s volatile markets. His experience at investment managers and dealers has provided him with a diverse forum to examine the varying issues applicable to each of these constituents during market swings, and has provided him with a greater understanding of both sides of a trading relationship, the terms generally accepted in the marketplace by dealers, and the inefficiencies created in the negotiation process--knowledge that he believes can streamline the negotiation phase of the ISDA Master Agreement for many industry participants.
At first, I was concerned with one negative review. However, I found it relevant in light of the current regulatory environment and the increased focus on counterparty risk and... Read morePublished 20 months ago by External Counsel
I bought this book because this book was said to cover CSA along with ISDA Master Agreements and Schedules. Read morePublished on June 29, 2011 by H. Chun