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Practical Derivatives: A Transactional Approach, 4th Edition

Practical Derivatives: A Transactional Approach, 4th Edition

Author: Edmund Parker; Marcin Perzanowski
Publisher: Globe Law and Business
ISBN: 9781787428423

Previous Edition ISBN: 9781911078173
Published In: January 2023
Format: Hardback , 728 pages
Jurisdiction: International ? Disclaimer:
Countri(es) stated herein are used as reference only

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Marked by the establishment of ISDA in 1985, derivatives have become an indispensable, integral and deeply embedded part of the international financial markets.

The new global regulatory framework instituted following the 2008 financial crisis was accompanied by a series of operational, commercial and documentation changes, which has made the derivatives markets stronger, safer and more resilient. However, a deeper and more robust product and regulatory understanding of the derivatives market is more important than ever.

This fourth edition of Practical Derivatives: A Transactional Approach features a number of new chapters analysing the latest trends in the following areas:

the rise of derivatives referencing cryptocurrencies and other digital assets, and the emerging regulatory framework on both sides of the Atlantic;
the slow but steady move to assets meeting the Environmental, Social and Governance (ESG) criteria in the area of derivatives and structured products;
the completion of the regulatory framework for cleared and OTC derivatives;
the development of non-English/New York law derivatives documentation; and
the emergence of new structures in the securities finance world.

It also includes updated chapters explaining how derivatives are used in the practical context, how the documentation works and any pitfalls for the unwary. It provides real-life tips for the application and negotiation of transactions referencing:

2021 ISDA Interest Rate Derivatives Definitions;
2014 ISDA Credit Derivatives Definitions;
2002 ISDA Equity Derivatives Definitions;
2005 ISDA Commodity Definitions;
Regulatory IM and VM documentation; and
The principal repo and stock lending forms of agreement.

With contributions from leading law firms, investment firms and academics, this accessible book takes a transactional approach and features coverage of product innovations. Whether you are at a bank, asset manager, pension fund, insurance company or other financial institution; from a company or organisation looking to invest or manage your risk; or involved in providing advisory services to these entities, this title will provide you with practical tools for using derivatives in your business.

Preface - Edmund Parker, Mayer Brown; Marcin Perzanowski, Simmons & Simmons

Part I: The regulatory and governance environment

Documentation for cleared OTC derivatives - Patrick Scholl, Mayer Brown

Overview of EU/UK derivatives regulation: EMIR, MIFiD, UK Rules - Tom Harkus, Matthew Hebburn, Igor Zyskind of Simmons & Simmons

Variation margin ("VM") requirements for noncentrally cleared derivatives - Matthew Hebburn, Simmons & Simmons

Initial margin ("IM") requirements for noncentrally cleared derivatives - Guy Antrobus, Emma Lancelott of Allen & Overy

Part II: Documenting and designing derivatives transactions

Overview of industry standard documentation - Guy Usher, Fieldfisher

Introduction to repo and stock lending documentation - Jonathan Haines, Ashurst LLP

Introduction to German derivatives documentation - Patrick Scholl, Mayer Brown

ESG derivatives - Fausto Giacomet, McDermott Will & Emery; Oliver West, Simmons & Simmons

Designing derivatives structures - John D. Finnerty, Fordham University; Rachael W. Park, AlixPartners LLP

Part III: Derivatives, asset classes and corresponding industry documentation

a) Commodity derivatives

Introduction to commodity derivatives - Edmund Parker, Mayer Brown; Marcin Perzanowski, Simmons & Simmons

Overview of the 2005 ISDA Commodity Definitions - Edmund Parker, Mayer Brown; Marcin Perzanowski, Simmons & Simmons

Emissions trading - Tim Baines, Edmund Parker of Mayer Brown

Energy derivatives and hedging strategies - Cyriel de Jong, KYOS

b) Equity derivatives

Introduction to equity derivatives - Edmund Parker, Mayer Brown; Marcin Perzanowski, Simmons & Simmons

Overview of the ISDA 2002 Equity Derivatives Definitions - Edmund Parker, Mayer Brown; Marcin Perzanowski, Simmons & Simmons

c) Credit derivatives

Introduction to credit derivatives - Edmund Parker, Mayer Brown

Overview of the 2014 ISDA Credit Derivatives Definitions - Edmund Parker, Mayer Brown

d) Other derivatives classes Interest rate derivatives and documentation - Matthew Hebburn, Oliver Ward of Simmons & Simmons

FX derivatives - David R. Johnson, First Abu Dhabi Bank, PJSC US

regulations of digital asset derivatives - an evolving landscape - Diona N. Park, Joyce Xu of Paul Hastings LLP

Cryptos in the UK/EU - Rosali Pretorius, Oliver Ward of Simmons & Simmons

Consulting editor(s): Edmund Parker and Marcin Perzanowski

Contributing firm		Consulting Editor(s)
Mayer Brown Mayer Brown		Edmund Parker Marcin Perzanowski
		Contributors
University of Melbourne Senior legal counsel Mayer Brown Fieldfisher LLP Mayer Brown AlixPartners LLP AlixPartners LLP Africa Business World KYOS Energy Consulting KYOS Energy Consulting Mayer Brown Mayer Brown National Bank of Abu Dhabi PJSC Addleshaw Goddard LLP		Paul Ali Ruth Frederick Kunel Tanna Guy Usher Patrick Scholl John D Finnerty Rachael W Park Paul Oranika Christopher Clancy Cyriel de Jong Natalie Ashford Vincent Sum David Johnson Emmett Peters

Review for previous edition: "The book was extremely well written, clear and concise. A beautiful selection of current topics with a good survey of articles."

- Dr Jean-Pierre ZIgrand, London School of Economics