The Law on Financial Derivatives, 5th Edition

The Law on Financial Derivatives offers you an extensive analysis and explanation of the legal and regulatory principles underlying over-the-counter (OTC) derivatives in the UK. Drawing together concepts from many areas of law – including contract, tort, trusts and private international law – it shows how they relate to the day-to-day practice of financial derivatives markets and the completion of standard market contracts.

Whether you’re looking for concise, to-the-point guidance on the basic issues of OTC derivatives, or a thorough, in-depth analysis of some of the more complex issues surrounding the industry, this title provides you with all the information you need to advise your clients confidently.

This new edition covers all of the litigation which has arisen in the wake of the collapse of Lehman Brothers and the credit crunch; explains the proposals for the regulation of derivatives in the EU and in the USA; and provides a full analysis of the ISDA Master Agreement and the many recent cases which have cast doubt on its effectiveness.

• Provides an extensive analysis and explanation of the legal and regulatory aspects of over-the-counter (OTC) derivatives in the UK and in the EU
• Covers all the key aspects of derivative products such as creating and structuring derivatives contracts, interpreting and performing standard market agreements, effecting security and collateral arrangements, set-off and netting
• Considers the manner in which existing legal principles - such as contract, tort, trusts - relate to OTC derivatives transactions
• Analyses the new code for the taxation of derivatives in the UK
• Discusses conflict of laws issues
• Analyses the standard market documentation in depth
• Includes in-depth analysis of cases and regulatory changes
• Considers real-world problems faced by practitioners working in-house or in private practice, and suggests solutions

New to this edition:

• Updated to consider the proposals for the regulation of derivatives in the EU, including the transaction of derivatives on regulated markets and the clearing of derivatives, as well as the impact of MiFID on derivatives
• Expanded to include new coverage of collateralised debt obligations
• Comprehensive and authoritative analysis of nearly one hundred new cases relating to derivatives, including: 
  • Belmont Park Investments Pty Ltd v BNY Corporate Trustee Services Ltd (“Perpetual Trustee”)
  • BNY Corporate Trustee Services Ltd v Eurosail-UK 2007-3BL
  • Lomas v AFB Firth Rixson; Marine Trade v Pioneer Freight Futures Co Ltd BVI
  • Pioneer Freight Futures v COSCO Bulk Carriers
  • Pioneer Freight Futures v TMT Asia
  • Titan Steel Wheels v Royal Bank of Scotland
  • Peekay Intermark Ltd v ANZ
  • Flame SA v Primera Maritime
  • JP Morgan v Springwell
  • IFE v Goldman Sachs
  • Camerata Property Inc v Credit Suisse Securities (Europe) Ltd
  • Cassa di Risparmio SpA v Barclays Bank Ltd
  • Cukurova Finance International Ltd v. Alfa Telecom Turkey Ltd
  • Anthracite Rated Investments (Jersey) Ltd v Lehman Brothers Finance S.A.
  • Britannia Bulk Navigation v Pioneer Navigation Ltd
  • Morgan Stanley & Co International plc v China Haisheng Juice Holdings Co Ltd
  • JP Morgan Chase Bank NA v Berliner Verkehrsbetriebe (BVG) Anstalt Des Offentlichen Rechts
  • Lehman Brothers Special Financing Inc v Carlton Communications Ltd
  • Deutsche Morgan Grenfell Group plc v IRC
  • Prudential plc v Revenue and Customs Commissioners
  • Kato Kagaku Co Ltd v Revenue and Customs Commissioners
  • HMRC v Enron Europe
  • UBS AG v HSH Nordbank AG
  • Rainy Sky SA v Kookmin Bank
    
• Looks at the legal and regulatory developments arising from the credit crunch
• Analyses the Corporation Tax Act 2009 code on the taxation of derivatives contracts
• Analyses the recent case law on the interpretation of contracts as it applies to derivatives transactions
• Comprehensive analysis of the termination of agreements and of the extensive case law relating to restitution of money paid under failed derivatives contracts
• Analysis of the effects of insolvency on set-off and the termination of derivatives
• Full analysis of the standard market documentation of derivatives, with advice for in-house counsel and other practitioners