At the end of last month, the Financial Conduct Authority’s (FCA) request for comments officially came to a close on the Consultation Paper (CP24/14) it published in late July seeking comments on proposed changes to the derivatives trading obligation (DTO) and post-trade risk reduction services (PTRRS).
The DTO requires
Unfortunately, based on a reputation for being somewhat boiler-plate, notice provisions are often not given the care and attention in negotiations they deserve. In practice, however, notice provisions are crucial – if they are incorrect or service of notice is impossible, you cannot enforce your rights. For the derivatives market, ISDA has proposed an innovative
Artificial intelligence (AI) is transforming the financial industry, and the derivatives market is no exception. A new whitepaper from ISDA Future Leaders in Derivatives (IFLD), a professional development program for emerging leaders in the derivatives market, explores the potential use of generative artificial intelligence (GenAI) in the derivatives markets. GenAI is
Crypto is booming again. Are you a bull? In which case you might like to purchase a derivative to gain a leveraged long exposure (a call option or long forward/future). Are you a bear? In which case you might like to purchase a derivative to hedge your downside (a put option or short forward/future). All
In Banca Nazionale del Lavoro, Commerzbank and Dexia Credit Local v Provincia di Catanzaro [2023] EWHC 3309 (Comm), the High Court granted summary judgment in favour of the joint bank claimants against the Italian public authority, Provincia di Catanzaro (“Catanzaro”). This is the latest in a succession of cases in which Italian local authorities have relied on Italian law arguments as to capacity, authority and/or validity as a basis for arguments that English-law governed derivative transactions on standard ISDA terms and subject to exclusive English jurisdiction, to which they had agreed, are invalid.Continue Reading Respect my authority: considering capacity to enter into swaps
Despite some counter-revolutionary forces, especially in the US, it seems likely that environmental, social and governance (ESG) concerns will continue to be increasingly significant factors in the structuring and execution of derivative transactions. We have covered the growth of the ESG derivative market (sometimes referred to as sustainability-linked derivatives) on the Long and
Effectively delivering notices under commercial contracts is not as straight-forward as it maybe ought to be, with different contracts requiring different methods of delivery, different content and different timelines. Often these boiler-plate provisions are not treated with the same vigour as the commercial provisions of a contract in negotiations, meaning they can be left containing ambiguity. And this ambiguity will also often come to light at very worrisome times, like where a default notice is being delivered to close out transactions.Continue Reading On Notice: developments in delivery of notices under the ISDA Master Agreement
The underlying rationale for emissions trading is that derivatives could save the planet or, at the least, could be an influence for good.
Emissions trading is an asset class which is purely a creature of regulation, and that leads to many intricacies, nuances, and traps for the unwary, which are not found in other types
Whether to address funding diversification objectives, liquidity management plans, risk-based capital concerns, or other goals, many issuers consider establishing repackaging programs. These programs can take many forms but generally raise a number of structuring and legal considerations that should be addressed early in the planning process. Join our experts in an upcoming webinar discussion of
In the midst of multiple NAIC initiatives aimed at radically changing the regulatory treatment of insurer investments, the chair of the NAIC’s Financial Condition (E) Committee released a strongly-worded memo on August 3 which looks to be a game-changer that could well lead to a major change of direction for those initiatives. This unexpected and