Overview

In the wake of recent turbulence in the financial markets, institutions that transact OTC derivatives are increasingly relying on the International Swaps and Derivatives Association, Inc.’s (“ISDA”) Master Agreement. However, because this agreement is extremely complex, many money managers, hedge fund managers, and traders find themselves at a serious disadvantage when negotiating with dealer counterparties. Now, for the first time, there’s a complete, practical guide to successfully negotiating the ISDA Master Agreement and its associated Credit Support Annexes. Negotiating Skills for the ISDA Master Agreement helps readers clearly understand what dealers will and won’t concede, helping them focus on the issues and provisions they can actually change. Long-time OTC derivatives consultant Seth Phillip 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, showing how they have affected negotiations, and guiding readers in aligning with them. Simply put, this book gives financial professionals the insights they need to protect their interests in today’s OTC derivatives marketplace--fairly, efficiently, and consistently.

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9780132099639

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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.

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