Mastering Securities Lending Documentation 1st edition by Paul Harding,Christian Johnson 9780273734970 0273734970
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ISBN 10: 0273734970
ISBN 13:9780273734970
Author: Paul Harding,Christian Johnson
Securities lending master agreements are vital for covering securities loans between contracting parties. They also offer legal and credit protection and a close-out netting procedure if a party defaults or goes bankrupt. These agreements are widely used by banks, securities houses, pension funds, hedge funds and insurance companies. Mastering Securities Lending Documentation is a practical guide to understanding the negotiation of these master agreements used in the United Kingdom, United States and Europe. It is an essential handbook for anyone involved in negotiating these agreements and includes: An introduction to the history and operations of the market A clear, user-friendly explanation of all paragraphs of the master agreements An easy-to use split page format with the original text and commentary Examples of commonly negotiated additions and amendments and their implications Answers to legal, risk and operational questions
Mastering Securities Lending Documentation 1st Table of contents:
1 Introduction
History and development of the securities lending market
The short selling controversy
The Lehman Brothers collapse
How a securities lending transaction works
The importance of intermediaries
Reasons and strategies for borrowing securities
How a deal is done from start to finish
Basic tax issues for the UK
Basic tax issues for the US
Risks with securities lending
Differences between repos and securities loans
2 Legal issues: UK and US perspectives
UK perspective by Paul C. Harding
Legal capacity
Title transfer and recharacterisation risk
The enforceability of close-out netting
Agency arrangements
The English Law securities lending master agreements
The ICMA and SIFMA legal opinions
US perspective by Christian A. Johnson
Enforcement of New York Choice of Law 44 Enforceability of the US Master Securities Loan Agreement
US Bankruptcy and banking insolvency law
FDICIA
Legal capacity
Severability
Use of employee plan assets
3 The Global Master Securities Lending Agreement (2000)
Paragraph by paragraph analysis of the Global Master Securities Lending Agreement (2000) and its Schedule
Amendments sometimes proposed to the GMSLA 2000
UK Tax Addendum
The Clifford Chance Legal Opinion on the GMSLA 2000
4 The Global Master Securities Lending Agreement (2010)
ISLA’s Securities Lending Set Off Protocol (March 2009) 188 Introduction to the Global Master Securities Lending Agreement (2010) and main differences from the GMSLA 2000
Paragraph by paragraph analysis of the Global Master Securities Lending Agreement 2010 and its Schedule
Agency Annex
Addendum for Pooled Principal Agency Loans
UK Tax Addendum
5 The European Master Agreement
Background to the European Master Agreement (the “EMA”)
Goals and benefits of the EMA
Structure of the EMA
Clause by clause analysis of the EMA
Comparison of the EMA with the GMSLA 2010
6 The US Master Securities Loan Agreement (2000)
Christian A. Johnson
Commentary on the Master Securities Loan Agreement (2000 Version) (the “MSLA”)
Section by section analysis of the MSLA 2000
Annexes to the MSLA 2000
Schedules A and B of the MSLA 2000
7 The credit crunch and possible future developments in the securities lending market
Origins
What happened?
The current position
Possible future developments
Appendices
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