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2 results

  • 3 - Interpreting the ISDA Master Agreement

  • Jo Braithwaite, London School of Economics and Political Science
  • Book:
    The Financial Courts
    Published online:
    19 December 2020
    Print publication:
    07 January 2021, pp 76-119

  • Summary

    Every position in the financial markets, from a vanilla interest rate swap to a syndicated loan, from a repo to a bond, is a contract. Contractual risk mitigation techniques, such as Events of Default, are more significant in sectors where parties enjoy fewer public sector regulatory protections, as is the case in syndicated loans and derivatives, but contractual relationships underpin all financial positions. More complex structures, such as synthetic securitisations or a chain of interests in intermediated securities may involve multiple parties and span diverse jurisdictions, but in legal terms they are merely combinations of contracts. The same applies to products which are shrouded in jargon or which seem exotic at the time.

The Financial Courts
  • Adjudicating Disputes in Derivatives Markets
  • Jo Braithwaite
  • Published online:
    19 December 2020
    Print publication:
    07 January 2021
  • In The Financial Courts, Jo Braithwaite analyses thirty years of cases involving the global derivatives markets, exploring the nature of these legal disputes and assessing their impact on financial markets and on commercial law more broadly. Weaving together this substantial body of cases with theoretical insights drawn from the growing literature on the internationalisation of financial law, Braithwaite offers readers a detailed and highly original contribution to the debate about the role of private law in international financial markets. This important work should be read by lawyers, economists and regulators in the field.