ISDA Master Agreement

News & Analysis as of

Correcting Drafting Errors – What Is The Best Approach And What Evidence Is Admissible?

The High Court held that a mistaken reference in an interest rate swap confirmation to the 1992 ISDA Master Agreement instead of the 2002 ISDA Master Agreement could not be corrected by interpretation. However on the facts...more

The Construction Of Section 6(D) Of The 1992 ISDA Master Agreement And Close-Out Mechanics

In Videocon Global Ltd & Videocon Industries Ltd v Goldman Sachs International [2016] EWCA Civ 130, 15 March 2016, the English Court of Appeal has decided that the requirement to serve a statement of calculation “on or as...more

Brexit – Legal Consequences For Commercial Parties: Derivatives – Possible Implications

This article aims to highlight some of the areas in which Brexit may impact the derivatives markets and discusses possible documentation, regulatory and legal implications. However, it is important to note that the particular...more

Corporate Trustees: a Trustee can rely on a legal opinion provided to it by a law firm, right?

A Bond Trustee or Security Trustee in a finance transaction will typically be a beneficiary of a legal opinion. A Trustee may be expressly named as one of the addressees on the face of an opinion letter. Alternatively, a...more

Energy & commodities: portfolio acquisitions

There have been a number of trading portfolios acquired and disposed of in the commodities trading sector in the last 18 to 24 months (commodities acquisition(s)). This activity has been due to a number of factors, such as...more

"A Case Based On Hindsight" - Misselling Claim Rejected

The High Court in Thornbridge Ltd v Barclays Bank plc [2015] EWHC 3430 (QB), 27 November 2015 has rejected an interest rate swap misselling claim for losses allegedly arising as a result of the defendant bank having acted...more

U.S. Supreme Court Rebuffs Tribe’s Bid for Equitable Tolling: Extraordinary Circumstances Causing Delayed Filing Must be Beyond a...

Concluding that the Menominee Indian Tribe of Wisconsin (the “Tribe”) failed to justify its untimely filing under the equitable tolling doctrine, a recent U.S. Supreme Court decision reaffirms stern limitations on the...more

Global Financial Markets Insight - Issue 8, Q4 2015

In this issue we also look at some of the practical issues impacting financing practices in a variety of European and emerging markets. This includes looking at new legislation to open up markets such as the covered bond...more

Allocating Section 871(m) Withholding Tax Risk: ISDA Publishes New Protocol Addressing Withholding Under Section 871(m)

On November 2, the International Swaps and Derivatives Association, Inc. (ISDA) published the ISDA 2015 Section 871(m) Protocol (the Protocol) that provides an efficient method to amend existing ISDA Master Agreements to...more

The United States Bankruptcy Court for the Southern District of New York Deals Loss to Lehman in Interpreting Loss Under ISDA...

In a blow to the Lehman Chapter 11 estates, the United States Bankruptcy Court for the Southern District of New York held on September 16, 2015 that Intel Corporation’s Loss calculation resulting from a failed transaction...more

Financial Entity Update: The CFTC’s Proposed Margin Rules for Uncleared Swaps – Goofy Haircut

Under the Margin Rules, swap dealers and major swap participants that do not have a prudential regulator (Covered Swap Entities, or CSEs) would be required to collect and post initial margin for uncleared swaps with financial...more

The SemCrude Bankruptcy: Commodity Traders Prevail Against Related Fraud and U.C.C. Claims

In 2008, SemCrude, L.P. and related entities (collectively, SemCrude or the Debtors) filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code. In connection with the SemCrude bankruptcy, a dispute...more

ISDA Publishes EMIR Frontloading Additional Termination Event Amendment Agreement

On June 12, 2015, ISDA published its EMIR Frontloading Additional Termination Event Amendment Agreement and an accompanying explanatory memorandum. The amendment agreement allows parties to an ISDA Master Agreement to amend...more

Financial Markets Disputes and Regulatory Update - Summer 2015 Issue 1

In This Issue: - What is worth remembering from the first half of 2015? - Judgments - so far this year… ..Jurisdiction for claims in relation to bearer bonds ..Exercise of contractual rights by...more

Hedging Oil & Gas Production

The recent, dramatic decline in the price of oil illustrates the risk that every oil and gas producer has to declining energy commodity prices. This paper discusses various methods for “hedging” or reducing price risk. In...more

Swap Agreement Safe Harbors at Risk in Latest Lehman Dispute

On May 30, 2014, hedge fund Moore Capital (Moore) brought suit against the Lehman Brothers bankruptcy estate (Lehman) in the Southern District of New York bankruptcy court, seeking a declaratory judgment that it acted...more

Top Ten Finance Litigation And Regulatory Decisions Of 2014

A summary of the most interesting banking litigation and regulatory decisions from 2014. The selection is necessarily subjective and draws from a wide range of cases and developments that are of direct relevance to finance...more

New ISDA Protocol Will Limit Buy-Side Remedies in a Financial Institution Failure

The ISDA 2014 Resolution Stay Protocol, published on November 12, 2014, by the International Swaps and Derivatives Association, Inc. (ISDA), represents a significant shift in the terms of the over-the-counter derivatives...more

Orrick's Derivatives in Review - October 2014

Prudential Regulators and CFTC Re-Propose Rules for Uncleared Swap Margin - Both the Commodity Futures Trading Commission and the prudential regulators re-proposed their April 2011 proposed rules imposing initial and...more

Financial Services Weekly News Roundup - October 2014 #3

Editor’s Note - Looking Ahead: December 1 Effective Date for FINRA Consolidated Supervision Rules. The new FINRA Supervision rules, approved by the SEC in December 2013, become effective on December 1, 2014. The new...more

UK Court Decision Demonstrates Importance of Compliance With ISDA Market Quotation Procedures

The High Court of England and Wales (Commercial Court) recently decided in favor of Lehman Brothers Finance S.A. (in liquidation) (LBF) against Sal. Oppenheim Jr. & Cie. KGAA (Oppenheim). The matter involved a dispute over...more

ISDA Section 2(a)(iii) Amendment Limits Prerogatives of Non-Defaulting Parties

On June 19, the International Swaps and Derivatives Association (ISDA) published a long-awaited standard amendment to Section 2(a)(iii) of the ISDA Master Agreement (the Master Agreement). Section 2(a)(iii) of the Master...more

Orrick's Derivatives in Review - July 2014

Extension of Certain Dodd-Frank No-Action Relief - The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and...more

Breaking the ISDA Section 2(a)(iii) Insolvency Stalemate

On 19 June 2014, the International Swaps and Derivatives Association (“ISDA”) published an amendment to the ISDA Master Agreement for use in relation to section 2(a)(iii) of that agreement, for parties who wish to amend their...more

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