Mastering Securities Lending Documentation

Chapter 1: Introduction to the securities lending market (30 pages) -Size of market according to latest industry figures. -Types of securities loan transactions. - Differences between repos and securities loans -Main players -Regulatory infrastructure in the UK and USA. -The influence of automation. -How a deal is done from start to finish. Chapter 2: Risk issues ( 5 pages) - Counterparty risk - Issuer risk - Market risk - Operational risk - Legal risk - Collateralised nature of the product. Chapter 3: Legal issues (8 pages) - Nature of the transaction - Ownership of the securities - Drawbacks of recharacterisation - English law legal opinion by Richard Sykes QC - SIFMA legal opinions Chapter 4: Evolution of master agreement documentation (6 pages) - Inefficiency in documenting trades in the market's early days. - Documentation standardisation in the 1990s. - Description of the different master agreements - The benefits they confer. Chapter 5: Section by section clear analysis of the Global Master Securities Lending Agreement (2000) (65 pages). The idea is as before to have a block of Global Master Securities Lending Agreement (2000) text highlighted on a page and a clear explanation of it underneath. Chapter 6: Section by section clear analysis of the Global Master Securities Lending Agreement (2009) (75 pages). Same format. Chapter 7: Section by section clear analysis of the European Master Agreement and its Product Annex for Securities Loans (2004) (58 pages) Same format. Chapter 8: Section by section clear analysis of the US Master Securities Lending Agreement (70 pages) Same format. Chapter 9: The credit crunch and likely future of the securities lending market (6 pages) Chapters 5, 6 and 8 are the hub of the book because negotiators need core knowledge of these master agreements and awareness of possible variations proposed in their Schedules and their implications.