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The Legal Aspect of Swaps - Paul Goris

The Legal Aspect of Swaps

Hardcover Published: 25th February 1994
ISBN: 9781853339103
Number Of Pages: 544

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This reference work provides a detailed and comprehensive analysis of the legal status of swap agreements and swap-based products under US, UK and international and EC law, covering such wide-ranging fields as contract law, banking and financial regulation, taxation and accounting. The author thoroughly analyzes the economic substance and economic rationale of swap transactions, which increasingly present the most important determining factors in resolving the complex legal issues concerning swaps and engineered swap structures. Swaps are examined in the context of their broader transactional structure, highlighting the need for legal solutions to be economically efficient. The original nature of this work, together with its comprehensive coverage of this highly technical subject, makes it suitable for both academic lawyers and practitioners active in the field of swap finance.

Table of statutory instruments, rules, regulations, FASB statements and EC directives
Table of cases
List of figures
List of periodicals
Introduction. The Swap's Economic Substance as Legal Issuep. 1
Economic substance and the swap's legality: the issue of the U.K. local authority swapsp. 3
The contours of a larger frameworkp. 24
The Currency and Interest Rate Swap as a Product of Internal Financial Engineering: An Evolution Towards Economic Substancep. 37
The swap: a product of its timep. 39
Three generations of swapsp. 47
The Economic Functioning of the Swap: The Various Shapes of Economic Substancep. 75
The basic distinction: hedging or speculationp. 75
The swap-driven transaction: the swap as a companion of individual balance sheet operationsp. 85
Asset and liability management: the swap as an instrument of curative financial engineeringp. 121
The Swap Market: Description, Functioning, and Regulatory Environmentp. 127
An institutional and legal description of the primary swap marketp. 129
Development and evolution of the secondary swap marketp. 172
The relationship between swap activity and bank capitalp. 202
The Accounting and Regulatory Impact of Economic Substancep. 227
The recognition of hedging in the swap's accounting treatmentp. 229
The actual and possible impact of hedging upon bank regulationsp. 260
The Tax Treatment of Swap Agreements According to Economic Substancep. 271
Taxation according to economic substance: an overviewp. 273
The tax recognition of swap gain and loss: tax consequences of external economic substancep. 287
Economic Substance and the Swap's Identification for Regulatory, Accounting and Tax Purposesp. 329
Relevance of the identification issuep. 331
A proposal for an identification route: the double criterion of economic substancep. 359
The Impact of Economic Substance on the Content and Enforceability of the Swap Contractp. 363
The impact of economic substance on the swap's contractual provisionsp. 365
Economic substance and the swap's possible qualification as a gaming or wagering contractp. 386
The contractual negation of the swap's economic substancep. 402
Economic Substance and Synchronization Problems in the Context of Structuring Swap-Driven Eurobond Issuesp. 409
Introductionp. 411
Synchronization problems in structuring swap-driven issues and the two phases in a Eurobond issuep. 422
The Contractual Transformation of Economic Connection into a Genuine Legal Linkp. 433
Introductionp. 435
Financial swap engineering for clients unable or unwilling to swapp. 437
Resolving coordination problems in swap-driven structured financep. 447
The technique of swap-related synthetic securitiesp. 451
General Conclusionsp. 500
Bibliographyp. 509
Indexp. 533
Table of Contents provided by Blackwell. All Rights Reserved.

ISBN: 9781853339103
ISBN-10: 1853339105
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 544
Published: 25th February 1994
Country of Publication: NL
Dimensions (cm): 23.39 x 15.6  x 3.18
Weight (kg): 0.98

Earn 2388 Qantas Points
on this Book