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Article: The ISDA Master Agreement: Insolvency Stalemate and Endgame Solutions for Hong Kong Liquidators

TitleThe ISDA Master Agreement: Insolvency Stalemate and Endgame Solutions for Hong Kong Liquidators
Authors
Issue Date2010
PublisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/
Citation
Hong Kong Law Journal, 2010, v. 40 n. 2, p. 337-360 How to Cite?
AbstractThe standard form ISDA Master Agreement published by the International Swaps and Derivatives Association (ISDA) is the pre-eminent market standard contract used by the global derivatives market to document OTC derivative transactions. The recent collapse of Lehman Brothers and other major financial institutions around the world has exposed certain weaknesses in the termination and close-out provisions of the ISDA Master Agreement, especially where the counterparty in a derivative contract becomes insolvent. This article will examine the universal problems faced by insolvency administrators and liquidators globally when trying to terminate and close out ISDA contracts, and recover amounts due to the insolvent counterparty (if any). Experience will be drawn from recent court rulings on these issues in Australia and the United States of America (which had opposing outcomes), with a view to consider the legal position in Hong Kong and potential endgame solutions for Hong Kong liquidators facing similar difficulties.
Persistent Identifierhttp://hdl.handle.net/10722/196764
ISSN
2015 Impact Factor: 0.215
2015 SCImago Journal Rankings: 0.101

 

DC FieldValueLanguage
dc.contributor.authorOng, TW-
dc.date.accessioned2014-04-29T03:03:51Z-
dc.date.available2014-04-29T03:03:51Z-
dc.date.issued2010-
dc.identifier.citationHong Kong Law Journal, 2010, v. 40 n. 2, p. 337-360-
dc.identifier.issn0378-0600-
dc.identifier.urihttp://hdl.handle.net/10722/196764-
dc.description.abstractThe standard form ISDA Master Agreement published by the International Swaps and Derivatives Association (ISDA) is the pre-eminent market standard contract used by the global derivatives market to document OTC derivative transactions. The recent collapse of Lehman Brothers and other major financial institutions around the world has exposed certain weaknesses in the termination and close-out provisions of the ISDA Master Agreement, especially where the counterparty in a derivative contract becomes insolvent. This article will examine the universal problems faced by insolvency administrators and liquidators globally when trying to terminate and close out ISDA contracts, and recover amounts due to the insolvent counterparty (if any). Experience will be drawn from recent court rulings on these issues in Australia and the United States of America (which had opposing outcomes), with a view to consider the legal position in Hong Kong and potential endgame solutions for Hong Kong liquidators facing similar difficulties.-
dc.languageeng-
dc.publisherSweet & Maxwell Asia. The Journal's web site is located at http://www.hku.hk/law/hklj/-
dc.relation.ispartofHong Kong Law Journal-
dc.titleThe ISDA Master Agreement: Insolvency Stalemate and Endgame Solutions for Hong Kong Liquidatorsen_US
dc.typeArticleen_US
dc.identifier.emailOng, TW: ongk.hku@gmail.com-
dc.description.naturelink_to_subscribed_fulltext-
dc.identifier.scopuseid_2-s2.0-79955103843-
dc.identifier.volume40-
dc.identifier.issue2-
dc.identifier.spage337-
dc.identifier.epage360-
dc.publisher.placeHong Kong-

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