ISDA Seeks More Netting Opinions

ISDA will commission netting opinions for the Czech Republic, India, Barbados and Iceland next year as part of its plan to further expand the jurisdictions in which it has legal certainty on the netting and collateral provisions in its Master Agreement.

  • 23 Dec 2004
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ISDA will commission netting opinions for the Czech Republic, India, Barbados and Iceland next year as part of its plan to further expand the jurisdictions in which it has legal certainty on the netting and collateral provisions in its Master Agreement.

ISDA has so far commissioned about 55 netting opinions, according to Don Thompson, "The list of countries in which there is commercial interest is somewhat dwindling," he said, adding that new commissions are issued based on member inquiry. "Czech [Republic] and India are obviously not major centers of derivatives activity," he said, "but there are some major counterparties in those jurisdictions."

ISDA will request an opinion on the Czech Republic first, and then Barbados, of interest to derivatives users because it's a popular home to hedge funds, Thompson explained. Iceland hosts a small number of banks with which ISDA members do business.

The association will commission a technical paper on China to offer investors a list of things to consider when doing business with a Chinese counterparty. It will not, however, issue an opinion because, according to Kimberly Summe, ISDA's general counsel in New York, the law is not certain enough yet.

  • 23 Dec 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 356,356.29 1337 9.08%
2 JPMorgan 317,952.80 1443 8.10%
3 Bank of America Merrill Lynch 316,523.82 1098 8.06%
4 Goldman Sachs 235,165.28 784 5.99%
5 Barclays 229,116.44 888 5.84%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 34,411.72 162 6.58%
2 Deutsche Bank 34,293.84 117 6.56%
3 Bank of America Merrill Lynch 31,113.25 94 5.95%
4 BNP Paribas 27,578.61 168 5.27%
5 SG Corporate & Investment Banking 23,982.83 136 4.59%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,536.02 78 8.84%
2 Morgan Stanley 16,323.54 83 7.38%
3 Citi 15,946.50 94 7.21%
4 UBS 15,404.75 59 6.97%
5 Goldman Sachs 13,695.77 74 6.19%