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More information from http://www.researchandmarkets.com/reports/42738/
Derivatives Regulation and Legal Risk: Managing Uncertainty in
Derivatives Transactions
Description: An invaluable guide to understanding how financial derivatives are regulated in the UK, US and
Australia, Derivatives Regulation and Legal Risk: Managing Uncertainty in Derivatives Transactions
provides a detailed account of the rules, principles and regulation that govern derivatives contracts.
Recent litigation has shown that legal risk and legal uncertainty continue to be of both operational
and practical significance in contracting, transacting and documenting financial derivatives.
This book examines in detail the key market practices and standard documentation that can be
used by practitioners to minimise their legal risk. In particular, the book examines the following:
- What are the implications for market participants of the threat of their transaction being
characterised as against gaming and bucket shop laws?
- What happens if a transaction is declared void? How do you protect payments and recover
compound interest?
- How to enforce your transaction, including choice of jurisdiction and applicable bankruptcy laws
- How to structure a credit derivatives transaction and avoid insurance laws
- How to negotiate uncertain rules and regulation
- How to avoid customer litigation
The book includes practical tips and checklists to avoid legal traps and minimise legal uncertainties,
and a glossary of key legal terms.
Essential reading for anyone entering into or arranging derivatives transactions with sovereigns,
municipalities and regional authorities, insurance companies, pension funds, or unit trusts, mutual
funds and fund managers.
About the author
Dr Tony Ciro is a Lecturer in Law at La Trobe University, Melbourne, Australia. He is a graduate of
Oxford University and has recently completed his doctorate at Monash University, which examined
the legal risks that confront the markets for financial derivatives in the United Kingdom, the United
States and Australia.
Tony has practised in a commercial law firm, and has taught and researched widely in the areas of
accounting and finance, commercial law, intellectual property law, and business law. He has also
taught in Malaysia as part of the joint venture arrangements between La Trobe University and Nilai
College. He has also taken up an appointment as a visiting academic scholar at Hertford College,
Oxford University.
Tony has published a number of scholarly papers examining the legal and regulatory issues
affecting financial markets, in particular financial derivatives. He is a well-respected legal scholar
for his contribution to financial derivatives research. His works have appeared in leading Australian
and international refereed journals, including Company and Securities Law Journal, Journal of
International Commercial Law, Current Commercial Law, Journal
of Banking, Finance Law and Practice, Australian Business Law Review, Bond Law Review and the
Journal of International Financial Markets.
Tony’s other research interests include intellectual property, business law, contract law and e-
commerce. He is currently engaged in a number of research projects on intellectual property and e-
commerce, and will publish the findings of his empirical research in leading academic journals.
Tony is a member of the Victorian Bar, where he practises as a barrister in the fields of financial
derivatives, securities regulation, corporate crime, information technology and intellectual property
law.
Tony holds a Bachelor of Economics (Hons) and Bachelor of Laws (Hons) from Monash University, a
Bachelor of Civil Law from Oxford University, and a Doctor of Philosophy in law from Monash
University.
Contents: Chapter 1: Introduction Overview What is legal risk? The consequences of legal risk The legal risks

2. defined and examined by the book Null and void contracts Protecting payments and interest Netting
and bankruptcy Derivatives at risk Review of regulation New derivatives regulation Legal risk and
legal uncertainty persist What can be done?
Chapter 2: Understanding financial derivatives Introduction Derivatives: what are they? The main
types of derivatives: over-the-counter versus exchange-traded Financial derivatives in context
Market microstructure Conclusion
Chapter 3: Costing legal risk and legal uncertainty Introduction Implications for practitioners Direct
costs Indirect costs On-going review of the law Suggestions: what to do? Conclusion
Chapter 4: Managing legal risk Introduction Practices and procedures for managing legal risk
Master Agreements Counsel opinions Netting arrangements Background cross-checking of
counterparties Compliance issues: knowing your client Market solutions Conclusion
Chapter 5: Removing gaming risk Introduction Background: the how and why of gaming risk The
current position Implications for market practitioners Practical suggestions: what to do? Conclusion
Chapter 6: Structuring credit derivatives Introduction What are credit derivatives? What is credit
risk? Background: the how and why to insurance risk The current position Implications for market
practitioners Suggestions: what to do? Conclusion
Chapter 7: Contracting with legal capacity Introduction What is ultra vires? Background: the how
and why to ultra vires risk? Criticism of the Hazell decision Current position Implications for market
practitioners The effect on contract enforceability Additional problems with trusts Suggestions:
what to do? Conclusion
Chapter 8: Protecting payments and recovering interest Introduction Background: the how and why
of payments and interest risk Case study Current position Implications for practitioners
Suggestions: what to do? Conclusion
Chapter 9: Avoiding customer litigation Introduction Background: the how and why of litigation risk
The current position Implications for market practitioners Suggestions: what to do? Conclusion
Chapter 10: Enforcing netting arrangements Introduction Background: the how and why to netting
risk Current position 1International initiatives: UNCITRAL model law on crossborder insolvency
Application of UNCITRAL Model Law in the United Kingdom, the United States and Australia EU: EC
Regulation No 44/2001 on Crossborder Jurisdiction Choice of law and jurisdiction clauses
Implications for market practitioners Suggestions: what to do? Conclusion
Chapter 11: Negotiating uncertain rules and regulation Introduction The background: the how and
why of uncertain rules and regulation Current position Suggestions: what to do? Conclusion
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