Credit and counterparty risk : Why trade under an ISDA with a CSA ?
نویسنده
چکیده
Inhaltsübersicht I. Corporate Risk Management II. Legal Framework for Derivatives 1. ISDA Master Agreement 2. (Deal specifi c) Confi rmations 3. Credit Support Annex (CSA) III. Credit Risk Mitigation: Collateralization of derivatives 1. Concept and mechanism 2. Default example 3. Benefi ts and practical issues around CSAs IV. Enforceability of the ISDA Master Agreement & Credit Support Annex 1. Legal Opinions 2. Enforceability of collateral provided under the CSA 2.1 General 2.2 Avoidance of transactions a. Avoidability due to insolvency (Überschuldungspauliana) b. Avoidability for intent (Absichtspauliana) V. Conclusion
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