Cover; Half Title; Dedication;
Title Page; Copyright Page;
Preface; Table of Contents;

Table of Cases; Table of Legislation; 1. Derivatives; 1.1 Introduction; 1.2 What are derivatives?; 1.2.1 Derivatives generally; 1.2.2 Forwards and futures; 1.2.2.1 The difference between forwards and futures; 1.2.2.2 Forwards' and futures' prices; 1.2.3 Swaps; 1.2.3.1 Interest rate swaps; 1.2.3.2 Currency swaps; 1.2.3.3 Equity swaps; 1.2.3.4 Commodity swaps; 1.2.4 Options; 1.2.4.1 The price of options; 1.2.5 Complex derivatives; 1.2.6 Credit derivatives; 1.2.7 Other derivatives. 1.3 Legal risk and derivatives1.3.1 Categories of legal risk; 1.3.1.1 Product risk; 1.3.1.2 Counterparty risk; 1.3.1.3 Transaction risk; 1.3.1.4 Handling risk; 1.3.2 Dealing with legal risk; 2. The Nature of a Derivatives Contract; 2.1 Introduction; 2.2 Gaming and wagering; 2.2.1 The nature of gaming and wagering; 2.2.1.1 Mutuality; 2.2.1.2 Other interests in the transaction; 2.2.1.3 Loans for wagering transactions; 2.2.2 Section 63 of the Financial Services Act 1986; 2.3 Credit derivatives and insurance; 2.3.1 Banking business; 2.3.2 Insurance business; 2.3.2.1 Insurance contracts. 2.3.2.2 Other types of "insurance business"2.4 Derivatives and confidentiality; 2.4.1 Bankers and confidentiality; 2.4.2 Are derivatives confidential?; 3. Capacity to Enter into Derivatives Transactions; 3.1 Introduction; 3.2 Companies incorporated under the Companies Acts; 3.2.1 The express terms of a company's memorandum of association; 3.2.2 Implied powers; 3.2.3 The enforceability of an ultra vires transaction; 3.2.3.1 Corporate capacity; 3.2.3.2 Abuse of powers; 3.2.3.3 Constructive trusts; 3.2.4 Should a company's memorandum be inspected?; 3.2.5 Connected and associated parties. 3.2.6 The ultra vires risks in dealing with companies incorporated under the Companies Acts3.3 Local authorities; 3.3.1 Implied powers; 3.3.2 The purpose for which functions are exercised; 3.3.3 The risks of dealing with local authorities; 3.4 Building societies; 3.5 Insurance companies; 3.5.1 The ability of insurance companies to enter into derivatives transactions; 3.5.2 The validity of transactions entered into unlawfully by insurance companies; 3.5.3 The risks of dealing with insurance companies; 3.6 Foreign corporations; 3.7 Trusts; 3.8 Authority; 3.8.1 Actual authority. 3.8.2 Apparent authority3.8.3 The risk of lack of authority; 3.9 Restitution; 4. Misrepresentation; 4.1 Introduction; 4.2 What can be misrepresented?; 4.2.1 Fraud and rescission; 4.2.2 Negligent misrepresentation; 4.2.3 Risks; 4.3 Rescission; 4.3.1 Affirmation of the contract; 4.3.2 Lapse of time; 4.3.3 Impossibility of restoring the parties to their pre-contractual position; 4.3.4 Third party rights; 4.4 Fraud; 4.5 Misrepresentation Act 1967; 4.5.1 Negligent misrepresentation; 4.5.2 Innocent misrepresentation; 4.6 Negligent misrepresentation; 4.6.1 When does a duty of care arise?

This volume focuses on the legal risks arising in English law in the course of derivatives transactions. It discusses the following issues: the legal risks arising in the negotiation and conduct of derivatives transactions; the regulation of the derivatives market; the capacity to enter into derivatives transactions and the standard term upon which this is done; the consequences of default by a counterparty; and the standard terms on which derivatives are entered into, particularly the ISDA Master Agreement