- The impact of Brexit on derivatives
- Has the UK’s vote in favour of Brexit had any immediate impact on derivatives transactions?
- Decline in market value of certain collateral assets
- Mark-to-market exposures increased
- Decline in credit ratings of certain counterparties
- Trigger events
- What do you think will be the long-term effects of Brexit on derivatives?
- What impact will there be on ISDA documents?
- Section 2(d) (Deduction or Withholding for Tax)
- Section 3 (Representations) and Section 4 (Agreements)
- Section 5 (Events of Default and Termination Events)
- Section 13(a) (Governing law)
- Section 13(b) (Jurisdiction and Arbitration)
- ISDA Definitions Booklets
- Will there be an impact on the posting of collateral?
- What will the effect be on clearing? Will the UK suffer if it is deemed a ‘third country’ under European Market Infrastructure Regulation (EMIR)?
- Are there any potential upsides of Brexit for derivatives?
Banking & Finance analysis: Nigel Dickinson, partner, and Victoria Nevins, associate, at Norton Rose Fulbright LLP discuss the potential implications of Brexit on the derivatives market
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