The Post-Reform Guide to Derivatives and Futures

Gordon F. Peery 지음

Wiley 2012년 01월 04일 출간

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An in-depth look at the best ways to navigate the post-reform world of derivatives and futuresThe derivatives market is one of the largest, and most important financial markets in the world. It's also one of the least understood. Today we are witnessing the unprecedented reform and reshaping of this market, and along with these events, the entire life cycle of a derivatives transaction has been affected. Accordingly, nearly all market participants in the modern economy need to view the handling of risk by derivatives in a very different way. Many aspects of financial services reform are based on a belief that derivatives caused the Great Recession of 2008. While the difficulties we now face cannot be blamed solely on derivatives, the need to understand this market, and the financial products that trade within it, has never been greater. The Post-Reform Guide to Derivatives and Futures provides straightforward descriptions of these important investment products, the market in which they trade, and the law that now, after July 16, 2011, governs their use in America and creates challenges for investors throughout the world. Author Gordon Peery is an attorney who works exclusively in the derivatives markets and specializes in derivatives and futures reform and market structure. Since representing clients in Congressional hearings involving Enron Corp., he has developed extensive experience in this field. With this guide, he reveals how derivatives law, and market practice throughout the world, began to change in historic ways beginning in 2011, and what you must do to keep up with these changes.Explains what derivatives and futures are, who trades them, and what must be done to manage risk in the post reform worldAccurately reflects the futures and derivatives markets as they exist today and how they will be transformed by the Dodd-Frank Wall Street Reform and Consumer Protection ActHighlights the risks and common disputes r

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Preface xiiiAcknowledgments xixIntroduction 1PART ONE The Crises That Led to Derivatives Reform 15CHAPTER 1 Seven Causes of the 2008 Market Crises 17Ignoring the Warning Signs 18More than Seven Causes of the 2008 Market Crises 20An Incomplete Response to Problems Exposed in the Enron Bankruptcy 26Enron Finance Used by Banks and the Lack of Regulation 29The Absence of Effective Regulation 30The Shadow Banking System 34Development of an Unregulated Global Derivatives Market 39The Rise of Credit Derivatives and the Credit Default Swap 44Private-Label Residential Mortgage-Backed Securitization 45U.S. Policy Fostering Home Ownership and GSE Mismanagement 47Derivatives and Structured Products Accounting Practices 49Notes 52CHAPTER 2 The Crises and Reform Timeline 55March 17, 2008: Bear Stearns Is Sold 57March 27, 2008: Barack Obama Introduces Reform Principles 58September 15, 2008: A Bankrupt Lehman Brothers 59November 2008 to January 2009: American Leadership Ascends 60March 26, 2009: Geithner Provides Testimony to Congress on Reform 60May 13, 2009: Geithner Writes a Letter to Harry Reid 61June 2, 2009: An Early Voice Speaks Out against the Clearing Mandate 61June 22, 2009: American Corporations Lobby against Central Clearing Mandates for OTC Derivatives 62July 22, 2009: Introduction of Legislation Favoring Exemptions to the Clearing Mandate 62July 30, 2009: Introduction of Broad Outlines of the New Law 63September 8, 2009: The Industry Demonstrates Commitment to Centralized Clearing 63October 2, 2009: House Releases Draft of OTC Derivative Legislation 63November 11, 2009: Senate Releases Draft of OTC Derivative Legislation 64December 11, 2009: House Passes the Wall Street Reform and Consumer Protection Act of 2009 64January 1, 2010: The New York Fed Publishes The Policy Perspectives on OTC Derivatives Market Structure 65April 7, 2010: Fin

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저자(글) Gordon F. Peery

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Gordon F. Peery has lectured in London, Hong Kong, Toronto, Brunei, Kuala Lumpur, and the United States on the 2008 market crises and derivatives reform. Since representing a leading investment bank in televised Enron hearings in Congress, Mr. Peery developed a global legal practice exclusively devoted to derivatives and futures clients. In his seventeenth year in large firm legal practice, Mr. Peery is a partner who counsels governments, sovereign wealth funds, international investment advisors, states, counties, global investment management clients, funds, managed accounts, real estate firms, energy companies, and individuals as a leader within the Derivatives and Structured Products Practice of KL Gates LLP, one of the world's largest law firms. Mr. Peery has actively contributed to International Swaps and Derivatives Association, Inc. (ISDA) and the Futures Industry Association (FIA) working groups and has taught for ISDA. He has helped shape the next generation of derivatives and futures documentation and has authored or coauthored over thirty articles on derivatives and futures. He holds degrees from Vanderbilt Law School (JD, recipient of the endowed Bennett Douglas Bell Memorial Award) and the University of Southern California, where he graduated with a double-major, magna cum laude, as a member of Phi Beta Kappa.