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Set-Off and Netting, Derivatives and Clearing Systems

Set-Off and Netting, Derivatives and Clearing Systems
3rd Edition
Series:  Law and Practice of International Finance Series
ISBN:  9780414044746
Published by:  Sweet & Maxwell
Publication Date:  24 Jul 2019
Subscription Information:  Non-Subscribable Product
Format:  Hardback
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The Law and Practice of International Finance series is your definitive guide to international finance. It considers the full range of topics across nine volumes, setting out the law and practice of trading assets on the international markets. This essential work, by one of the leading finance specialists of a generation, provides a simple, unified and distilled account of the whole topic.

This book covers the essential principles of set-off, netting, derivatives and clearing systems from a practical perspective, providing the reader with an in-depth explanation of the core concepts of these interrelated processes, products and systems.

Philip Wood is one of the leading authorities on international finance worldwide, as well as a practitioner and teacher. He was a partner in international law firm Allen & Overy until his retirement in 2018, and for ten years was head of the banking department. Subsequently he led the firm’s Global Law Intelligence Unit. Philip is the Yorke Distinguished Visiting Fellow at the University of Cambridge, and has previously been Visiting Professor in International Financial Law at the University of Oxford, Queen Mary University of London, and the London School of Economics. He has lectured at more than 60 universities worldwide and has written more than 20 books.

  • Provides a worldwide comparative study of set-off and netting including a survey of special netting statutes globally, so the reader can apply the appropriate legislation, directives and case law correctly, regardless of where the parties are based and operating
  • Includes outlines of set-off and netting agreements including group account netting, together with commentary, to facilitate the drafting of agreements
  • Covers all types of derivatives and derivative markets and the legal risks that may arise 
  • Sets out clear outlines for swaps and derivatives transactions, clarifying the terminology used
  • Discusses the legal risks of derivatives 
  • Analyses the ISDA master agreement, providing expert guidance on its meaning and how it can be used in practice
  • Sets out the law and procedure underlying international clearing settlement systems


Part 1: The Topics
1. The Topics

Part 2: Set-off and Netting
2. Principles of Set-off and Netting
3. Insolvency Set-off and Netting
4. Set-off between Solvent Parties
5. Set-off and Netting Mutuality
6. Set-off Against Interveners: assignees, attaching creditors, undisclosed principals and others
7. Conflict of Laws for Set-off and Netting
8. Special Netting Statutes
9. World Summary of Set-off and Netting
10. Outlines of Set-off and Netting Agreements

Part 3: Derivatives
11. Derivatives Transactions
12. Derivatives Markets
13. ISDA Form and the Documentation of Derivatives
14. Regulation, Misselling and other Risks

Part 4: Payment and Securities Clearing Systems
15. Structure and Operation of Payment Systems
16. Insolvency Risks and Time of Payment
17. Bank Liabilities in Payment Systems
18. Payment Systems and Conflict of Laws
19. Settlement Systems for Securities
20. EU Directives on Clearing Systems and Collateral
21. Clearing and Central Counterparties


Review of 2nd edition
“Each topic is dealt with in a separate part, although the connections between them (and other topics in the series) are noted and elaborated. The chapters dealing with set-off and netting are introduced with an excellent explanation of the principles behind set-off and netting and a comprehensive survey of market concepts and terminology” 
– J Atwood, Uniform Law Review, 2009

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