Netting Book

The 2016 edition of our summaries of the ISDA legal opinions on close-out netting is now available here.

The book summarises the close-out netting opinions that ISDA has obtained for its members from 63 jurisdictions, setting them out in easy-to-read tables.



The derivatives world continually evolves, embracing innovation and complexity and absorbing the new regulation. As the pace of change increases, we work to help clients overcome the challenges and benefit from the opportunities.

The list of new products and new regulations keeps growing – from segregated collateral arrangements, to increasingly complex structured repos, to the implementation of the many strands of the European Markets Infrastructure Regulation – and our role is to help you integrate these successfully into your existing business streams and to maximise their potential for you.

We cover all types of asset classes – fixed income, FX, inflation, equity, credit and commodities (precious and base metals, energy, weather and carbon emissions) – and, in addition to OTC derivatives, we advise on exchange-traded and securitised transactions, repos and stock lending.

We advise from inception to conclusion and beyond, including drafting bespoke netting and collateral agreements, negotiating master agreements on an outsourced basis (such as ISDA Master Agreements, GMRAs and GMSLAs), drafting both structured and vanilla transaction documentation, providing clear guidance on new regulations, advising on closing out master agreements, unwinding transactions and bringing or defending contentious proceedings.

We have been active in derivatives for 25 years, giving our dedicated team of lawyers true depth of experience. Our flexibility and knowledge of this area means that we can meet your needs – however demanding, complex and time-critical. Chambers, 2013 says, "this dynamic team enjoys a stellar reputation in derivatives", while Legal 500, 2013 says "the service is excellent, and the partners have great knowledge of market practice". 

We act for investment and commercial banks, broker/dealers, asset managers, investment funds, hedge funds and other end users, including corporates and pension funds.

We have been ranked in Legal 500 UK 2014 for Derivatives and Structured Products and our team has been described as providing 'faster, more tailored advice than many competitors'.


Notable deals / highlights

  • Advised Lehman Brothers Finance on the unwinding of its derivatives transactions as a result of the Lehman insolvencies.

  • Undertook a wholesale review for a global investment bank and analysis of the treatment of its prime brokerage client base (over 1600 relationships) in relation to client money protection and rights of rehypothecation on non-cash assets.

  • Advised the trustees of a major industry pension scheme on a longevity swap in respect of the entire scheme's members – packaged as an insurance contract with complex mark-to-market collateralisation and segregated initial margin.

  • Advised an international bank on a $250m currency swap transaction with a West African central bank and the associated security trust arrangements.

  • Acted for a major institutional asset manager on a project to ensure full collateralisation of all of its clients' forward FX transactions.

Expertise spotlight

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