DDL has compiled a number of negotiation policy manuals over the years for bank and fund manager clients typically covering the ISDA Master Agreement, the ISDA Credit Support Annex under English law, the ICMA/SIFMA Global Master Repurchase Agreement and the ISLA Global Master Securities Lending Agreement according to the client’s requirements.
This work involves updating and extending existing manuals or creating completely new ones. The policy manual would typically include a client’s agreement standard provisions, what they mean, acceptable fallbacks and unacceptable variations. A review of the client’s own standard templates is also often performed at the same time.
DDL works closely with a client’s legal, credit and treasury departments as necessary when formulating or updating manuals to ensure that they reflect the client’s preferred negotiating position and the possible acceptable alternatives which may arise during negotiations. It will also normally identify which department(s) should be contacted if non-standard provisions are proposed by the counterparty.
We offer this service for a fixed price typically with 50% payable at the start of the project and 50% on completion. Normally the policy manual goes through one or two drafts before completion.
DDL recommends that clients perform an annual review and update of their new policy manuals which typically they do themselves but DDL is, of course, ready to do this for them, if required.