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"An impressive work, especially given the vast legal landscape the author has to traverse" - Journal of International Banking Law and Regulation This work supplies an in-depth explanation of the legal principles underlying over-the-counter (OTC) derivatives in the UK. Drawing together concepts from many areas of law including contract, tort and trusts, it shows how they relate to the day-to-day practice of financial derivatives markets. In particular it: Deals with all the key aspects of derivative products - creating and structuring derivatives contracts, performance, security and collateral, setoff and netting Covers the regulation and taxation of derivatives in the UK and the EU Considers real-world problems faced by practitioners working in-house or in private practice, and suggests solutions Discusses conflict of laws issues Considers the impact of the Markets in Financial Instruments Directive on derivatives Includes analysis of recent cases and regulatory changes Features new coverage of collateralised debt obligations Examines the legal and regulatory developments arising from the credit crunch. Contents Introduction. The Products. Standard Market Documentation. Structuring Derivatives Contracts. The Creation of Derivatives Contracts. The Validity of Derivatives Contracts. Liability in Selling Financial Derivatives. Performance of Financial Derivatives Contracts. Termination of Financial Derivatives Contracts. Conflict of Laws. Taking Security in Financial Derivatives Contracts. Collateral and Standard Credit Support Agreements. Set-off and Netting. Taxation of Financial Derivatives. Regulation of Financial Derivatives. Appendices. Jurisdiction: UK/EU