The legal aspect of swaps: an analysis based on economic substance
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Abschlussarbeit Buch |
| Sprache: | English |
| Veröffentlicht: |
London u.a.
Graham & Trotman u.a.
1994
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| Ausgabe: | 1. publ. |
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | XLI, 540 S. |
| ISBN: | 1853339105 |
Internformat
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| 100 | 1 | |a Goris, Paul |e Verfasser |4 aut | |
| 245 | 1 | 0 | |a The legal aspect of swaps |b an analysis based on economic substance |c Paul Goris |
| 250 | |a 1. publ. | ||
| 264 | 1 | |a London u.a. |b Graham & Trotman u.a. |c 1994 | |
| 300 | |a XLI, 540 S. | ||
| 336 | |b txt |2 rdacontent | ||
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| 502 | |a Teilw. zugl.: Leuven, Univ., Diss., 1992 | ||
| 650 | 7 | |a Droit international |2 rasuqam | |
| 650 | 7 | |a Droit |2 rasuqam | |
| 650 | 7 | |a Echanges financiers (Swaps) - Droit |2 ram | |
| 650 | 7 | |a Juridische aspecten |2 gtt | |
| 650 | 7 | |a Marché financier |2 rasuqam | |
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Datensatz im Suchindex
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| adam_text | Contents
page
Foreword xxi
Acknowledgments xxiii
Table of statutory instruments, rules, regulations, FASB statements
and EC directives xxv
Table of cases xxxi
List of figures xxxiii
List of periodicals xxxiv
Preface xxxix
Part I. INTRODUCTION. THE SWAP S ECONOMIC
SUBSTANCE AS LEGAL ISSUE 1
Chapter 1. Economic substance and the swap s legality: the issue
of the U.K. local authority swaps 3
Section 1. The origin: the viewpoint of the Audit Commission 3
Section 2. The judgments in the Hammersmith Fulham case 5
§1. The judgment of the Divisional Court: radical and
undifferentiated 6
§2. The judgment of the Court of Appeal: the legal recognition
of economic substance in the case of individual hedges 7
§3. The judgment of the House of Lords: the split between law
and economic substance 10
A. Content and assessment 10
B. The consequences for past and present transactions 13
C. The possibility of a future legislative intervention 15
Section 3. The link with the book s object of inquiry 18
§1. The most appropriate route: emphasizing the swap s
economic substance 18
A. A proposal for a refined strategy 19
B. Practical advantages 20
§2. The relevance of the book s legal approach to the swap 22
Chapter 2. The contours of a larger framework 24
Section 1. Swaps and financial engineering 25
§1. The notion of financial engineering 25
§2. Financial swap engineering: content and division 26
A. Internal and external financial swap engineering 28
B. Constructive and curative financial swap engineering 31
Section 2. Research object and method 31
§1. Presentation 31
§2. The conformity with essence and peculiarity of
international financial law 33
A. The impact of financial practice 33
B. The need for an interdisciplinary method 33
C. The merits of a comparative legal dimension 34
PART II. THE CURRENCY AND INTEREST RATE SWAP AS A
PRODUCT OF INTERNAL FINANCIAL ENGINEERING:
AN EVOLUTION TOWARDS ECONOMIC SUBSTANCE 37
Chapter 1. The swap: a product of its time 39
Section 1. The trend towards securitization 39
Section 2. The explosion of off balance sheet activities 42
§1. Financial services 43
§2. Contingent claims 44
Section 3 Swaps: an instrument to control foreign exchange and
interest rate risk 45
Chapter 2. Three generations of swaps 47
Section 1. The first generation. The foreign exchange swap 47
§1. A technical description of the forex swap 47
§2. The foreign exchange swap sensu stricto 49
§3 The investment swap 50
A. The investment swap as a hedging instrument 50
B. The investment swap as an arbitrage tool 51
C. Heading for the swap sensu stricto 53
Section 2. The second generation: the 1970s 54
§1. The category of the back to back loans sensu lato 54
A. Definition 54
B. The currency collateralized loan 56
C. The back to back loan sensu stricto and parallel loan 57
§2. The straight currency swap 59
Section 3. The third generation. The swap sensu stricto of the 1980s 61
§1. The evolution towards the currency swap 61
§2. The long term forward foreign exchange swap 62
§3. The exchange of borrowings 64
A. Description 64
B. The relationship between back to back loan and
swap sensu stricto: an adjustment of the traditional view 66
§4. The interest rate swap and cross currency interest rate swap 69
§5. The currency swap: technical evolution 70
A. The omission of the initial exchange of principal 70
B. Alternate performance 71
§6. The increasing refinement and engineering of the swap
contract 72
PART III. THE ECONOMIC FUNCTIONING OF THE SWAP:
THE VARIOUS SHAPES OF ECONOMIC SUBSTANCE 75
Chapter 1. The basic distinction: hedging or speculation 75
Section 1. The swap as an instrument of hedging and arbitrage 78
Section 2. The swap as an instrument of speculation and trading 80
§1. Swaps and trading 81
§2. Swaps and speculation 82
Chapter 2. The swap driven transaction: the swap as a
companion of individual balance sheet operations 85
Section 1. The technique of swap driven financing 85
§1. Introduction 85
§2. Currency swap driven financing 88
§3. Interest rate swap driven financing 90
§4. Cross currency interest rate swap driven financing 94
§5. The repercussions of swap driven financing on the
international capital markets 94
A. The mutual connection and dependence of bond
and swap markets 94
B. The changed role of the lead manager 96
C. The tendency to neglect timing and conditions of the
issue 98
D. The artificial creation of swap opportunities 98
E. The mitigation of national securities issue regulations 100
F. The broadening of commercial banks activities 101
G. The influence of swap driven financing on the pro¬
cedures of the bond and swap markets 101
H. The artificial escalation of credit risk 104
Section 2. A special category of swap driven transaction: the export
credit swap 105
§1. Introduction 105
§2. Various applications 106
A. On the active side of export financing 106
1. Economic origins 106
2. Elaboration 107
B. On the passive side 109
1. Application of the swap in interest make up schemes 110
2. The swap and deposit/relending arrangements 111
3. The swap and the (re)financing of export credits
on the capital markets 111
Section 3. The category of asset swap driven transactions 111
§1. First subcategory: the asset swap driven investments 112
A The asset swap driven investment sensu stricto 112
B. The asset swap driven issue 113
§2. Second subcategory: the technique of synthetic securities 115
A. Interest rate linked synthetics 116
B. Currency linked synthetics 119
Chapter 3. Asset and liability management: the swap as an
instrument of curative financial engineering 121
Section 1. Individual curative financial engineering by means of
swaps 122
§1. The swap as an instrument of refinancing and investment
management 122
§2. Comparing swaps and in substance defeasance: the
difference between economic substance and legal reality 123
Section 2. Aggregate curative financial engineering by means of
swaps 125
PART IV. THE SWAP MARKET: DESCRIPTION, FUNCTIONING,
AND REGULATORY ENVIRONMENT 127
Chapter 1. An institutional and legal description of the primary
swap market 129
Section 1. Swaps and bank client services: the evolution from
offsetting swap to book swap 129
§1. The banks role in the emerging swap market 129
A. The bank as broker 129
B. The bank and the provision of credit security 130
1. In general 130
2. The bank as guaranty 131
3. Pledging collateral security and the banks role 134
§2. The bank as substituting swap party 137
A. The bank as intermediary: the offsetting swap 138
1. The bank as fullyfledged swap partner 139
2. The application of the intermediary theory 141
a. First possibility: the contractual distribution of
risks 142
b. Second possibility: the exclusion of each risk by
means of swap participations 143
B. The bank as pure counterparty: swap book and book swap 143
C. The bank s intervention as financial engineer: an
additional source of flexibility 146
D. Arranging a swap programme for correspondent banks 147
Section 2. The evolution of contractual practice 148
§1. The standardization of the swap agreement 149
§2. The use of master swap agreements 152
Section 3. The three steps in the swap s closing procedure 158
§1. Description 158
A. The oral agreement 158
B. The exchange of confirmations 162
C. Drafting and signing the final documentation 162
§2. The time of the contract s completion 164
A. The decision in Homestead Savings v Life Savings of
America 164
B. Starting point: the principle of consensuality 165
C. Consequences of complications occurring after the
oral agreement 167
1. First hypothesis: a difference of opinion at the
exchange of confirmations 167
2. Second hypothesis: a difference of opinion when
drawing up the final documentation 168
a. The fate of the swap transaction 168
b. The legal status of the oral agreement 170
Chapter 2. Development and evolution of the secondary swap
market 172
Section 1. The secondary swap market: a situating outline 173
§1. Notion 173
§2. Motives driving the secondary swap market 174
A. The secondary market as an extension of the primary
market 174
B. The opportunistic response to market fluctuations 175
§3. An overview of techniques 176
Section 2. Legal techniques of the secondary swap market 177
§1. The assignment of the swap agreement or swap sale 177
A. Legal problematic nature 177
B. Alternative contractual approaches 179
1. Starting point: the contractual prohibition clause 179
2. Various contractual mitigations 181
C. Innovations to facilitate legal assignment 182
1. The possibility of establishing a swap clearing house 182
2. Securitizing swap agreements 184
a. The issue of bonds with an imbedded implicit
swap 184
b. The construction of a syndietic swap 187
i. The interest rate swap as a combined cap and
floor 188
ii. The currency swap as a sale/purchase of two
currency options 188
iii. A legal comment 190
c. Splitting die swap into tradeable securities 192
d. An additional risk of securitizing: the possible
application of securities regulations 192
§2. The conventional termination of the swap agreement or swap
close out 193
Section 3. The economic assignment or termination of swap
positions 194
§1. The mirror swap 194
§2. The reverse swap 195
§3. The technique of swap participations 196
A. The origin: die technique of loan participations 197
B. The specificity of the swap participation 200
Chapter 3. The relationship between swap activity and bank
capital 202
Section 1. Off balance sheet transactions and bank capital: recent
developments 204
§1. A summary 204
A. The joint U.S./U.K. initiative 204
B. The announcement of the Cooke ratio 205
C. The EC Directive of 18 December 1989 206
§2. Common characteristics from the swap s point of view 207
A. The incorporation of off balance sheet items into the
capital base and the chosen risk weighting method 207
B. The two methods for calculating the credit equivalent
amount for off balance sheet transactions with interest
rate and/or foreign exchange rate component 208
C. The exclusion of exchange traded transactions 210
D. The exclusive interest in credit risk 210
E. The attitude towards netting arrangements 211
Section 2. Present and potential impact on the swap market 214
INTERMEDIATE CONCLUSION 218
I. The definition of the swap contract 218
II. The relevance of legal qualification 220
III. A functional classification of swap transactions 223
IV. The three levels in the research method 224
V. Presentation of the actual research scheme 225
PART V. THE ACCOUNTING AND REGULATORY IMPACT
OF ECONOMIC SUBSTANCE 227
Chapter 1. The recognition of hedging in the swap s
accounting treatment 229
Section 1. The treatment of swaps in the profit and loss account:
the distinction between hedge accounting and speculative
accounting 230
§1. Hedge accounting in general 230
§2. The increased attention to synthetic instrument accounting 236
§3 The need for precise accounting hedge criteria 239
A. The presence of an economic micro hedging relationship 240
1. The U.S. 241
2. The U.K. 244
3. France 245
4. Possible developments 245
B. Additional characterization criteria: effectiveness and
identification 246
1. The U.S. 247
2. The U.K. 248
§4. The accounting treatment by swap end users 248
A. The interest rate swap 249
B. The currency swap 250
1. The U.S. example 250
2. A European continental example: Belgium 252
§5. The accounting treatment by swap dealers 252
Section 2. Off balance sheet transactions and the disclosure of
information on economic substance in the annual accounts 254
§1. Outline of the problem 254
§2. The present state of affairs 256
A. The Fourth EC Directive 256
B. The EC Directive concerning banks annual accounts 257
C. The initiative of the American FASB 258
1. Statement of Financial Accounting Standards
No. 105 258
2. Statement of Financial Accounting Standards
No. 107 259
Chapter 2. The actual and possible impact of hedging upon
bank regulations 260
Section 1. Prospectus requirements for swap driven issues 260
§1. Relevance of the issue: the resemblance to the swap driven
collateralized bond issue 260
§2. Legal arguments 262
Section 2. The attitude of bank controllers towards interest
rate risk hedging 264
§1. The Cooke Committee s approximation of interest rate risk 264
§2. Interest rate risk and the EC Directive on the capital
adequacy of investment companies and credit institutions 266
PART VI. THE TAX TREATMENT OF SWAP AGREEMENTS
ACCORDING TO ECONOMIC SUBSTANCE 271
Chapter 1. Taxation according to economic substance: an
overview 273
Section 1. The importance of economic substance for determining
taxable income 273
Section 2. Economic substance as a means of defence against
illicit tax avoidance 274
§1. The distinction between tax avoidance and tax evasion as
relevant in the context of swaps 275
§2. Two main theories: the legal and economic approaches 277
A. An example of the legal approach: Belgium 277
B. An example of the economic theory: the U.S. 279
C. An intermediate form: the present U.K. situation 281
Section 3. External and internal economic substance: the two
pronged issue of tax integration or bifurcation 284
§1. Integrating or carving up products of external financial
engineering 284
§2. Integration or splitting of products of internal financial
engineering 285
Chapter 2. The tax recognition of swap gain and loss: tax
consequences of external economic substance 287
Introduction 287
Section 1. The tax treatment of currency swaps 289
§1. U.S. tax consequences of hedging individually identifiable
foreign exchange positions 289
A. Section 988: content and context 292
B. Tax integration in the context of timing 297
1. The first category of Section 988 hedging
transactions : fully integrated hedging transactions 299
a. Requirements 299
i. Notice 87 11 299
ii. Temporary Regulation Section 1.988 5T 301
iii. Regulation §1.988 5 303
b. Tax status 305
2. The second category of Section 988 hedging
transactions : partially integrated hedging
transactions 306
3. Other than Section 988 hedging transactions :
currency swaps undertaken for speculative
and dealing purposes 308
C. Other tax integration issues 309
1. Source 309
2. Character 310
3. Interest allocation and apportionment 310
§2. A comparison: the situation in the U.K. and France 312
A. The U.K. 312
B. France 317
Section 2. The tax treatment of interest rate swaps 319
§1. The United States 319
A. The uncertain tax status of interest rate swaps prior to
October 1993 319
B. The integrative approach with respect to the
allocation and apportionment of interest expense in the
context of calculating the allowable foreign tax credit 321
§2. The U.K. 322
§3. France 323
Section 3. Conclusion: the evolution from tax fragmentation
towards external tax integration 325
PART VII. ECONOMIC SUBSTANCE AND THE SWAP S
IDENTIFICATION FOR REGULATORY, ACCOUNTING AND TAX
PURPOSES 329
Chapter 1. Relevance of the identification issue 331
Section 1. Swap payments and the imposition of withholding tax 332
§1. Present situation: the non applicability of withholding tax
on swap payments 332
A. The difference between swap payments and interest 333
B. The further tax qualification of swap payments 333
1. The U.S. 334
2. The U.K. 338
§2. The risk of a qualification as a loan 339
A. The proliferation of tax driven swaps 339
1. Swaps displaying an in built one party favoritism 341
a. The off market swap 341
i. In general 341
ii. The situation in the U.S. 342
b. The net operating losses swap ( NOL swap ) 345
c. The foreign tax credit swap 346
d. The discount swap 347
2. Swaps with periodic payment engineering 347
a. The traditional zero coupon swap 348
b. The tax driven zero coupon swap 349
c. The sale of swap receipts and expenses in
return for a fee 349
d. The amortizing swap 350
e. The swap as an instrument of tax free profit
extraction 351
B. The response of the tax administration: some general
thoughts 352
Section 2. Capital adequacy and creative accounting 354
Section 3. The possibility of recharacterization in court: the U.K.
situation 357
Chapter 2. A proposal for an identification route: the double
criterion of economic substance 359
Section 1. The primary criterion: the swap s internal economic
substance 359
§1. Reciprocity of obligations 360
§2. Simultaneity of payments 360
§3. Equivalence of periodic payments 361
Section 2. The additional criterion: the swap s external economic
substance 361
PART VIII. THE IMPACT OF ECONOMIC SUBSTANCE ON THE
CONTENT AND ENFORCEABILITY OF THE SWAP CONTRACT 363
Chapter 1. The impact of economic substance on the
swap s contractual provisions 365
Section 1. The impact of economic substance on the swap s
payment mechanism 365
§1. Pricing 366
§2. Payment structure 367
§3 Timing 367
Section 2. Economic substance as a source of contractual
options: the contingent swaps 368
§1. The category of contingent swaps sensu stricto 369
§2. The category of swap options (or swaptions ) 371
a. The swap option sensu stricto 371
b. The option on swap spread 373
c. The spread lock option 374
d. The pure timing option 374
Section 3 The impact of economic substance on covenants,
termination provisions and damage settlement provisions 375
§1. Covenants 375
§2. Termination clauses 375
§3 Damage settlement provisions 377
A. Economic substance and the general indemnity
approach 378
B. Economic substance and the possible qualification
of the damage settlement provision as a penalty clause 381
Chapter 2. Economic substance and the swap s possible
qualification as a gaming or wagering contract 386
Section 1. The legal notion of game and wager 386
Section 2. The qualification of the swap as an aleatory contract 389
Section 3. The issue of the possible qualification of the swap as
a gaming contract 391
§1. An overview of some legislative initiatives 392
A. France 392
B. Luxemburg 393
C. The U.K. 394
D. The opportuneness of statutory intervention 395
§2. The difference between swap and wager: the argument of
economic substance 396
A. Providing evidence of the swap s legitimate economic
purpose 398
B. Arguments against an alleged resemblance with a
contract for differences 400
Chapter 3. The contractual negation of the swap s economic
substance 402
Section 1. In the legal provisions: the isolation approach of the
ISDA standard master agreements 402
Section 2. In the contractual payment provisions 403
§1. As a consequence of special credit features 403
A. The particular wording of the fall back provision 403
B. As a consequence of the purely economic liability
for the underlying financing 404
C. The problem of irreconcilable interest periods 405
§2. As a consequence of special swap provisions 406
A. The manipulation of swap cash flows in the case of a
material adverse change 406
B. The weighted pricing method 406
§3. With an arbitrage purpose: the implicit swap 407
PART IX. ECONOMIC SUBSTANCE AND SYNCHRONIZATION
PROBLEMS IN THE CONTEXT OF STRUCTURING
SWAP DRIVEN EUROBOND ISSUES 409
Chapter 1. Introduction 411
Section 1. The French theory of groupes de contrats 411
§1. In general 411
§2. Conditions for the legal recognition of (interdependence 414
A. The subjective condition: the requirement of a common
cause 414
B. The objective condition: the acceptance by the
counterparty 416
C. Illustration: the legal discussion concerning the
counterpurchase agreements 417
Section 2. A comparison: the present situation pursuant to English
law 420
Chapter 2. Synchronization problems in structuring
swap driven issues and the two phases in a Eurobond issue 422
Section 1. The phase preceding the offering day: the need for
parallel timing 423
§1. Possible incidents 423
A. With origin in the Eurobond issue: incidents proper to
the open priced issue 423
B. With origin in the swap: incidents common to open
priced issue and bought deal 425
§2. Possible solutions 426
A. Of a technical nature 426
1. The incorporation of a condition precedent 426
2. The purchase of a swap option 427
B. The French legal notion of interdependence 427
1. The situation of the swap without borrowing 427
2. The situation of the borrowing without swap 428
Section 2. The phase between offering day and closing day: the
need for a harmonization of contractual provisions 429
§1. The problem: the presence of no material adverse change
clauses in the subscription agreement 429
§2. Possible solutions 431
A. The legal or economic assignment of the swap 431
B. The swap with embedded call option 432
C. The French legal notion of interdependence 432
PART X. THE CONTRACTUAL TRANSFORMATION OF
ECONOMIC CONNECTION INTO A GENUINE LEGAL LINK 433
Chapter 1. Introduction 435
Section 1. Starting point: the swap s contractual independence 435
Section 2. The contractual establishment of a legal link 436
Chapter 2. Financial swap engineering for clients unable or
unwilling to swap 437
Section 1. Traditional structures 437
§1. With two parties involved 437
§2. With three parties involved 438
Section 2. A special case: the establishment of an inter
contractual link inside the swap commercial mortgage loan 440
§1. The swap loan: an instrument to finance commercial real
estate operations 440
A. Using a liability based swap 440
B. Using an asset based swap: the technique of the swap
loan 441
§2. Legal elaboration of the swap loan 442
A. The closing procedure 442
B. Contractually piercing the legal screen between
swap and financing when the latter is not executed 443
1. First hypothesis: market conditions evolve to the
detriment of the lender/swap partner 443
2. Second hypothesis: market conditions evolve
to the advantage of the lender/swap partner ^^
3. The true rationale of the swap loan 445
Chapter 3. Resolving coordination problems in swap driven
structured finance 447
Section 1. The purely factual weakening of a swap partner s
position in two party structures 448
Section 2. The contractual creation of a legal link 449
§1. Concerning the swap s position with regard to the loan
security 449
§2. Concerning the relation between swap and subordinate loan 450
Chapter 4. The technique of swap related synthetic securities 451
Section 1. Different categories of asset swap 452
§1. The two traditional procedures 452
A. Description 452
1. The home made asset swap 452
2. The swap plus asset sale 452
a. Applied to underlying bonds 452
b. As an instrument of the secondary loan market 454
i. The indirect route 454
ii. The direct route 456
B. Drawbacks and disadvantages 457
§2. Evolution to the synthetic security: the insertion of a bank
as contracting party in the asset swap 457
A. The legal assignment of the swap 458
B. The purely economic assignment of the swap position 459
1. By means of a reverse swap 459
2. By means of swap participations 460
3. The technique of the collateralized asset swap 460
4. The transition to the synthetic security 461
Section 2. Traditional forms of synthetic security 462
§1. Contractual documentation 462
§2. The liquidity of the instrument 463
§3 Contractual structure and work out 465
A. The standard configuration 465
1. Contractual scheme 465
a. The single currency synthetic security 467
b. The cross currency synthetic security 468
2. The contractual risk arrangement 468
B. Further development: the participated synthetic security 470
1. Description and legal analysis 471
2. An accumulation of credit risks 472
3. The treatment as off balance sheet operation
by the arranger 473
§4. The accounting and tax treatment of traditional
synthetic securities: the translation of economic unity 474
A. The investor 474
1. Accounting treatment 474
2. Tax treatment 475
B. The arranger 476
1. Accounting treatment 476
2. Tax treatment 477
Section 3. A special variant of synthetic security: the special purpose
vehicle issue 478
§1. General structure and main objectives 479
§2. Alternative techniques 481
A. Introduction: the techniques of asset securitization 482
1. Asset securitization in general 482
2. Main types of asset backed securities 483
a. Pass through asset backed securities 483
b. Pay through asset backed securities 484
B. The trust structure 485
C. The technique of the secured Eurobond 487
1. In general 487
2. Examples 489
a. The issue of BECS and MECS 489
i. Common features 489
ii. The special contractual configuration of
the MECS issue 491
b. The FLAGS issue 494
3. Special points of attention 495
a. The issue of the SPV s tax status 495
b. The issue of due disclosure 496
§3. The problematic issue of the accounting treatment: the
analogy with asset backed securities 497
GENERAL CONCLUSIONS 500
I. Theoretical foundations of a legal swap status 501
II. The tendency towards legal integration 502
A. The increasing legal importance of economic substance 503
B. The tendency towards intercontractual bridging or
legal package engineering 504
III. The decreasing significance of general contract law 505
A. Technical solutions as substitutions for legal ones 505
B. The swap parties struggle for legal autonomy 506
IV. A plea in favor of contractual freedom 506
Bibliography 509
Index 533
|
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| dewey-full | 342.332 343/.032 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 342 - Constitutional and administrative law 343 - Military, tax, trade & industrial law |
| dewey-raw | 342.332 343/.032 |
| dewey-search | 342.332 343/.032 |
| dewey-sort | 3342.332 |
| dewey-tens | 340 - Law |
| discipline | Rechtswissenschaft |
| edition | 1. publ. |
| format | Thesis Book |
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| genre | (DE-588)4113937-9 Hochschulschrift gnd-content |
| genre_facet | Hochschulschrift |
| geographic | Grande-Bretagne rasuqam États-Unis rasuqam Großbritannien (DE-588)4022153-2 gnd |
| geographic_facet | Grande-Bretagne États-Unis Großbritannien |
| id | DE-604.BV009657025 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-09T17:38:41Z |
| institution | BVB |
| isbn | 1853339105 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-006384720 |
| oclc_num | 28927807 |
| open_access_boolean | |
| owner | DE-739 DE-19 DE-BY-UBM DE-188 |
| owner_facet | DE-739 DE-19 DE-BY-UBM DE-188 |
| physical | XLI, 540 S. |
| publishDate | 1994 |
| publishDateSearch | 1994 |
| publishDateSort | 1994 |
| publisher | Graham & Trotman u.a. |
| record_format | marc |
| spelling | Goris, Paul Verfasser aut The legal aspect of swaps an analysis based on economic substance Paul Goris 1. publ. London u.a. Graham & Trotman u.a. 1994 XLI, 540 S. txt rdacontent n rdamedia nc rdacarrier Teilw. zugl.: Leuven, Univ., Diss., 1992 Droit international rasuqam Droit rasuqam Echanges financiers (Swaps) - Droit ram Juridische aspecten gtt Marché financier rasuqam Swaps gtt Échange de devises rasuqam Échange de taux d'intérêt rasuqam Échange financier rasuqam Recht Swaps (Finance) Law and legislation Swap (DE-588)4199581-8 gnd rswk-swf Recht (DE-588)4048737-4 gnd rswk-swf Grande-Bretagne rasuqam États-Unis rasuqam Großbritannien (DE-588)4022153-2 gnd rswk-swf (DE-588)4113937-9 Hochschulschrift gnd-content Swap (DE-588)4199581-8 s Recht (DE-588)4048737-4 s DE-604 Großbritannien (DE-588)4022153-2 g HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006384720&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Goris, Paul The legal aspect of swaps an analysis based on economic substance Droit international rasuqam Droit rasuqam Echanges financiers (Swaps) - Droit ram Juridische aspecten gtt Marché financier rasuqam Swaps gtt Échange de devises rasuqam Échange de taux d'intérêt rasuqam Échange financier rasuqam Recht Swaps (Finance) Law and legislation Swap (DE-588)4199581-8 gnd Recht (DE-588)4048737-4 gnd |
| subject_GND | (DE-588)4199581-8 (DE-588)4048737-4 (DE-588)4022153-2 (DE-588)4113937-9 |
| title | The legal aspect of swaps an analysis based on economic substance |
| title_auth | The legal aspect of swaps an analysis based on economic substance |
| title_exact_search | The legal aspect of swaps an analysis based on economic substance |
| title_full | The legal aspect of swaps an analysis based on economic substance Paul Goris |
| title_fullStr | The legal aspect of swaps an analysis based on economic substance Paul Goris |
| title_full_unstemmed | The legal aspect of swaps an analysis based on economic substance Paul Goris |
| title_short | The legal aspect of swaps |
| title_sort | the legal aspect of swaps an analysis based on economic substance |
| title_sub | an analysis based on economic substance |
| topic | Droit international rasuqam Droit rasuqam Echanges financiers (Swaps) - Droit ram Juridische aspecten gtt Marché financier rasuqam Swaps gtt Échange de devises rasuqam Échange de taux d'intérêt rasuqam Échange financier rasuqam Recht Swaps (Finance) Law and legislation Swap (DE-588)4199581-8 gnd Recht (DE-588)4048737-4 gnd |
| topic_facet | Droit international Droit Echanges financiers (Swaps) - Droit Juridische aspecten Marché financier Swaps Échange de devises Échange de taux d'intérêt Échange financier Recht Swaps (Finance) Law and legislation Swap Grande-Bretagne États-Unis Großbritannien Hochschulschrift |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=006384720&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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