Harry Jho

Harry Jho is the Managing Partner of Harry Jho LLC, a law firm specializing in prime brokerage, ISDA-documented OTC derivatives, and securities finance. He drafted the 2011 ISDA Equity Derivatives Definitions and the Equity Matrices, and the form of Master Confirmation Agreement published by ISDA with respect to various equity swap and option products traded in the US and in Europe. He is the author of An Index of ISDA Terms, published in 2007 by ISDA.

At a glance

• Position: Managing Partner, Harry Jho LLC (New York; Winter Springs, Florida; and Miami). He and Karl Fey, the Firm’s COO, are the only professionals who sit above the wall between the Firm’s Dealers and Funds Teams.
• Practice: prime brokerage, equity derivatives (including equity swaps and total return swaps), ISDA documentation, and securities finance, for banks and hedge funds.
• Industry documents: the 2011 ISDA Equity Derivatives Definitions, the Equity Matrices, and the ISDA Master Confirmation Agreements for equity swap and option products in the US and Europe.
• Publications: An Index of ISDA Terms (ISDA, 2007); author of various sections of the ISDA Legal Guidelines for Smart Derivatives Contracts: Equity Derivatives (ISDA, 2020).
• Previously: Principal and Assistant General Counsel at Bank of America; associated with Davis Polk & Wardwell.
• Education: J.D., Yale Law School; Phi Beta Kappa, with Highest Distinction, University of Michigan.
• Admissions: New York State; US Court of Appeals for the Second Circuit.

Career

Since 2001, Harry has worked for leading buy- and sell-side firms in securities finance. Throughout his career, Harry has helped define the negotiation posture taken by both hedge funds and banks with respect to key aspects of their prime brokerage and term financing relationships.

At Bank of America, Harry was the lead attorney responsible for Equity Finance transactions (covering Prime Brokerage and Equity Financing Derivatives) and oversaw the Bank’s implementation of its Arranged Finance, Fixed Income PB, and Portfolio Margining platforms. He was formerly associated with Davis Polk & Wardwell and was a Principal and Assistant General Counsel at Bank of America.

On the sell side, Harry has advised major prime brokers in structuring their product platforms and drafted the form of prime brokerage agreement used by many dealers in the business. He has also advised prime brokers on how to streamline their client on-boarding processes and on matters relating to the exercise of default remedies.

On the buy side, Harry has helped several major hedge funds implement their documentation strategy with respect to their trading platforms, ensuring they have market access during times of crisis.

Harry has trained several generations of professionals, many of whom are now in senior leadership positions in legal departments across the industry.

ISDA and industry documentation

The Firm has long represented the International Swaps and Derivatives Association, Inc. (ISDA). As ISDA’s counsel, the Firm drafted the documentation and led the working groups that produced the Master Confirmation Agreements used for the flow trading of equity swaps and options in the US and Europe, including:

• the 2009 Americas Master Equity Derivatives Confirmation Agreement, with its Share Swap (Annex CSSS), Index Swap (Annex IS), Index/Share Option (Annex ISO), Exchange-traded Contract Index Option (Annex ETCIO), and Designated Contract Share Option (Annex DCSO) annexes;
• the 2009 European Interdealer Master Equity Derivatives Confirmation Agreement, with its Share Swap (Annex SS), Index Swap (Annex IIS), and Fair Value Share Swap (Annex FVSS) annexes;
• the 2007 European Master Equity Derivatives Confirmation Agreement, including its Index/Share Option (Annex ISO) annex; and
• the 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement.

Harry also drafted the 2011 ISDA Equity Derivatives Definitions and the Equity Matrices. Most of the flow ISDA-documented OTC equity derivatives contracts in use today are based, in whole or in part, on forms produced by the Firm. The Firm has also been advising ISDA on its next-generation equities documentation systems to integrate with fintech solutions and blockchain technologies.

Publications

• An Index of ISDA Terms (ISDA, 2007), author.
• ISDA Legal Guidelines for Smart Derivatives Contracts: Equity Derivatives (ISDA, 2020). ISDA’s acknowledgements thank Harry Jho LLC and, in particular, Harry Jho and Karl Fey, who each authored various sections of the guidelines.

Speaking

Harry has spoken at ISDA and other industry programs since the mid-2000s, on equity derivatives, ISDA documentation, and prime brokerage.

Other

Harry’s media company, Sockeye Media LLC, is Harry Jho LLC’s sister company. Harry discusses his upbringing, his career, Harry Jho LLC, and Sockeye Media on the Live Your Dream podcast. Connect with Harry on LinkedIn.

Frequently asked questions

Related: Sell-Side Coverage · Buy-Side Coverage · UMR Margin Documentation · ISDA Documentation Backlog Support · Reference.

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