Master Confirmation Agreements (MCAs) are the industry forms used for flow trading in equity derivatives. This page outlines Harry Jho LLC’s role in drafting them and the related forms the Firm works with.
The Firm’s role
Harry Jho LLC’s leading role in the equity derivatives markets is reflected in its long-time representation of 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 current industry-standard Master Confirmation Agreements used for the flow trading of equity swap and options products in the US and Europe.
Most of the equity confirmation documentation used by the industry today was drafted, in whole or in part, by the Firm. 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 drafts and negotiates ISDA Master Agreement Schedules, Master Confirmation Agreements, and transaction confirmations for equity and total return swaps and options. The Firm has also been advising ISDA on next-gen equities documentation systems to integrate with fintech solutions and blockchain technologies, and has experience with emerging market long form confirmations, exotics, and bond confirmations.
Industry forms
- 2009 European Interdealer Master Equity Derivatives Confirmation Agreement (covering index and single share accrual swaps and single share fair value swaps)
- 2007 European Master Equity Derivatives Confirmation Agreement (covering index and share options)
- 2009 Americas Master Equity Derivatives Confirmation Agreement (covering options, listed lookalikes, and accrual swaps for index and single share transactions)
- 2008 Americas Master Designated/Exchange-Traded Contract Option Confirmation Agreement
Harry Jho also drafted the 2011 ISDA Equity Derivatives Definitions and the Equity Matrices.
Annexes
These Master Confirmation Agreements include annexes such as Share Swap, Index Swap, Index/Share Option, Exchange-traded Contract Index Option, Designated Contract Share Option, Fair Value Share Swap, and related annexes for the Americas and European forms. See Sell-Side Coverage (Dealer Team) for the full list.
Related Firm services
Master Confirmation Agreements are part of the Firm’s Flow Trading Agreements coverage, alongside Futures Account Agreements, Repo (MRA / GMRA and related), Stock Loan (MSLA / GMSLA), and Securities Forwards (MSFTA). For an overview of the Firm, see the home page.
The Firm is featured in the ISDA Member Showcase of service providers for the derivatives industry.
Careers
Analyst training includes equity derivatives documentation. Open Analyst role: /join/analyst/ ($25/hour with unlimited overtime). All roles: Join the Team.
