Repo & Securities Lending: Negotiation and Documentation of New York and English Law Documentation

This 3 Day Course will Cover: Analysis and discussion of the Global Master Repurchase Agreement and the New York Master Repurchase Agreement Triparty Repo Risks of Repo and Securities Lending Analysis and discussion of the Global Master Securities Lending Agreement and the New York Master Securities Loan Agreement Accounting for Repo and Securities Lending Analysis of the Cross Product Master Agreement Sovereign Immunity, Contractual Currency and Other Key Issues ISDA® is a registered trade mark of the International Swaps and Derivatives Association. Euromoney Legal Training and this course are neither endorsed by, nor affiliated with, ISDA®.
Day 1 Introduction and Overview of Repo The Mechanics of Repo Principle uses Terminology Valuation, initial margin, margin maintenance, substitution and custody Legal vs economic character Comparison with secured borrowing and securities lending Risks of Repos Counterparty Risk Legal Risk Operational Risk Systemic Risk Case Study - Lehman's Repo 105s Confirming Repos Key terms Confirmation process role of automation & custodians Global Master Repurchase Agreement Structure of the GMRA Operative Terms Events of Default Netting and GMRA Annexes Case Study - Review of Schedules and Annexes Day 2 Understanding the Master Repurchase Agreement (New York law) Comparison with the GMRA Operative Terms Events of Default and Close Out Annexes Case Study – Review of Schedules and Annexes U.S. Bankruptcy and Insolvency Concerns with Repos Tri-Party Repo Origins of tri-party How tri-party repo works Tri-party services Advantages of tri-party Problems with tri-party Negotiating the Tri-Party Repo Agreements BONY versus Chase Agreement Key Terms Introduction and Overview of Securities Lending The mechanics of Securities Lending Principle uses Terminology Valuation, initial margin, margin maintenance, substitution and custody Unique Risks of Securities Lending Counterparty Risk Legal Risk Operational Risk Systemic Risk Case Study - AIG's Losses on Securities Lending Confirming Securities Lending Transactions Key terms Confirmation process role of automation & custodians Global Master Securities Lending Agreement Structure of the GMSLA Operative Terms Margining - cash versus non-cash collateral Events of Default Netting and GMSLA Mini Close-out Day 3 Understanding the Master Securities Loan Agreement (New York law) Comparison with the GMSLA Operative Terms Events of Default and Close Out Case Study – Review of Annexes and Schedules Tri-party Arrangements Origins of tri-party How tri-party works Tri-party services Advantages of tri-party Problems with tri-party Cross Product Master Agreement Purpose and Development Use with Repo and Securities Lending Cross Affiliate Version Key Issues Legal Opinions Key Issues in Legal Opinion Special Repo and Securities Lending Concerns Other Issues Sovereign Immunity Contractual Currency Impossibility Governing Law