Swaps & Other OTC Derivatives
Swaps & Other OTC Derivatives
Starting dates and places
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Description
Euromoney Legal Training and this course are neither endorsed by,
nor affiliated with, ISDA.® ISDA is a registered trade mark of the
International Swaps and Derivatives Association. Swaps and
derivatives have become a vital tool in risk management and
structured financings and are used by an ever-increasing number of
banks, financial institutions, funds and corporations. From the
basic swap structure a wide range of complex instruments have
developed. Swaps are legally complex and have been the cause of
major litigation. To protect all the parties involved, transactions
must be properly documented. Lawyers and documentation staff need
to understand both the products, the legal issues and eff…Frequently asked questions
There are no frequently asked questions yet. If you have any more questions or need help, contact our customer service.
Euromoney Legal Training and this course are neither endorsed by,
nor affiliated with, ISDA.® ISDA is a registered trade mark of the
International Swaps and Derivatives Association. Swaps and
derivatives have become a vital tool in risk management and
structured financings and are used by an ever-increasing number of
banks, financial institutions, funds and corporations. From the
basic swap structure a wide range of complex instruments have
developed. Swaps are legally complex and have been the cause of
major litigation. To protect all the parties involved, transactions
must be properly documented. Lawyers and documentation staff need
to understand both the products, the legal issues and effective
documentation techniques. WHO SHOULD ATTEND This training course is
beneficial to: Lawyers in banks, financial institutions, funds and
corporations Documentation staff who deal with swaps transactions
Bankers in derivatives Lawyers who advise clients dealing with
derivatives ABOUT THE COURSE You will learn: What swaps are and how
they work Understanding the Master Agreement The significance of
every clause in the agreement How to complete the schedule to the
documentation How to draft clauses to meet special situations How
to deal with insolvency and close-out netting The risks in credit
exposure and techniques for credit enhancement How to assess the
capacity of the counterparty The significance of major swaps
litigation COMPLIMENTARY DOCUMENTATION Course fees include copies
of the following publications, purchased on delegates behalf from
ISDA: 2002 ISDA Master Agreement (Multicurrency- Cross-border) 1996
ISDA Credit Support Annex (Transfer-English Law) Euromoney Legal
Training and this course are neither endorsed by, nor affiliated
with, ISDA.® ISDA is a registered trade mark of the International
Swaps and Derivatives Association.
Day 1 Introduction and Welcome The Derivatives Markets and Their Uses The markets Definitions The tensions and key concepts Description and Uses of Basic Derivative Structures Swaps Fully-paid transactions Hybrid securities Derivatives Risk Legal and operational risk Position or market risk Valuation and hedge risks Delivery risk Long term exposure: rate risk and performance risk Quantification of credit risk Netting and Insolvency Issues Principles of insolvency Netting: payment and close-out Summary of US and UK insolvency issues Capacity and Authority Hammersmith & Fulham, Piraeus and Korea Life Resolutions Signatories Funds and other special counterparties Minmetals Regulation Regulation overview Are swaps: Securities? Illegal off-exchange futures? Gaming contracts? Insurance contracts? Caiola Capital adequacy requirements Tax Direct tax in another jurisdiction Withholding tax ISDA structure Accounting FAS 133 IAS 39 Introduction: Need for Documentation and Functional Analysis Avoiding uncertainty Financial provisions: confirmations and definition booklets Legal, credit and trading relationship: master agreement Questions Day 2 ISDA Agreements and Other Derivatives Documentation Overview Evolution of documentation: 1977-2007 Architecture of documents Fitting together the ISDA components One master for all products/Offices? Confirmations Oral trades, confirmations and confirmation process Backlogs Confirmation Workshop Prepare an interest rate swap confirmation ISDA Master Agreement (Provision-by-provision) Sections 1-4 ISDA MASTER AGREEMENT Sections 5-6 Grounds and procedures for termination How to calculate close-out values Nuova Safim, ANZ/Societe Generale, Peregrine I and II and High Risk ISDA Master Agreement Sections 5-6 continued ISDA Master Agreement: Section 7 Concepts ISDA forms Novation Protocol Negotiated terminations Section 7: Workshop ISDA Master Agreement: Section 8-14 Questions Day 3 Completing the Schedule Suitability/Misrepresentation Bankers Trust Cases Recent cases: Kwiatkowski, Korea Life, Eternity and Caiola PowTel/SunTrust and Peekay Nonreliance representations Master Agreement Workshop Break into small groups - each with a statement of a party's policy regarding the ISDA 2002 Master Agreement. Each group: Completes first draft of a Schedule to the ISDA 2002 Master Agreement Reviews and responds to other group’s draft Negotiates a final draft with the other group Credit Enhancement Guarantees Collateral Rehypothecation Partial? ISDA Credit Support Documents CSA ISDA 2001 Margin Provisions Discussion of Enron Recap and Questions
Day 1 Introduction and Welcome The Derivatives Markets and Their Uses The markets Definitions The tensions and key concepts Description and Uses of Basic Derivative Structures Swaps Fully-paid transactions Hybrid securities Derivatives Risk Legal and operational risk Position or market risk Valuation and hedge risks Delivery risk Long term exposure: rate risk and performance risk Quantification of credit risk Netting and Insolvency Issues Principles of insolvency Netting: payment and close-out Summary of US and UK insolvency issues Capacity and Authority Hammersmith & Fulham, Piraeus and Korea Life Resolutions Signatories Funds and other special counterparties Minmetals Regulation Regulation overview Are swaps: Securities? Illegal off-exchange futures? Gaming contracts? Insurance contracts? Caiola Capital adequacy requirements Tax Direct tax in another jurisdiction Withholding tax ISDA structure Accounting FAS 133 IAS 39 Introduction: Need for Documentation and Functional Analysis Avoiding uncertainty Financial provisions: confirmations and definition booklets Legal, credit and trading relationship: master agreement Questions Day 2 ISDA Agreements and Other Derivatives Documentation Overview Evolution of documentation: 1977-2007 Architecture of documents Fitting together the ISDA components One master for all products/Offices? Confirmations Oral trades, confirmations and confirmation process Backlogs Confirmation Workshop Prepare an interest rate swap confirmation ISDA Master Agreement (Provision-by-provision) Sections 1-4 ISDA MASTER AGREEMENT Sections 5-6 Grounds and procedures for termination How to calculate close-out values Nuova Safim, ANZ/Societe Generale, Peregrine I and II and High Risk ISDA Master Agreement Sections 5-6 continued ISDA Master Agreement: Section 7 Concepts ISDA forms Novation Protocol Negotiated terminations Section 7: Workshop ISDA Master Agreement: Section 8-14 Questions Day 3 Completing the Schedule Suitability/Misrepresentation Bankers Trust Cases Recent cases: Kwiatkowski, Korea Life, Eternity and Caiola PowTel/SunTrust and Peekay Nonreliance representations Master Agreement Workshop Break into small groups - each with a statement of a party's policy regarding the ISDA 2002 Master Agreement. Each group: Completes first draft of a Schedule to the ISDA 2002 Master Agreement Reviews and responds to other group’s draft Negotiates a final draft with the other group Credit Enhancement Guarantees Collateral Rehypothecation Partial? ISDA Credit Support Documents CSA ISDA 2001 Margin Provisions Discussion of Enron Recap and Questions
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