Mastering ISDA OTC Derivatives Documentation Workshop
Swaps and derivatives have become more and more complex and have come under closer regulatory scrutiny as their notional values exceeds even the combined world GDP. As the range of users and applications of swaps and derivatives increase, so the legal and documentation problems become more difficult and require ever-more sophisticated techniques.
Since 1985, the International Swaps and Derivatives Association (ISDA) has worked to make the global derivatives markets safer and more efficient. ISDA has continuously strived to develop and improve the Master Agreement operating framework to manage and mitigate effectively the legal and financial risks faced by the over the counter derivatives markets. It is the financial tool for documenting over-the-counter OTC derivatives transactions.
In this workshop you will learn the law, finance and how to negotiate the 1992 and 2002 ISDA Master Agreements as well as their Schedules. These documents have become the de facto global standard for the global OTC derivatives trade with a notional value of above $700 Trillion. It is estimated that 90% for all OTC derivatives are documented by the ISDA Master Agreement framework so it vital to master this documentation. Attending this workshop you will find all the important information regarding ISDA gathered at one place and learn about:
- The Derivatives Markets and Their Uses
- OTC Derivatives
- Description and Uses of Basic Derivative Structures
- Swaps, Fully-paid transactions, Hybrid securities
- Caps. Collars, Floors and Swaptions
- The deal and the documentation process
- US – Dodd-Frank
- EU – EMIR (The European Market Infrastructure Regulation)
- Basel III
- MiFID II
- Analysis of the 1992 ISDA Master Agreement
- Analysis of the 2002 ISDA Master Agreement
- US Legal Issues such as Choice of New York Law, US bankruptcy and insolvency law, Gaming and bucket shop laws and The Commodity Exchange Act and the Commodity Futures Modernization Act
- EU Legal Issues such as Capacity, Wagering and Gaming, Credit derivatives, Building Societies, Insurance Companies, Pension Funds, Hedge Funds, Authority and suitability, Enforcement of close-out netting and set-off, Cross-border netting on insolvency, Automatic early termination, Credit support, Third party rights
- ISDA Collective Legal Opinions
- ISDA Master Agreement Credit Issues such as Cross default and cross acceleration Credit event upon merger Threshold amount Specific indebtedness Set off and transfer Political Risk and other Categories of Risk Pre-signing trade policies, The Vanilla ISDA
- Operational Issues Confirmations, Payments, Deliveries, Close-out Administrative matters, Clearing and reporting obligations, Lack of flexibility, Oligopoly, Concentration of risk, Liquidity
- Negotiating a 2002 ISDA Master Agreement Schedule: The Schedule and its parts, Implications and variants of each provision, Common Provisions and their implications and Foreign exchange transactions and currency options
- ISDA Islamic Master Agreement
- The OTC documentation for the New Century
- 2012 ISDA a missed opportunity
- Special provisions for Special Entities, like Investment funds, Hedge funds, Pension funds, Insurance companies, Sovereign entities, Building societies, SPVs, Individuals and US schedule
- Protocols & Collateral, such as 1992 Negotiated terminations, Credit Enhancement, Guarantees Collateral Re-Hypothecation, CSA, Novation, Disputes CCPs, SEFs, DCM, DCO, SDR, CDR ISDA EMIR Documentation Initiative, i.e. EMIR Protocols and the ISDA Dodd-Frank Documentation Initiative
Dr. Nick Skrekas
Dr. Nick Skrekas is an international financial expert, a legal specialist on international law as well as acclaimed consultant. Dr. Skrekas has worked in top law firms, as an expert on EU international programs and as a financial analyst in bulge bracket investment firms. He also has a background in cutting edge financial media like The Wall Street Journal and has authored two books for Thomson Reuters. He has deep experience in financial analysis, international mergers and acquisitions, cross border securitization, due diligence, project finance, international banking and securities law, IPOs, distressed deals, private equity and corporate finance. Dr. Skrekas has a Bachelor of Laws with Honors, a Bachelor of Economics, a Graduate Diploma in Applied Finance and Investments, a Masters of Laws, an MBA and Doctorate of Philosophy in Law from top Australian institutions, always graduating with exceptional grades like High Distinctions. His qualifications are recognized in Australia, the UK, the US and the European Union. Dr. Skrekas is also a member of the International Bar Association and he is a certified analyst. He has a superior record of more than two decades of professional experience in law, global investments and financial media.
Benefits of the Course:
Gain essential hands on experience of documenting swaps and other derivatives
Perform intensive case studies on 1992 and 2002 ISDA® Master Agreements, Schedules and Agreement Confirmations
Protect your organisation against potential problem areas such as default, capacity, insolvency, enforcement, and regulation
Learn to structure agreement “fixes” to ISDA® Agreements
Learn about prime brokers, central counterparties and the new derivatives regime in the US and Europe
Understand the finance and law and how to negotiate the ISDA Master Agreement framework
Who Should Attend?
In-house lawyers in banks and securities houses
Bankers involved in complex financings using swaps and derivatives
Senior documentation staff
Lawyers in private practice
Bankers who want to know more about legal issues
Accountants who have to document and advise on swap transactions
Lawyers with corporations and fund houses
Lawyers working for corporations, governments and financial institutions
Lawyers and accountants in private practice who advise clients on the above categories
Traders, Hedge Fund and Private Equity Managers and Fund Managers
Self Check Workshops
Test yourself throughout the course through:
Multiple choice questions
- Essay type questions
Certification & Accreditations
Attendees will be awarded with a Certification of Completion upon successful completion.
- This course is accredited by MENJE Lux (Luxembourg Ministry of Education).
Learn more about Workshops.