Legal Derivatives School: M4 - The Dodd-Frank Act, EU Derivatives Regulation and Central Counterparties

Euromoney Training and this course are neither endorsed by nor affiliated with ISDA® Since 1990, Euromoney Training, in association with Schuyler K Henderson, has organised this highly successful course on the legal concepts in derivatives and the documentation of derivatives transactions using the ISDA® Master Agreement. 'Legal Derivatives School' is presented in a modular format. You are recommended to attend full modules or you can contact us at training@euromoneyasia.com to book separate modules (required to book at least two days). Module 1: Swaps and Other OTC Derivatives – Legal Issues and Documentation 27-28 October 2014, Singapore Module 2: Equity and Credit Derivatives - Legal Issues and Documentation 29 October 2014, Singapore Module 3: Legal Issues in Derivatives Linked to Loans, Structured Notes and Structured Issuers 30 October 2014, Singapore Module 4: The Dodd-Frank Act, EU Derivatives Regulation and Central Counterparties 31 October 2014, Singapore Course overview Swaps and derivatives have become more and more complex every year, and have come under close regulatory scrutiny. Products such as credit derivatives and equity derivatives and the use of derivatives in financing structures pose particularly interesting and significant issues. New laws and regulations are changing the practices and conventions of the OTC derivatives market. The advanced modules of this course focus on these issues and are specifically designed for delegates who have mastered the basic issues but are facing the challenges of these new and complicated applications. 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. This 5-day School fully explains the legal aspects of swaps and derivatives and derivatives in structured financing. You will gain a complete understanding of the key legal issues in swap documentation, and in particular the important problems of default, insolvency and enforcement. Summary of course content Gain essential hands on experience of documenting swaps and other derivatives Perform intensive and objective analysis of 1992 and 2002 ISDA® master agreements, 2002 ISDA® equity derivatives definitions and 2003 credit derivatives definitions, and related master confirmations Protect your organisation against potential problem areas such as default, capacity, insolvency, enforcement, regulation and tax Learn to structure agreement "fixes" to ISDA® agreements Understand the principles of derivatives in structured financings Learn about new credit derivative developments: Determination Committees, auctions and central counterparties Who should attend this training course? Gain essential hands on experience of documenting swaps and other derivatives Perform intensive and objective analysis of 1992 and 2002 ISDA® Master Agreements, 2002 ISDA® equity derivatives definitions and 2003 ISDA® credit derivatives definitions, and related master agreement confirmations Protect your organisation against potential problem areas such as default, capacity, insolvency, enforcement, regulation and tax Learn to structure agreement “fixes” to ISDA® Agreements Understand the principles of derivatives in structured financings Learn about new credit derivative developments: Determination Committees and Auctions Learn about prime brokers, central counterparties and the new derivatives regime in the US and Europe Course fee: US$3,850/person for any two days US$4,990/person for any three days US$6,150/person for any four days US$6,800/person for all five days ISDA® is a registered trademark of the International Swaps and Derivatives Association
Module 4 - The Dodd-Frank Act, EU Derivatives Regulation and Central Counterparties 1 November 2013 Key developments pre-2008: standardisation Dealer dominance Transaction facilitators: DTCC, Markit, Creditex Master confirmation agreements The 2005 Fed initiative and its aftermath The credit default swap market: Indices and protocols Electronic platforms Prime brokers Description and issues Duration Give-up and compensation agreements The financial crisis of 2008 What caused it? US real estate Asset-backed securities CDOs Fannie Mae and Freddie Mac Modelling and rating agencies Banks: Moral hazard The non-role of derivatives AIG FP The visceral response The Dodd-Frank Act Overview Jurisdictional responsibilities New regulatory entities with overlapping jurisdiction CFTC and/or SEC registration requirements Derivative clearing organizations The swap-pushout Risk management and prudential requirements The Volcker Rule Business conduct rules and duties towards “victim” class; whistleblowers Application to foreign banks and US subsidiaries of foreign entities The rules CFTC SEC Insert ISDA August Protocol Dealers'response to Dodd-Frank Banking regulation Jurisdictional responsibilities Substantive changes European regulation Background EU level vs. National supervisors Emerging regulation Basel III Integration with regulatory schemes Central Counterparties (CCPs) Europe US CCP: Structural case studies Formal incorporation and regulation Risk committee Documentation Relationships: Who is your counterparty? Margining Guaranty funds Cases: ICE LCH.Clearnet CM Issues Lack of flexibility Oligopoly Concentration of risk Legal jurisdiction Liquidity Questions and recap This course is an objective and impartial analysis of ISDA® documentation.