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Derivatives and ISDA®

2 Part Course  |  Learn the full coverage and how to apply the important aspects of derivatives trading

A true masterpiece of modern design that is both functional and aesthetically pleasing

Derivatives training is a one-day course presented over two-half days in a virtual class from 9:30am to 1:00pm UK time

Derivatives Course: Part One

Introduction: Derivatives Overview

What are Derivatives?

  • Legal concerns:
    • Gaming laws
    • Insurance laws

Uses of Derivatives

  • Purposes
  • ISDA training covers the types of risks hedged:
    • Currency risk
    • Interest rate risk
    • Commodity risk
    • Weather risk
    • Inflation risk
    • Mortality risk
  • Credit Risk – Regulatory capital and balance sheet treatment
  • Synthetics

How are Derivatives Traded?

  • Over-the-counter (OTC)
  • Exchange-traded

Types of Derivatives

  • Swaps:
    • Interest Rate Swaps
    • Interest Rate Caps
    • Interest Rate Floors
    • Interest Rate Collars/Structured Caps
    • Currency Swaps
  • Options:
    • Call Option
    • Put Option
    • European Style Option
    • American Style Option
    • Bermudan Style Option
  • Forwards and Futures
  • Equity derivatives
  • Credit derivatives:
    • Reference Entity
    • Reference Obligations
    • Credit Events
  • Swaptions
  • Total Return Swaps
  • Commodity derivatives
  • Property derivatives

Derivatives Course: Part Two

ISDA Documentation

Introduction

  • The ISDA
  • The architecture of the ISDA documentation
    • 1992 ISDA Master Agreement (Multi-Currency)
    • 1992 ISDA Master Agreement (Local Currency – Single Jurisdiction)
    • 2002 ISDA Master Agreement
  • Summary of the ISDA documents and protocols

Derivatives TRaining Covers ISDA Protocols

  • What is an ISDA Protocol?
  • Procedure for Adherence
  • Protocol documentation

ISDA Definitions

  • 2006 ISDA Definitions
  • 2005 ISDA Commodity Definitions
  • 2014 ISDA Credit Derivatives Definitions
  • 2011 ISDA Equity Derivatives Definitions
  • 1998 FX and Currency Option Definitions

ISDA Credit Support Annexes (CSA) and Credit Support Deeds (CSD)

  • Purpose & Overview
  • English Law Deeds and Annexes
  • New York Law Deeds
  • 1995 ISDA Credit Support Annex (CSA) – Paragraph 11

Financial Collateral Regulations

  • Title transfer
  • Security financial collateral arrangement
  • Impact on close–out netting provisions

Pertinent Issues

  • Mark-to-market valuations and Netting:
    • Insolvency
    • Section 6(e)
  • Early Termination and Events of Default:
    • Steps to be taken
    • Commercial considerations
    • Netting legal opinions
  • ISDA 2014 Collateral Agreement Negative Interest Protocol
  • Tax:
    • Tax representations and undertakings
    • Tax event
    • FATCA
  • Derivatives and ISDA training covers counterparty issues:
    • Legal capacity
    • Limitations in constitutional documents

Case Law

  • Hammersmith & Fulham
  • Credit Suisse International v Stichting Vestia Groep

Documenting Derivatives in Loan Transactions

  • Issues to consider:
    • Loan and ISDA Documentation
    • Events of Defaults
    • Additional Termination Events
    • Specified Entities
    • Notional Reductions
    • Collateral

Regulations

EMIR

  • Purpose
  • Scope of EMIR
  • Outline of obligations imposed:
    • Clearing obligation
    • Reporting obligation
    • Risk mitigation requirements (and overlap with MiFIR)
    • New Margining Requirements
    • 2016 ISDA Variation Margin Protocol
    • ISDA SIMM™️
  • EMIR: REFIT EU Regulation:
    • Key Changes to EMIR
    • Key Impact
      • Changes in the Definition of Financial Counterparty (FC)
      • Small Financial Counterparty (SFC)
      • Determination of NFC clearing threshold
      • Reporting Obligation
      • FRANDT (Fair, Reasonable Non-Discriminatory and Transparent commercial terms)
      • Power to Suspend Clearing Obligation
      • Article 39 EMIR – National Insolvency Laws
      • Information from CCPs

US Reforms

  • To conclude derivatives training we will assess the Dodd-Frank Act

Our derivatives and ISDA course leader is an expert in structured finance and specialises in securitisation, real estate finance, banking, capital markets, derivatives, structured products and financial regulation.

A consultant, keynote speaker, business adviser, author and trainer; she has practised law for almost 20 years in the banking & finance industry. Throughout her career, our skilled trainer advised some of the most prestigious global financial institutions such as Goldman Sachs, Morgan Stanley, Citigroup & Credit Suisse. Her primary role was to manage the legal risk globally across the various businesses within an investment bank. As a trainer, she now designs and leads workshops, including this ISDA derivatives course, for senior lawyers, law firm partners, accountants, bankers and various senior executives.

She is actively involved in the creation of innovative structured transactions including structuring, drafting and negotiating complex financings including complex repo facilities and hybrid structured products with multiple embedded derivatives. In addition, our trainer is adept in repackagings, synthetic CLOs and regulatory-driven structured transactions, all types of securitisation transactions and their restructure, supervision of large-scale remediation projects involving the miss-selling of interest rate swaps, financial regulatory projects and financial litigation.

In addition to the wealth of practical experience brought to derivatives training our specialist also holds a Law LL.B (Hons) degree from University College London (UCL) and has worked in the Finance Know-how team at Clifford Chance. Having trained at Sidley Austin Brown & Wood LLP she worked on many award-winning transactions involving repackaging, securitisations and US corporate securities. She practised as a solicitor at Linklaters LLP in Singapore and has also worked in New York and Hong Kong.

Upon returning to London, our specialist spent around 5 years at Allen & Overy LLP. She advised on a wide range of issues including swaps, insolvencies, disclosure matters under the Prospectus Directive, US 144A SEC-registered deals, real estate finance, master trust, CMBS and RMBS securitisations and Opco/Propco structures for loan securitisations. Seconded to Credit Suisse to work on the Real Estate Finance trading desk she worked on loan origination, leverage finance and acquisition finance deals. Later she was further seconded to Citibank to advise on LMA loans, highly structured real estate finance transactions, risk mitigation and syndication.

In 2007 our derivatives course specialist moved to Credit Suisse as in-house legal counsel advising on structured capital markets, derivatives and structured products including fund-linked products, a range of exotic trades, CDOs, CLOs, repos and other highly structured financing transactions conducted during and post credit crunch. She structured and documented trades that achieved the required regulatory capital and balance sheet treatment using a combination of techniques such as credit default swaps, call options or unfunded loan participations.

Industry-dedicated, our course expert began working as a specialist consultant in 2009 advising her clients on complex projects involving legal, operational, regulatory and compliance matters on derivatives, and structured products.

  • This derivatives course provides an overview of what they are, including aspects and the types of risks hedged.
  • Participants are introduced to how derivatives are traded.
  • You will understand the different types of derivatives including swaps and equity & credit derivatives.
  • Delegates cover the architecture of the ISDA documentation including an overview of the ISDA Master Agreement and associated definitions, protocols and ISDA Credit Support Annexes and Credit Support Deeds.
  • You will be apprised of the financial collateral regulations, pertinent issues relevant to ISDA Master Agreements and case law relevant to ISDAs.
  • Derivatives training covers an outline of issues to consider when drafting ISDA Master Agreements concerning loan transactions.
  • Be appraised of the regulatory aspects relevant to the derivatives market including EMIR, the EU REFIT Regulations, the 2016 ISDA Variation Margin protocol relevant to CSAs and the US regulations – Dodd-Frank and FATCA.

  • ISDA Derivatives training at Redcliffe is the only all-in-one course available on the market covering the various derivatives structures, ISDA Documentation and the regulatory aspects.
  • Training covers the UK and US Regulatory Aspects relating to derivatives specifically.
  • The trainer has a rare combination of experience enabling her to cover the legal, commercial, regulatory and structuring aspects of this subject matter.
  • With a background from the Magic Circle law firms, the bulge bracket investment banks, and accountancy practice our ISDA training expert is a Lawyer. With much experience through a varied and comprehensive background, she has worked on complex, innovative transactions to BAU flow work.
  • At Redcliffe Training our derivatives course is led by an academic with experience gained through a full career and it’s within this knowledge that our course stands out.

This Derivatives and ISDA course is a ‘must know’ for:
  • In-house legal counsels at any level
  • Private practice lawyers at any level from paralegals, trainees, and junior & senior associates to partners & heads of departments involved in or likely to be, in documenting, reviewing and negotiating ISDA transactions
  • Collateral management teams focused on margin calls, CSAs etc
  • Compliance personnel responsible for regulations of ISDA transactions
  • Any professionals looking to get an overview of:
  • The various derivatives and how they are used in structuring
  • The architecture of the ISDA Documentation Framework
  • The regulations related to ISDAs

And is a ‘nice to know’ for:
  • ISDA documentation teams at any level including paralegals, specified transaction executives, etc
  • Operations team that books derivatives trades
  • Credit Risk personnel at all levels (Analyst, Associate, Vice President, Director and Managing Director) for a foundational overview
  • Derivative traders
  • Accountants who advise on swap transactions will benefit from this derivatives course

At Redcliffe, ISDA derivatives training covers the important aspects of derivatives trading. This course is relevant for in-house and private practice lawyers, traders and bankers involved in complex structuring including swaps. In addition, we welcome ISDA documentation teams, operations teams that book ISDA trades and compliance personnel responsible for ensuring regulations relating to ISDA transactions are complied with. Finally, accountants advising clients on swap transactions will benefit from this session.

Introducing derivatives we assess what they are, why they’re used, by whom and how they are traded. Looking at the various derivatives products available, we’ll highlight the potential of using these in a wide range of product sectors.

The workings of the derivatives market and the trade association, ISDA are covered during derivatives training. Delegates consider the ISDA documentation framework including coverage of the ancillary documentation, the ISDA Credit Support Annexes and Credit Support Deeds and the Financial Collateral Regulations. Pertinent issues in ISDA-documented trades such as netting, mark-to-market valuations, negative interest rates, events of default and early termination are assessed. Participants discuss how to document derivatives in loan transactions and cover some English law cases and counterparty issues.

  • As a newly qualified lawyer, I appreciated how the presenter took us back to basics when taking us through the foundation of ISDA and derivatives. But as an offshore lawyer I particular noted and appreciated how the presenter highlighted how each topic would be relevant to the work we do. It was a nice touch how the training sessions included people from all professions as you got to experience the topics being presented in a broader sense.
  • Very competent trainer using good examples to explain complex matters.
Number of places:
Part 1

Places Filling – book quickly

£ 895.00

Number of places:
Part 2

Places Filling – book quickly

£ 895.00

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