Over-the-counter (OTC) derivatives are key elements in many of our financial markets. The Dodd-Frank Act is substantially changing how these important instruments are regulated and transacted. This program will introduce you to both the instruments and their new environment.
A derivative is a financial instrument that allocates the risks and price exposures associated with a designated reference asset or entity between the parties thereto. Derivatives can provide price exposure or price insulation to changes in the price or level of an open-ended range of assets or baskets of assets, including indices, stocks, interest rates, currencies, bonds, commodities, insured risks, credit risks, investment funds, property, the weather and more. Derivatives are used in an infinite variety of ways by commercial, charitable, educational and governmental entities to manage the commercial and financial risks they confront. OTC derivatives have been bilaterally traded for many years. They are now becoming subject, in some cases, to required clearing and possible exchange-type trading. An understanding of the characteristics, documentation and regulation of these instruments is the first step to effective lawyering.
In this program, our distinguished faculty will explain what OTC derivatives have been, what they are becoming and how they are documented. The faculty will also provide an overview of the new regulatory framework for OTC derivatives and OTC derivatives market participants and explain how the new regulatory framework will affect these markets and market participants.
Lecture Topics [Total time 06:05:06]
Segments with an asterisk (*) are available only with the purchase of the entire program.
- Opening Remarks* [00:04:46]
Gary Barnett, Joshua D. Cohn
- History/Contemporary Derivatives Part 1 & 2 [02:06:22]
Joshua D. Cohn, Richard E. Grove, Matthew J. Hooper, Gary M. Rosenblum
- Financial Reform Overview [01:30:37]
Gary Barnett, Silas J. Findley, David J. Gilberg, Angie Karna, David R. Sahr
- Derivatives Documentation -- Overview of the ISDA Architecture; Masters, Schedules, Confirms, CSAs and collateralization; Execution and Account Agreements [01:25:16]
Joshua D. Cohn, Lauren Teigland-Hunt, Kahyeong Lee, Ray Shirazi, Katherine Darras
- Bilateral OTC Derivatives: Termination, Valuation, Netting, Closeout, Netting Opinions [00:58:05]
Gary Barnett, Joshua D. Cohn, Scott L. Flood, Cristina Perez
The purchase price of this Web Program includes the following articles from the Course Handbook available online:
- Valuation in the Context of Derivatives Litigation
Richard E. Grove
- History/Contemporary Derivatives Parts I & II
Gary M. Rosenblum
- Introduction to Commodity Derivatives
Matthew J. Hooper
- CFTC and SEC Issue Final Swap-Related Rules Under Title VII of Dodd-Frank
David J. Gilberg
- CFTC Guidance on Extraterritoriality
David J. Gilberg
- Mayer Brown Legal Update: The New CFTC and SEC Swap "Entity" Definitions--Highlights
David R. Sahr
- Mayer Brown Legal Update: Proposed CFTC Guidance Regarding the Cross-Border Application of US Swap Regulations
David R. Sahr
- CFTC Proposes Phased Compliance Program for Certain Swaps
Joshua D. Cohn, Jerome J. Roche, David R. Sahr, Brad Resnikoff
- Basics of the ISDA Master Agreements
Ray Shirazi
- Overview of ISDA's Credit Support Annex (New York Law)
Lauren Teigland-Hunt
- Opinion of the Court, United States Court of Appeals for the Third Circuit, In Re: American Home Mortgage Holdings, Inc., et. al; Credit Agricole Corporate and Investment Bank New York Branch f/k/a Calyon New York Branch v. American Home Mortgage Holdings
Joshua D. Cohn
- Derivatives--A History: Introduction to Forwards, Futures, Swaps, Options, and Structured Securities (PowerPoint Slides)
Richard E. Grove
- Introduction to Commodities Derivatives (PowerPoint Slides)
Matthew J. Hooper
- Basics of the ISDA Master Agreements (PowerPoint Slides)
Ray Shirazi
- Index to Fundamentals of Swaps & Other Derivatives 2012
Presentation Material
- Derivatives – A History - Introduction to Forwards, Futures, Swaps, Options, and Structured Securities
Richard E. Grove
- Derivatives – A History - Introduction to Forwards, Futures, Swaps, Options, and Structured Securities
Richard E. Grove
- Introduction to Commodities Derivatives
Matthew J. Hooper
- History/Contemporary Derivatives Part I & II
Gary M. Rosenblum
- Dodd Frank Transaction-level Rules Related to Clearing, SEF Trade Execution and Uncleared Margin
Silas J. Findley
- Considerations for Swap Dealers, Security-Based Swap Dealers, Major Swap Participants and Major Security-Based Swap Participants
David J. Gilberg
- Which Derivative Products Are Regulated and Who Must Register Under Dodd-Frank?
Angie Karna
- Cross-Border Applicability of US Swaps Regulation
David R. Sahr
- ISDA August D-F Protocol
Katherine Darras
- Derivatives Central Clearing: Buy Side Perspective
Kahyeong Lee
- ISDA Trade Confirmations: Buy Side Perspective
Kahyeong Lee
- Basics of the ISDA Master Agreements
Ray Shirazi
- Introduction To Swap Clearing Under Dodd-Frank
Ray Shirazi
- Derivatives Documentation: Overview of the ISDA Architecture - ISDA Credit Support Annex
Lauren Teigland-Hunt
- Valuation Issues
Joshua D. Cohn
- 1992 and 2002 ISDA Master Agreements - Early Termination and Payments: Close-Out Netting Mechanism
Cristina Perez
Co-Chair(s)
Gary Barnett ~ Director of the Division of Swap Dealer and Intermediary Oversight, U.S. Commodity Futures Trading Commission
Speaker(s)
Scott L. Flood ~ Managing Director and Senior Deputy General Counsel, Citigroup Global Markets Inc.
Angie Karna ~ Managing Director, Nomura Holding America
Kahyeong Lee ~ Associate General Counsel & Chief Compliance Officer, Viking Global Investors LP
Gary M. Rosenblum ~ Senior Vice President and Associate General Counsel, Bank of America-Merrill Lynch
PLI makes every effort to accredit its On-Demand Web Programs and Segments. Please check the CLE Calculator above for CLE information specific to your state.
On-Demand Web Programs and Segments are approved in:
Alabama1, Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho*, Illinois , Iowa2*, Kansas, Kentucky*, Louisiana, Maine*, Mississippi, Missouri3, Montana, Nebraska, Nevada, New Hampshire4, New Jersey, New Mexico5, New York6, North Carolina7, North Dakota, Ohio8, Oklahoma9, Oregon*, Pennsylvania10, Rhode Island11, South Carolina, Tennessee12, Texas, Utah, Vermont, Virginia13, Washington, West Virginia, Wisconsin14 and Wyoming*.
Iowa, Mississippi, Oklahoma, and Wisconsin DO NOT approve Audio Only On-Demand Web Programs.
Minnesota approves live webcasts ONLY
Please Note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement. PLI programs may qualify for credit based on the requirements outlined in the MCLE Regulations and Ariz. R. Sup. Ct. Rule 45.
*PLI will apply for credit upon request. Louisiana and New Hampshire: PLI will apply for credit upon request for audio-only on-demand web programs.
1Alabama: Approval of all web based programs is limited to a maximum of 6.0 credits.
2Iowa: The approval is for one year from recorded date. Does not approve of Audio-only On-Demand Webcasts.
3Missouri: On-demand web programs are restricted to six hours of self-study credit per year. Self-study may not be used to satisfy the ethics requirements. Self-study can not be used for carryover credit.
4New Hamphsire: The approval is for three years from recorded date.
5New Mexico: On-Demand web programs are restricted to 4.0 self-study credits per year.
6New York: Newly admitted attorneys may not take non-traditional course formats such as on-demand Web Programs or live Webcasts for CLE credit. Newly admitted attorneys not practicing law in the United States, however, may earn 12 transitional credits in non-traditional formats.
7North Carolina: A maximum of 4 credits per reporting period may be earned by participating in on-demand web programs.
8Ohio: To confirm that the web program has been approved, please refer to the list of Ohio’s Approved Self Study Activities at http://www.sconet.state.oh.us. Online programs are considered self-study. Ohio attorneys have a 6 credit self-study limit per compliance period. The Ohio CLE Board states that attorneys must have a 100% success rate in clicking on timestamps to receive ANY CLE credit for an online program.
9Oklahoma: Up to 6 credits may be earned each year through computer-based or technology-based legal education programs.
10Pennsylvania: PA attorneys may only receive a maximum of four (4) hours of distance learning credit per compliance period. All distance learning programs must be a minimum of 1 full hour.
11Rhode Island: Audio Only On-Demand Web Programs are not approved for credit. On-Demand Web Programs must have an audio and video component.
12Tennessee: The approval is for the calendar year in which the live program was presented.
13Virginia: All distance learning courses are to be done in an educational setting, free from distractions.
14Wisconsin: Ethics credit is not allowed. The ethics portion of the program will be approved for general credit. There is a 10 credit limit for on-demand web programs during every 2-year reporting period. Does not approve of Audio-only On-Demand Webcasts.
Running time and CLE credit hours are not necessarily the same. Please be aware that many states do not permit credit for luncheon and keynote speakers.
If you have already received credit for attending some or the entire program, please be aware that state administrators do not permit you to accrue additional credit for repeat viewing even if an additional credit certificate is subsequently issued.
Note that some states limit the number of credit hours attorneys may claim for online CLE activities, and state rules vary with regard to whether online CLE activities qualify for participatory or self-study credits. For more information, call Customer Service (800) 260-4PLI (4754) or e-mail info@pli.edu.