Why you should attend
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.
At 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.
What you will learn
- What are OTC derivatives?
- What are the basic features of fixed income, credit, equity and commodity swaps?
- How are derivatives commonly traded today?
- What changes in trading methods are coming?
- What is the ISDA Master Agreement and how does it work?
- What additional documentation is appearing in response to market changes?
- How will OTC derivatives be regulated?
Who should attend
This program is intended for outside counsel, in-house attorneys, government lawyers, documentation managers, compliance officers, bankers, corporate and other end users of swaps, as well as counsel to derivatives market facilities and others involved in structuring, negotiating and executing swap agreements and other OTC derivative products.
Morning Session: 9:00 a.m. - 12:00 p.m.
9:00 Opening Remarks
Gary Barnett, Joshua D. Cohn
9:15 History/Contemporary Derivatives Part I
- Origin and evolution of swaps and other derivatives
- Fundamentals and valuation of forwards, futures, swaps and options
- Interest Rate and Currency Swaps
- Equity Swaps
Moderator: Joshua D. Cohn
Richard E. Grove, Matthew Hooper, Gary M. Rosenblum
10:15
Networking Break
10:30
History/Contemporary Derivatives Part II
- Credit Default Swaps
- Commodity Swaps
- Interest Rate and Currency Swaps
Moderator: Joshua D. Cohn
Richard E. Grove, Matthew Hooper, Gary M. Rosenblum
11:30 Financial Reform Overview
- Overview and effectiveness of Dodd-Frank
- Considerations for Swap Dealers, Security-Based Swap Dealers, Major Swap Participants and Major Security-Based Swap Participants
- Extraterritorial application and steps to be taken today
Moderator: Gary Barnett
Silas Findley, David J. Gilberg, Angie Karna, David R. Sahr
12:00 Lunch Break
Afternoon Session: 1:15 p.m. - 5:00 p.m.
1:15 Financial Reform Overview (continued)
2:15 Derivatives Documentation - Overview of the ISDA Architecture; Masters, Schedules, Confirms, CSAs and Collateralization; Execution and Account Agreements
- Master and schedule
- Confirms and CSAs
- Bridges and protocols
- Clearing documentation
Moderator: Joshua D. Cohn
Katherine Darras, Kahyeong Lee, Ray Shirazi, Lauren Teigland-Hunt
3:45 Networking Break
4:00 Bilateral OTC Derivatives: Termination, Valuation, Netting, Closeout, Netting Opinions
- Netting opinions and jurisdictional considerations
- Valuation at termination: case law issues
- Other issues
Moderators: Gary Barnett, Joshua D. Cohn
Scott L. Flood, Cristina Pérez
5:00 Adjourn
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, Citi Markets and Banking
Angie Karna ~ Managing Director, Nomura Securities International, Inc.
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
Program Attorney(s)
New York City Seminar Location
PLI New York Center, 810 Seventh Avenue at 53rd Street (21st floor), New York, New York 10019. Message Center, program days only: (212) 824-5733.
New York City Hotel Accommodations
Due to high demand and limited inventory in NYC, we recommend reserving hotel rooms as early as possible.
The New York Hilton & Towers, 1335 Avenue of the Americas, New York, NY 10019. 1 block from PLI Center. Reservations 1-800-HILTONS or, 1-877-NYC-HILT. Please mention that you are booking a room under the Practising Law Institute Corporate rate and the Client File # is N495741. Reservations on line at www.hilton.com and enter the same Client File # in the Corporate ID # field to access Practising Law Institute rates.
The Warwick New York Hotel, 65 West 54th Street New York, NY 10019. 1 block from PLI Center. Reservations 800-223-4099 or, hotel direct 212-247-2700. Please mention that you are booking a room under the Practising Law Institute Corporate rate. Reservations on line at www.warwickhotelny.com Click reservations in menu bar on left. Select desired dates. In 'Special Rates' drop down window select Corporate Rate. In 'Rate Code' enter PLIN. Click search and select desired room type and rate plan. Or, you may email reservation requests to: res.ny@warwickhotels.com
PLI's live programs are approved in all states that require mandatory continuing legal education for attorneys, except Arizona. Please be sure to check with your state for details.
Please check the CLE Calculator above each product description for CLE information specific to your state.
Special Note: In New York, newly admitted attorneys may receive CLE credit only for attendance at "transitional" programs during their first two years of admission to the Bar. Non-traditional course formats such as on-demand web programs or recorded items, are not acceptable for CLE credit. Experienced attorneys may choose to attend and receive CLE credit for either a transitional course or for one geared to experienced attorneys. All product types, including on-demand web programs and recorded items, are approved for experienced attorneys.
Please note: The State Bar of Arizona does not approve or accredit CLE activities for the Mandatory Continuing Legal Education requirement.
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Credit will be granted only to the individual on record as the purchaser unless alternative arrangements (prearranged groupcast) are made in advance.