Seminar  Seminar

Fundamental of Swaps & Other Derivatives 2013

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 new regulations and 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.

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, Mark Lenczowski, 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, Mark Lenczowski, Gary M. Rosenblum

11:00 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
  • End-user issues
  • Extraterritorial application and steps to be taken today

Moderator: Gary Barnett
Martha Burke, David J. Gilberg, Angie Karna, David R. Sahr

12:00 Lunch Break

1:15 Financial Reform Overview (continued)

1:45 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; regulated aspects
  • Other issues

Moderators: Gary Barnett, Joshua D. Cohn
Scott L. Flood, Cristina Pérez

5:00 Adjourn

Gary Barnett ~ Director of the Division of Swap Dealer and Intermediary Oversight, U.S. Commodity Futures Trading Commission
Joshua D. Cohn ~ Mayer Brown LLP
Martha L. Burke ~ Senior Counsel, Wells Fargo
Scott L. Flood ~ Managing Director and Senior Deputy General Counsel, Citigroup Global Markets Inc.
David J. Gilberg ~ Sullivan & Cromwell LLP
Richard E. Grove ~ Chief Executive Officer, Rutter Associates, LLC
Angie Karna ~ Managing Director, Nomura Securities International, Inc.
Mark Lenczowski ~ Managing Director, JPMorgan Chase Bank, N.A.
Cristina Perez ~ Managing Director and Associate General Counsel, HSBC Securities (USA) Inc.
Gary M. Rosenblum ~ Senior Vice President and Associate General Counsel, Bank of America-Merrill Lynch
David R. Sahr ~ Mayer Brown LLP
Ray Shirazi ~ Cadwalader Wickersham & Taft LLP
Lauren Teigland-Hunt ~ Teigland-Hunt LLP
Program Attorney(s)
Lauren E. Nochta ~ Program Attorney, Practising Law Institute
Columbus Groupcast Location

Columbus Bar Association, 175 S. Third Street, Suite 1100, Columbus, OH 43215. Phone: 614-221-4112, FAX: (614) 340-2081.

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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.

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Item# 47834
Location:  Columbus, OH
We are sorry, but this program is no longer available for purchase online. For more information please call our Customer Service Department at (800) 260-4PLI.

Seminar attendance includes course handbook and associated course materials. A downloadable course handbook will also be available several days prior to the program start for your review.