On-Demand   On-Demand Web Programs

Fundamentals of Swaps & Other Derivatives 2017

Released on: Oct. 27, 2017
Running Time: 06:07:58

Over-the-counter (OTC) derivatives are key elements in many of our financial markets.  The Dodd-Frank Act and other regulations have changed and are continuing to change how these important instruments are regulated and transacted.  This program will introduce you to both the instruments and their current 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 exchange-type trading. An understanding of the current regulations and 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 regulatory framework for OTC derivatives and OTC derivatives market participants and explain how the regulatory framework is affecting these markets and market participants. 

You will learn:

  • What are OTC derivatives?
  • What are the basic features of interest, credit, equity and commodity swaps?
  • How are derivatives commonly traded today?
  • What changes in trading methods are occurring?
  • What is the ISDA Master Agreement and how does it work?
  • What additional documentation has appeared in response to market changes?
  • How are OTC derivatives being regulated?

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.

Lecture Topics [Total time 06:07:58]

Segments with an asterisk (*) are available only with the purchase of the entire program.

  • Opening Remarks* [00:06:07]
    Gary Barnett, Joshua D. Cohn
  • Swap Basics [01:31:29]
    Gary Barnett, Joshua D. Cohn, Rick Grove, Catherine Martin, William F. McCoy, Gary M. Rosenblum
  • Regulatory Fundamentals [01:30:14]
    Gary Barnett, Curtis A. Doty, David Felsenthal, David J. Gilberg, Michael Otten
  • Derivatives Documentation -- Overview of the ISDA Architecture; Masters, Schedules, Confirms, CSAs and collateralization; Execution and Account Agreements [01:57:11]
    Joshua D. Cohn, Kahyeong Lee, Ray Shirazi, Willa Cohen Bruckner, Mark New
  • Bilateral OTC Derivatives: Termination, Valuation, Netting, Closeout, Netting Opinions [01:02:54]
    Gary Barnett, Joshua D. Cohn, RC Whitehead, Nathan J. Rice

The purchase price of this Web Program includes the following articles from the Course Handbook available online:


  • COMPLETE COURSE HANDBOOK
  • Valuation in the Context of Derivatives Litigation
    Richard E. Grove
  • Swaps Basics: Equity Derivatives (October 23, 2017) (PowerPoint slides)
    Gary M. Rosenblum
  • Mayer Brown LLP Legal Update: US Commodity Futures Trading Commission Proposes Changes to Cross-Border Swaps Framework and Extends Phase-In Period for Reduction of the De Minimis Threshold (November 4, 2016)
    Curtis A. Doty
  • Commodity Futures Trading Commission—Comparability Determination for Japan Uncleared Swap Margin Rules (September 8, 2016)
    Curtis A. Doty
  • Clifford Chance Client Briefing: US Considerations for Transition Away from LIBOR (August 2017)
    David Felsenthal
  • Sullivan & Cromwell LLP Memo: CFTC Staff Announces Review of Swaps Reporting Requirements and Requests Public Comment (July 11, 2017)
    David J. Gilberg
  • Sullivan & Cromwell LLP Memo: CFTC Issues Final Recordkeeping Rules (June 8, 2017)
    David J. Gilberg
  • Sullivan & Cromwell LLP Memo: CFTC Launches LabCFTC FinTech Initiative (May 22, 2017)
    David J. Gilberg
  • Sullivan & Cromwell LLP Memo: CFTC Requests Public Input on Simplifying and Modernizing Rules via Project KISS (May 10, 2017)
    David J. Gilberg
  • Regulatory Fundamentals—Extraterritorial Issues (October 23, 2017) (PowerPoint slides)
    Michael J. Otten
  • Basics of the ISDA Master Agreements (August 2017)
    Ray Shirazi
  • Outline of Termination of Derivatives Transactions Under the ISDA Master Agreement
    RC Whitehead

Presentation Material


  • Credit Default Swap Basics
    Catherine Martin
  • Origin and Development of Currency Swaps and Interest Rate Swaps
    Rick Grove
  • Overview of Commodity Derivatives
    William F. McCoy
  • SWAP Basics: Equity Derivatives
    Gary M. Rosenblum
  • Valuation of Forwards, Swaps and Options
    Rick Grove
  • Regulatory Fundamentals
    David J. Gilberg
  • Regulatory Fundamentals –Commodity Pools, ECPs, Forex and Benchmarks
    Curtis A. Doty
  • Swap Execution Facilities, Swap Data Repositories and Margin
    David Felsenthal
  • Basics of the ISDA Master Agreements
    Ray Shirazi
  • ISDA Credit Support Annexes
    Willa Cohen Bruckner
  • ISDA Protocols
    Mark New
  • Swaps Clearing
    Kahyeong Lee
Co-Chair(s)
Gary Barnett ~ Former Deputy Director, Division of Trading and Markets, U.S. Securities and Exchange Commission
Joshua D. Cohn ~ Managing Principal, JBHS LLC
Speaker(s)
Willa Cohen Bruckner ~ Alston & Bird LLP
Curtis A. Doty ~ Mayer Brown LLP
David Felsenthal ~ Clifford Chance US LLP
David J. Gilberg ~ Sullivan & Cromwell LLP
Rick Grove ~ Chief Executive Officer, Rutter Associates, LLC
Kai Lee ~ Managing Director, Chief Compliance Officer and Associate General Counsel, Oak Hill Advisors, L.P.
Catherine M. Martin ~ Director & Associate General Counsel, Citigroup Global Markets Inc.
William F. McCoy ~ Managing Director and Counsel, Morgan Stanley
Mark New ~ Senior Counsel, Americas, International Swaps and Derivatives Association, Inc. (ISDA)
Michael Otten ~ Executive Director, Legal, Nomura
Nathan J. Rice ~ Vice President, Legal and Compliance Division, Morgan Stanley
Gary M. Rosenblum ~ Managing Director and Associate General Counsel, Bank of America-Merrill Lynch
Ray Shirazi ~ Cadwalader, Wickersham & Taft LLP
RC Whitehead ~ Director, Legal, Barclays
General credit information about this format appears below. For credit information specific to this program, please choose your jurisdiction(s) in the Credit Information box on the right-hand side of this page.

PLI’s live and on-demand webcasts are single-user license products intended for an individual registrant only. Credit will be issued only to the individual registered.


U.S. MCLE States

Alabama:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 6 credits of online programs per reporting period.

Alaska:  All PLI products can fulfill Alaska’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Arizona:  PLI’s on-demand web programs qualify as “interactive CLE” credit. There is no limit to the number of credits an attorney can earn via interactive CLE programs.

Arkansas:  PLI’s on-demand web programs are not approved for Arkansas CLE credit.

California:  PLI’s on-demand web programs qualify as “participatory” credit. There is no limit to the number of credits an attorney can earn via participatory programs.

Colorado:  All PLI products can fulfill Colorado’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Connecticut: Effective January 1, 2017, all PLI products can fulfill Connecticut’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Delaware:  PLI’s on-demand web programs qualify as “eCLE” credit. Attorneys are limited to 12 credits of eCLE per reporting period, no more than 6 of which may be audio-only.

Florida:  All PLI products can fulfill Florida’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Georgia:  PLI’s on-demand web programs qualify as “in-house” credit. Attorneys are limited to 6 in-house credits per reporting period.

Hawaii:  All PLI products can fulfill Hawaii’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Idaho:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 15 credits of self-study per reporting period.

Illinois:  All PLI products can fulfill Illinois' CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Indiana:  PLI’s on-demand web programs qualify as “distance education” credit. Attorneys are limited to 9 credits of distance education per reporting period.

Iowa:  PLI’s on-demand web programs qualify as “unmoderated” credit. Attorneys are limited to 6 credits of unmoderated programs per reporting period.

Kansas:  PLI’s on-demand web programs qualify as “prerecorded” credit. Attorneys are limited to 6 credits of prerecorded programs per reporting period.

Kentucky:  PLI’s on-demand web programs qualify as “non-live” credit. Attorneys are limited to 6 non-live credits per reporting period.

Louisiana:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 4 credits of self-study per reporting period.

Maine:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 5.5 credits of self-study per reporting period.

Minnesota:  PLI’s on-demand web programs qualify as “on-demand” credit. Attorneys are limited to 15 on-demand credits per reporting period.

Mississippi:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Missouri:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 6 credits of self-study per reporting period.

Montana:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 5 credits of self-study per reporting period.

Nebraska:  PLI’s on-demand web programs qualify as “computer-based learning” credit. Attorneys are limited to 5 credits of computer-based learning per reporting period.

Nevada:  PLI’s on-demand web programs qualify as “self-study” credit. There is no limit to the number of credits an attorney can earn via self-study programs.

New Hampshire:  All PLI products can fulfill New Hampshire’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

New Jersey:  PLI’s on-demand web programs qualify as “alternative verifiable learning formats” credit. Attorneys are limited to 12 credits of alternative verifiable learning formats per reporting period.

New Mexico:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 4 credits of self-study per reporting period.

New York

Experienced Attorneys:  All PLI products can fulfill New York’s CLE requirements for experienced attorneys. There is no limit to the number of credits an attorney can earn via PLI products.

Newly Admitted Attorneys:  PLI’s transitional on-demand web programs can be used to fulfill the requirements for New York newly admitted attorneys. Only professional practice and law practice management credits may be earned via transitional on-demand web programs. Ethics and skills credits may not be earned via on-demand web programs.

North Carolina:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 6 credits of online programs per reporting period.

North Dakota:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 15 credits of self-study per reporting period.

Ohio:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Oklahoma:  PLI’s on-demand web programs qualify as “online, on-demand” credit. Attorneys are limited to 6 credits of online, on-demand programs per reporting period.

Oregon:  All PLI products can fulfill Oregon’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Pennsylvania:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 6 credits of distance learning per reporting period.

Puerto Rico:  All PLI products can fulfill Puerto Rico’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Rhode Island:  PLI’s on-demand web programs qualify as “video replay” credit. Attorneys are limited to 6 video replay credits per reporting period.

South Carolina:  PLI’s on-demand web programs qualify as “alternatively delivered” credit. Attorneys are limited to 6 credits of alternatively delivered programs per reporting period.

Tennessee:  PLI’s on-demand web programs qualify as “distance learning” credit. Attorneys are limited to 8 credits of distance learning per reporting period.

Texas:  All PLI products can fulfill Texas’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Utah:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 12 credits of self-study per reporting period.

Vermont:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 10 credits of self-study per reporting period.

Virgin Islands:  All PLI products can fulfill the Virgin Islands’ CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Virginia:  PLI’s on-demand web programs qualify as “pre-recorded” credit. Attorneys are limited to 8 credits of pre-recorded programs per reporting period.

Washington:  All PLI products can fulfill Washington’s CLE requirements. There is no limit to the number of credits an attorney can earn via PLI products.

West Virginia:  PLI’s on-demand web programs qualify as “online” credit. Attorneys are limited to 12 credits of online instruction per reporting period.

Wisconsin:  PLI’s on-demand web programs qualify as “repeated, on-demand” credit. Attorneys are limited to 15 credits of repeated, on-demand programs per reporting period. No ethics credits can be earned via on-demand web programs.

Wyoming:  PLI’s on-demand web programs qualify as “self-study” credit. Attorneys are limited to 6 credits of self-study per reporting period.


CPD Jurisdictions

British Columbia (CPD-BC):  PLI’s on-demand web programs are not eligible for CPD-BC credit unless viewed with at least one other attorney or an articled student. In this case, the credit must be recorded as a “study group.”

Ontario (CPD-ON):  PLI’s on-demand web programs qualify as “recorded” credit. If viewed without a colleague, attorneys are limited to 6 credits of recorded programs per year. If viewed with at least one colleague, there is no limit to the number of credits that can be earned via recorded programs.

Quebec (CPD-QC):  PLI’s on-demand web programs can fulfill Quebec’s CPD requirements.

Hong Kong (CPD-HK):  PLI’s on-demand web programs are not approved for CPD-HK credit.

United Kingdom (CPD-UK):  PLI’s on-demand web programs can fulfill the United Kingdom’s CPD requirements.

Australia (CPD-AUS):  PLI’s on-demand web programs may fulfill Australia’s CPD requirements. Credit limits for on-demand web programs vary according to jurisdiction. Please refer to your jurisdiction’s CPD information page for specifics.

Alberta (CPD-ALBERTA):  All PLI products can fulfill Alberta’s CPD requirements. There is no limit to the number of credits an attorney can earn via PLI products.

Dubai (CLPD-DUBAI):  PLI’s on-demand web programs may fulfill CLPD credit requirements.


Other Credit Types

CPE Credit (NASBA):  Select on-demand web programs qualify as the “QAS Self-Study” delivery method. Please check the Credit Information box on the right-hand side of this page to verify CPE credit availability.

IRS Continuing Education (IRS-CE):  PLI’s on-demand web programs may fulfill IRS-CE requirements. To request IRS-CE credit, please notify PLI at plicredits@pli.edu of your request and include your Preparer Tax Identification Number (PTIN).

Certified Fraud Examiner CPE:  PLI’s on-demand web programs may fulfill Certified Fraud Examiner CPE requirements. To request CPE credit or find out which programs offer CPE, please contact PLI at plicredits@pli.edu.

IAPP Continuing Privacy Credit (CPE):  PLI’s on-demand web programs may fulfill Privacy CPE credit requirements.

HR Recertification (HRCI):  PLI’s on-demand web programs may fulfill HR credit requirements.

SHRM Recertification (SHRM):  PLI’s on-demand web programs qualify as "self-paced" credit. SHRM professionals are limited to 30 credits of self-paced programs per recertification period.

Compliance Certification Board (CCB):  PLI’s on-demand web programs qualify as “self-study” credit. Candidates are limited to 10 self-study credits per 12-month period, and certification holders are limited to 20 self-study credits per 2-year renewal period.

Certified Anti-Money Laundering Specialists Certification (CAMS):  PLI’s on-demand web programs are not approved for CAMS credit.

New York State Social Worker Continuing Education (SW CPE):  PLI’s on-demand web programs are not approved for SW CPE credit.

American Bankers Association Professional Certification (ABA):  PLI’s on-demand web programs may fulfill ABA credit requirements.

Certified Financial Planners (CFP):  PLI’s on-demand web programs are not approved for CFP credit.

 

Share
Email

  • FOLLOW PLI:
  • twitter
  • LinkedIn
  • YouTube
  • RSS

All Contents Copyright © 1996-2018 Practising Law Institute. Continuing Legal Education since 1933.

© 2018 PLI PRACTISING LAW INSTITUTE. All rights reserved. The PLI logo is a service mark of PLI.