12-Hour Program

See Credit Details Below

Overview

Advanced Swaps & Other Derivatives 2022

What You Will Learn

After completing this program, participants will be able to:

  • Recall views from industry thought leaders on the state of the derivatives markets: problems, opportunities, likely regulatory priorities 
  • Better understand the comprehensive analysis of the current regulatory framework for OTC derivatives:

o   What is the status of clearing and trading requirements?

o   What are the reporting requirements?

o    How is fintech developing and affecting the swaps markets?   

o    What are the major CFTC changes affecting reporting and conduct rules? 

o    Implementation of security-based swap dealer registration, substituted compliance, and security-based swap transaction reporting 

o   When must swap market participants be registered as futures commission merchants?

o   How have banks and their affiliates been affected by limitations on derivatives and proprietary trading activities?

o   CFTC and SEC requirements for margin on uncleared swaps, capital requirements, effects on liquidity

o   What developments have been occurring in the CPO/CTA (funds) space?  

o   What changes have been made to existing insolvency law or are being considered? What is the Resolution Stay Protocol?

o   How are the amended federal commodity and securities laws affecting brokers, advisors and funds transacting in OTC derivatives?

  • Structure and implement OTC derivatives transactions 
  • List developments in the swap activities of banks and Volcker developments  
  • Describe the NFA and CFTC intermediary coverage and coordination and their current priorities
  • Recall tax and accounting developments applicable to derivatives
  • Discuss professional responsibility and its relationship to derivatives
  • Restate enforcement trends and litigation developments 

Program Level: Advanced

Prerequisites: Experience with, and knowledge of, swaps and derivatives. 

Advanced Prep: None



Lecture Topics [Total time 00:12:45]

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


  • Opening Remarks* [00:03:34]
    Gary Barnett, Joshua D. Cohn
  • Swaps Market Overview [01:04:55]
    Gary Barnett, Joshua D. Cohn, Scott D. O’Malia, Scott Parsons
  • Clearing; Margin for Cleared Transactions; Client Money Segregation; Default Management; End-User Perspectives [00:59:17]
    Gary Barnett, Geoffrey B. Goldman, Robert Wasserman, Kathryn M. Trkla
  • Swap Execution Methods, SEFs, Give-up and Reporting [01:00:12]
    Joshua D. Cohn, Debra W. Cook, Kathryn M. Trkla, Peter Y. Malyshev
  • Fintech in the Swaps Markets [01:00:04]
    Wenchi Hu, Neelanjan Maitra, Scott Walker, Philip W. Raimondi, Megan O’Flynn
  • Swap Dealers and Security-Based Swap Dealers, Major Swap Participants and Major Security-Based Swap Participants: Who Are They and How Are They Regulated? Reporting, Business Conduct Rules, Capital [01:27:59]
    Gary Barnett, Joshua Beale, Carol McGee, Colin D.. Lloyd, Randall W. Roy
  • Regulation of Other Swap Market Participants: Funds, CPOs/CTAs [00:59:59]
    Rita M. Molesworth, Mary McHenry, Elizabeth Groover
  • Structured OTC Derivative Transactions- Key Negotiation Points [00:56:57]
    Gary Barnett, David G. Lucking, Don J. Macbean, John S. Servidio
  • Crypto Derivatives [01:01:05]
    Gary Barnett, Gabriel D. Rosenberg, Joyce Sophia Xu, Ryne V. Miller
  • Regulation of Other Swap Market Participants: The Swap Activities of Banks (continued) [01:01:10]
    Gary Barnett, Duncan Hennes, Jr., Fern B. Simmons, Gabriel D. Rosenberg, Dale Spoljaric
  • Derivatives Taxation [00:59:50]
    Mark H. Leeds, Matthew A. Stevens
  • Derivatives and Professional Responsibility: The Ethics of Negotiation [01:01:30]
    Noah D. Fiedler, Elizabeth T. Simon
  • Enforcement Trends, Litigation, Insolvency and Resolution Authority: Safe Harbors; Orderly Liquidation [00:57:56]
    Joshua D. Cohn, Curtis A. Doty, Locke R. McMurray, Charles R. Mills

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


  • Complete Course Handbook
  • U.S. Securities and Exchange Commission, The Regulatory Regime for Security-Based Swaps
    Gary Barnett,Joshua D. Cohn
  • U.S. Securities and Exchange Commission, Security-Based Swap Markets (February 5, 2020)
    Gary Barnett,Joshua D. Cohn
  • U.S. Securities and Exchange Commission, Exchange Act Substituted Compliance Applications for Security-Based Swap Markets (August 20, 2021)
    Gary Barnett,Joshua D. Cohn
  • U.S. Commodity Futures Trading Commission, FINRA Rule 0180. Application of Rules to Security-Based Swaps (February 6, 2022)
    Gary Barnett,Joshua D. Cohn
  • CEA Framework for Regulating Derivatives Clearing and Recent Developments (August 12, 2022)
    Kathryn M. Trkla
  • Swap Execution Requirements (August 15, 2022)
    Kathryn M. Trkla
  • International Swaps and Derivatives Association, IQ: ISDA Quarterly Magazine, Firm Foundations, Vol. 7, Issue 1 (April 2022)
    Megan R. O’Flynn
  • International Swaps and Derivatives Association, ISDA Future Leaders in Derivatives, The Future of Derivatives Markets: A Roadmap for Innovation (May 2022)
    Megan R. O’Flynn
  • Crypto Custody—Questions, Concerns, Prospects
    Neelanjan Maitra,Scott Walker
  • Review of Certain SEC Proposed Rules Relating to Security-Based Swaps (August 2, 2022)
    Colin D. Lloyd
  • Rita M. Molesworth and Gabriel Acri, Willkie Farr & Gallagher LLP, Recent Regulatory Developments (August 9, 2022)
    Rita M. Molesworth
  • David Benton and David G. Lucking, Allen & Overy LLP, The New 2014 ISDA Credit Derivatives Definitions (February 21, 2014)
    David G. Lucking
  • FTX Policy Blog, FTX’s Key Principles for Market Regulation of Crypto-Trading Platforms (December 3, 2021)
    Ryne V. Miller
  • Munib Ali, DJ Hennes, Maximilian Adolph and Michelle Latman, Promontory Financial Group, an IBM Company, Promontory Currents, Security-Based Swap Dealer Regime: Post Registration Considerations (November 9, 2021)
    DJ Hennes
  • Digital Businesses and Analog Dilemmas: The US Tax Deductibility of Expenses Incurred by Web-Based Startups (June 16, 2022)
    Mark H. Leeds
  • Lawyers or Liars: The Ethics of Negotiation (August 1, 2022)
    Craig D. Singer,Noah D. Fiedler
  • Jones Day, Insights Commentary, Derivatives Markets under Sanction and Pandemic Pressure: How to Respond (June 2022)
    Locke R. McMurray
  • Charles R. Mills and Jill Leslie, Bracewell LLP, CFTC Enforcement FY 2022: Swaps Market Actions and Settlements (August 12, 2022)
    Charles R. Mills

Presentation Material


  • Demographic Polling
    Gary Barnett, Joshua D. Cohn
  • UPDATE ON ISDA’S REGULATORY PRIORITIES
    Scott D. O’Malia
  • PLI Market Overview
    Scott Parsons
  • Clearing; Margin for Cleared Transactions; Client Money Segregation; Default Management; End-User Perspectives
    Gary Barnett
  • Derivatives Clearing: Clearing Basics, Clearing Regulation
    Geoffrey B. Goldman
  • Swap Execution Methods, SEFs, Give-up and Reporting
    Joshua D. Cohn
  • Swap Dealers and Security-Based Swap Dealers, Major Swap Participants and Major Security-Based Swap Participants: Who Are They and How Are They Regulated? Reporting, Business Conduct Rules, Capitall
    Gary Barnett
  • Regulation of Other Swap Market Participants: Funds, CPOs/CTAs
    Elizabeth Groover, Mary McHenry, Rita M. Molesworth
  • Documentation for Loan-linked Derivatives
    Don J. Macbean
  • Structured OTC Derivatives: Key Negotiation Points
    John S. Servidio
  • Structured OTC Derivative Transactions - Credit Derivatives
    David G. Lucking
  • Crypto Derivatives
    Gary Barnett
  • Introduction to the Volcker Rule’s Proprietary Trading Restrictions
    Gabriel D. Rosenberg
  • Regulation of Other Swap Market Participants: The Swap Activities of Banks (continued)
    Gary Barnett
  • Derivatives Taxation – Current Developments for Financial Institutions
    Mark H. Leeds, Matthew A. Stevens
  • Lawyers or Liars?: Ethics in Negotiation
    Noah D. Fiedler, Elizabeth T. Simon
  • DERIVATIVES LITIGATION UPDATE
    Locke R. McMurray
  • Financial Institution Insolvency Regimes, Netting and the Derivatives Safe Harbors
    Curtis A. Doty

Why You Should Attend

The Dodd-Frank Act established a novel, comprehensive framework for the regulation of over-the-counter (OTC) derivatives and the market participants who transact in these products.  That regulatory framework, split primarily between the SEC and CFTC, has been substantially implemented by the CFTC, and security-based swap dealers and major security-based swap participants are now subject to registration and regulation by the SEC and security-based swaps will begin to be reported to trade repositories in November 2021.

The regulatory regime touches the activities of all participants in the swaps markets, from end-users to major swap participants to swap dealers.  The regulations also affect a broad range of market facilities from clearinghouses to exchanges, to newly conceived swap execution facilities and swap data repositories, and other regulatory initiatives that are also reshaping the market.

The Dodd-Frank Act imposes registration requirements, mandatory clearing and trading requirements, margin requirements, capital and business conduct standards, and transaction and position reporting, as well as limitations on swap positions.

The legislation also established limitations on the scope of derivatives and proprietary trading activities that may be conducted by certain financial institutions.

At this program, our distinguished faculty will provide a comprehensive overview of the evolving regulatory framework for OTC derivatives and derivatives market participants, and explain how the regulatory framework affects these products, the structure of the market for these products and market participants.  The program will also cover documentation issues, and recent developments in tax, accounting and litigation related to OTC derivatives, as well as professional responsibility issues associated with derivatives.

What You Will Learn

After completing this program, participants will be able to:

  • Recall views from industry thought leaders on the state of the derivatives markets: problems, opportunities, likely regulatory priorities 
  • Better understand the comprehensive analysis of the current regulatory framework for OTC derivatives:

o   What is the status of clearing and trading requirements?

o   What are the reporting requirements?

o    How is fintech developing and affecting the swaps markets?   

o    What are the major CFTC changes affecting reporting and conduct rules? 

o    Implementation of security-based swap dealer registration, substituted compliance, and security-based swap transaction reporting 

o   When must swap market participants be registered as futures commission merchants?

o   How have banks and their affiliates been affected by limitations on derivatives and proprietary trading activities?

o   CFTC and SEC requirements for margin on uncleared swaps, capital requirements, effects on liquidity

o   What developments have been occurring in the CPO/CTA (funds) space?  

o   What changes have been made to existing insolvency law or are being considered? What is the Resolution Stay Protocol?

o   How are the amended federal commodity and securities laws affecting brokers, advisors and funds transacting in OTC derivatives?

  • Structure and implement OTC derivatives transactions 
  • List developments in the swap activities of banks and Volcker developments  
  • Describe the NFA and CFTC intermediary coverage and coordination and their current priorities
  • Recall tax and accounting developments applicable to derivatives
  • Discuss professional responsibility and its relationship to derivatives
  • Restate enforcement trends and litigation developments 

Who Should Attend

This program is intended for experienced outside counsel, in-house attorneys, government lawyers, documentation managers, compliance officers, bankers, corporate and other end-users of swaps, and others involved in advanced structuring, negotiating and executing swap agreements and other derivative products. Counsel to derivatives market facilities and others involved in structuring, negotiating and executing swap agreements and other derivative products will also benefit from attending this program.

Program Level: Advanced

Prerequisites: Experience with, and knowledge of, swaps and derivatives. 

Advanced Prep: None

Credit Details