Course overview:
Euromoney Legal Training's newly designed "Finance Documentation: OTC Derivatives, Repo and Securities Lending" course provides an overview of the key types and essential aspects of finance documentation.
Participants will see parallels in the operative provisions, events of default, remedies and boilerplate issues between the different areas and documents.
They will leave the course confident in the knowledge they have gained and their effectiveness at dealing with potential issues which arise with finance documentation.
How this course will help you:
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The architecture, structure and types of finance documentation
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The fundamental building blocks found in all finance documentation
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All aspects of derivatives documentation issues
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An overview of the repo and securities lending markets and market standard documentation
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Guarantees and other credit support documentation
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Legal opinions and other standard document deliveries
Who should attend:
This course is designed to cater for the needs of professionals involved in finance documentation:
Day 1
Understanding derivative documentation issues
Overview of the OTC Derivatives Market
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OTC versus exchange traded derivatives
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Brief history of the OTC market
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Dealers, endusers and ISDA®
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Products and OTC Derivative Examples
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Standard documentation
Understanding the risks of OTC Derivatives (L-2)
Introduction to credit default swaps
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Overview
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Transaction structures
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ISDA® novation protocol
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“Big bang” protocol
Trade capture and confirmations
Close-out netting
Events of default and early termination payments under the ISDA® Master Agreement (L-5)
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Events of default and early termination
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Market quotation, loss and the closeout amount
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Set-off
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Automatic early termination
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Issues in Lehman insolvency
Day 2
Understanding derivative documentation issues (continued)
Key legal, business and credit terms in the ISDA® Master Agreement (L-6)
Understanding the ISDA® Credit Support Annex
Understanding guarantees
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Understanding guarantees
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Waivers, consents
- Enforceability concerns
Master Master Agreements (L-11)
Sovereign immunity and contractual currency issues
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Concerns
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ISDA® Clauses
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Supranationals
Illegality and impossibility
Derivatives and tax issues
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Withholding and other tax risks
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ISDA® tax gross-up mechanics
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Understanding payee tax reps
Special issues with hedge funds
Day 3
Introduction to repos and securities lending
Overview of the repo markets
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Purpose and uses of repos
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Classic repo transactions and structures
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US repo market
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International repo market
Risks of repo transactions
The Global Master Repurchase Agreement
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Structure
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Mechanics of calculations and margin maintenance
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Termination of repos
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Principal differences with New York Master Repurchase Agreement
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Annexes
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Changes and amendments to standard form
Tri-party Custodial Agreement
Overview of securities Lending
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Purpose of securities lending
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Comparison between securities lending and repos
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Classic securities lending transactions
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US and global securities lending market
Global Master Securities Lending Agreement
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Structure
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Mechanics of calculations and margin maintenance
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Termination
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Principal differences with New York form
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Annexes
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Changes and amendments to standard form
Current developments
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Christian Johnson
Christian Johnson has taught law courses on finance, derivatives and tax at Loyola Law School and the University Of Utah College Of Law for thirteen years. He has published 4 books and over 36 articles on these topics. Along with Paul Harding he is co-author to OTC derivatives and REPO documentation which have become standard texts in the area. Professor Johnson has spoken on finance and derivatives at such institutions as the International Monetary Fund, Osgoode Law School, the National University of Singapore, the Federal Reserve Bank of Chicago, the Federal Home Loan Bank System, the American Bar Association and the Futures Industry Association. Professor Johnson has also worked as a consultant on finance documentation for ABN AMRO, Wachovia Bank and several of the Federal Home Loan Banks and other large financial institutions and insurance companies. Prior to teaching at law school, Professor Johnson was an associate for Milbank, Tweed, Hadley & McCloy in New York and Mayer, Brown, Rowe & Maw in Chicago. Professor Johnson attended Columbia Law School and was the executive editor of the Columbia Law Review and a Harlan Fiske Stone Scholar.
Courses run by this instructor
Interested in holding this course in-house? Please fill out your details and a member of our team will be in touch with more information.
1-4 May 2012 (London, United Kingdom)
Swaps and other OTC derivatives are a vital tool in risk management, investment and structured financings, and are used by almost all major financial institutions, hedge funds, central banks and corporations. Swaps are legally complex and have been the cause of major litigation
and have figured prominently in the headlines during the recent financial crisis. This course will teach you effective documentation technique to protect all parties involved in the transactions.
11-12 Jun 2012 (London, United Kingdom)
Euromoney Legal Training has created this practical and essential introduction to English contact law. Regularly updated, the course will cover the main provisions of English contract law. If you are a non-UK lawyer or a non-lawyer, this really is a course you cannot afford to miss.
26-28 Sep 2012 (Copenhagen, Denmark)
Swaps and derivatives have become a vital tool in risk management and structured financings and are used by an ever-increasing number of banks, financial institutions, funds and corporations. This Euromoney Legal Training course will teach delegates how to properly document a transaction to protect all the parties involved.
14-16 May 2012 (London, United Kingdom)
This intensive three-day Euromoney Legal Training course is ideal for lawyers and others, who,
whilst not working directly in functions requiring a
detailed knowledge of finance, need to be familiar
with the overall concepts and language used in
financial analysis, credit transactions and other
corporate finance activities.
13-17 Feb 2012 (Cambridge University, United Kingdom)
The Euromoney Legal Training Winter School covers in five days a substantial range of topics including international borrowing & lending, capital markets, swaps & swap derivatives, project financing & asset securitisation. The Winter School focuses on the legal & contractual framework governing many international financial transactions.
30 Apr 2012 - 2 May 2012 (Paris, France)
Many international commercial agreements are subject to English law and often non-UK lawyers are faced with unfamiliar legal concepts and requirements. To overcome these hurdles and to help lawyers become truly international, Euromoney
Legal Training has created this practical and interactive training course.
19-31 Aug 2012 (Oxford, United Kingdom)
The University of Oxford is the oldest university in the English-speaking world. For almost a thousand years, students, academics, professionals and scholars from every background and walk of life have come together there to learn from the best and the brightest.
Euromoney Legal Training now offers you the unique opportunity to come together with your colleagues and peers to be part of The Ultimate Learning Experience, at one of the most prestigious academic institutions in the world. Set in the beautiful town of Oxford, affectionately known as ‘the city of dreaming spires’, the Summer School will take place at St. Catherine’s College, one of the thirty-eight colleges that make up the University of Oxford.
9-12 Jul 2012 (London, United Kingdom)
Many international commercial agreements are subject to English law. Often non-UK lawyers are faced with unfamiliar legal concepts and requirements. To overcome these hurdles and help lawyers become truly international, Euromoney Legal Training has created this practical and interactive training course.
9-13 Jul 2012 (London, United Kingdom)
Swaps and other OTC derivatives have grown both in volume and in complexity over the years. They provide flexible, effective and valuable tools for risk management and investment. On the other hand, they were blamed by some for the recent financial crisis largely due to their role in structured financings. Swaps are legally complex, a fact that frequently leads to litigation. To protect all parties involved, transactions must be properly documented
7-8 Jun 2012 (London, United Kingdom)
This Euromoney Legal Training course, designed in association with Louse Forrester, will help in-house lawyers in financial institutions establish an effective framework for managing and leading the department together with managing the relationship with the rest of the business and external counsel.
9-13 Jul 2012 (London, United Kingdom)
At this school Dr Ken Mildwaters, an acknowledged international expert with a wealth of experience in helping clients to formulate successful and effective business partnerships, will discuss with participants why parties come together in a cooperative endeavour to undertake a phase of a project, the legal forms they might use in so doing, the relationships created by the forms and the principle legal and commercial issues that affect those relationships.
15-16 Mar 2012 (London, United Kingdom)
10-11 Sep 2012 (London, United Kingdom)
This Euromoney Legal Training course reviews specific issues that typically arise when you negotiate or enforce a commercial contract. We look at representations and warranties, indemnities, clauses to limit liability, clauses to manage delay or default in performance, and clauses needed in international agreements.
13-14 Mar 2012 (London, United Kingdom)
6-7 Sep 2012 (London, United Kingdom)
This highly interactive Euromoney Legal Training course is designed to give today's lawyer the drafting and writing techniques needed to operate effectively in today's competitive markets. It examines in detail competent writing in all forms of business communication and at all stages of drafting, negotiating and enforcing contracts.
13-14 Jun 2012 (London, United Kingdom)
Mastering commercial contract negotiations accross cultures and languages
26-27 Apr 2012 (London, United Kingdom)
A practical & legal guide to tackling financial crime for companies and global financial institutions
15-17 Jul 2012 (Dubai, United Arab Emirates)
This intensive three-day Euromoney Legal Training course is ideal for lawyers and others, who, whilst not working directly in functions requiring a detailed knowledge of finance, need to be familiar with the overall concepts and language used in financial analysis, credit transactions and other corporate finance activities.
27-28 Feb 2012 (Paris, France)
Negotiation and Documentation
13-15 May 2012 (Dubai, United Arab Emirates)
13-16 May 2012 (Dubai, United Arab Emirates)
A 3-4 day intensive and practical school is the perfect introduction or refresher on English Contract Law.
This course has now expired please email us to find out when the course will next be running.