Repo and Securities Lending: Negotiation and Documentation of New York and English Law Documentation - New York City - Legal - Gen. Legal/Finance

Dates	Location	Price	Add dates to my diary	Brochure	Register
6-8 Aug 2012	New York, United States	US$4,235.00	Add dates	Download	Register now

This 3 day course will cover:

Analysis and discussion of the Global Master Repurchase Agreement and the New York Master Repurchase Agreement
Triparty Repo
Risks of Repo and Securities Lending
Analysis and discussion of the Global Master Securities Lending Agreement and the New York Master Securities Loan Agreement
Accounting for Repo and Securities Lending
Analysis of the Cross Product Master Agreement
Sovereign Immunity, Contractual Currency and Other Key Issues

ISDA® is a registered trade mark of the International Swaps and Derivatives Association.
Euromoney Legal Training and this course are neither endorsed by, nor affiliated with, ISDA®.

Day 1

Introduction and overview of repo

– The mechanics of repo

– Principle uses

– Terminology

– Valuation, initial margin, margin maintenance, substitution and custody

– Legal vs economic character

– Comparison with secured borrowing and securities lending

Risks of Repos

- Counterparty Risk

- Legal Risk

- Operational Risk

- Systemic Risk

Case Study - Lehman's Repo 105s

Confirming Repos

- Key terms

- Confirmation process

- role of automation & custodians

Global Master Repurchase Agreement

- Structure of the GMRA

- Operative Terms

- Events of Default

- Netting and GMRA

- Annexes

Case Study - Review of Schedules and Annexes

Day 2

Understanding the Master Repurchase Agreement (New York law)

- Comparison with the GMRA

- Operative Terms

- Events of Default and Close Out

- Annexes

Case Study – Review of Schedules and Annexes

U.S. Bankruptcy and Insolvency Concerns with Repos

Tri-party repo

– Origins of tri-party

– How tri-party repo works

– Tri-party services

– Advantages of tri-party

– Problems with tri-party

Negotiating the Tri-Party Repo Agreements

- BONY versus Chase Agreement

- Key Terms

Introduction and overview of Securities Lending

– The mechanics of Securities Lending

– Principle uses

– Terminology

– Valuation, initial margin, margin maintenance, substitution and custody

Unique Risks of Securities Lending

- Counterparty Risk

- Legal Risk

- Operational Risk

- Systemic Risk

Case Study - AIG's Losses on Securities Lending

Confirming Securities Lending Transactions

- Key terms

- Confirmation process

- role of automation & custodians

Global Master Securities Lending Agreement

- Structure of the GMSLA

- Operative Terms

- Margining - cash versus non-cash collateral

- Events of Default

- Netting and GMSLA

- Mini Close-out

Day 3

Understanding the Master Securities Loan Agreement (New York law)

- Comparison with the GMSLA

- Operative Terms

- Events of Default and Close Out

Case Study – Review of Annexes and Schedules

Tri-party Arrangements

– Origins of tri-party

– How tri-party works

– Tri-party services

– Advantages of tri-party

– Problems with tri-party

Cross Product Master Agreement

- Purpose and Development

- Use with Repo and Securities Lending

- Cross Affiliate Version

- Key Issues

Legal Opinions

- Key Issues in Legal Opinion

- Special Repo and Securities Lending Concerns

Other Issues

- Sovereign Immunity

- Contractual Currency

- Impossibility

- Governing Law

New York Hotel, New York, United States

This program takes place on a non-residential basis at a New York hotel. Non-residential course fees include training facilities, documentation, lunches and refreshments for the duration of the programme. Delegates are responsible for arranging their own accommodation, however, a list of convenient hotels (many at specially negotiated rates) is available upon registration.

As with all Euromoney Training programmes on-site administrators are with you throughout the programme to ensure smooth administration and group interaction.

Christian Johnson

Christian 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.

He has been teaching law courses on finance, derivatives and tax at Loyola Law School and the University Of Utah College Of Law for 15 years. He has published four books (three co-authored with Paul Harding) and over 36 articles on these topics. His four books on OTC derivatives, securities lending and Repo documentation have become standard texts in the area. He 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.

Prior to teaching at law school, he was an associate for Milbank, Tweed, Hadley & McCloy in New York and Mayer, Brown, Rowe & Maw in Chicago.

Christian attended Columbia Law School and was the executive editor of the Columbia Law Review and a Harlan Fiske Stone Scholar. Prior to law school, he received his BA and Masters in Accounting from the University of Utah and was qualified as a C.P.A. with Pricewaterhouse.

Courses run by this instructor
- OTC Derivatives: Managing Regulatory Reforms and Legal Risk- New York City

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Repo and Securities Lending: Negotiation and Documentation of New York and English Law Documentation - New York City
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Course Instructor: Christian Johnson