Course dates
| Dates |
Location |
Price |
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| 9 Nov 2012 |
Singapore, Singapore |
US$2,350.00 |
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Euromoney Training and this course are neither endorsed by nor affiliated with ISDA®
Since 1990, Euromoney Training, in association with Schuyler K Henderson, has organised this highly successful course on the legal concepts in derivatives and the documentation of derivatives transactions using the ISDA® Master Agreement.
'Legal Issues in Derivatives and Structured Notes, Prime Brokers and Central Counterparties' is a new module of 'Legal Derivatives School'. You can choose to attend the comprehensive course (recommended), or pick from the following modules:
Module 1: Swaps and Other Derivatives – Legal Issues and Documentation
5-6 November 2012
Module 2: Equity Derivatives and Credit Derivatives - Legal Issues and Documentation
7 November 2012
Module 3: Legal Issues in Derivatives Linked to Loans, Structured Notes and Structured Issuers
8 November 2012
Module 4: The Dodd-Frank Act, EU Derivatives Regulation and Central Counterparties
9 November 2012
Course overview
Swaps and derivatives have become more and more complex every year, and have come under close regulatory scrutiny. Products such as credit derivatives and equity derivatives and the use of derivatives in
financing structures pose particularly interesting and significant issues. New laws and regulations are changing the practices and conventions of the OTC derivatives market. The advanced modules of this course focus on these issues and are specifically designed for delegates who have mastered the basic issues but are facing the challenges of these new and complicated applications. As the range of users and applications of swaps and derivatives increase, so the legal and documentation problems become more difficult and require ever-more sophisticated techniques.
This 5-day School fully explains the legal aspects of swaps and derivatives and derivatives in structured
financing. You will gain a complete understanding of the key legal issues in swap documentation, and in particular the important problems of default, insolvency and enforcement.
Summary of course content
- Gain essential hands on experience of documenting swaps and other derivatives
- Perform intensive and objective analysis of 1992 and 2002 ISDA® master agreements, 2002 ISDA® equity derivatives definitions and 2003 credit derivatives definitions, and related master confirmations
- Protect your organisation against potential problem areas such as default, capacity, insolvency,
enforcement, regulation and tax
- Learn to structure agreement "fixes" to ISDA® agreements
- Understand the principles of derivatives in structured financings
- Learn about new credit derivative developments: Determination Committees, auctions and central counterparties
Who should attend this training course?
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In-house lawyers in banks and securities houses
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Bankers involved in complex financings using swaps and derivatives
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Senior documentation staff
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Compliance officers
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Lawyers in private practice
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Bankers who want to know more about legal issues
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Accountants who have to document and advise on swap transactions
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Lawyers with corporations and fund houses
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Lawyers working for corporations, governments and financial institutions
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Lawyers and accountants in private practice who advise clients on the above categories
ISDA® is a registered trademark of the International Swaps and Derivatives Association
Supporting publication
Module 4 - The Dodd-Frank Act, EU Derivatives Regulation and Central Counterparties
9 November
Description of derivatives
- Overview of the OTC derivatives markets
- Form: swap, option and forward
- Optionality
- Present value; marking-to-market, marking to model
- Dealers and end-users
- Hedge issues
- Standardization; liquidity
Principles of structured derivatives
- Tricks
- Indexed security
- Currency option built into loan
- Embedded derivatives: principal protected/unprotected
- Issuing vehicles: programme issuers and SPEs
Structured notes
- Reverse floaters: embedded swap
- Leverage
- Credit linked notes: embedded credit default swap
- Broad selections
- Inflation derivatives
- 2006 Inflation Derivatives Definitions
Case study workshop
- deconstructing complex notes
Common issues
- Calculation agent
- Prohibited transactions
- Hedging and self-dealing
- Disclosure
- Tax issues
- Programme issuers: note payments on an unanticipated early termination?
- Commonly overlooked exposures
Structured issuers
- SPE issues
- Credit supplied independent of originator
- Rating agency requirements
- Enron structures
- Monetized put and call: deferred sale of securities
- Hedge issues
- Transformer companies
- Repackaging: yield enhanced note based on asset swaps
- Clean, yield-enhanced note; complexity at issuer level
- Credit issues
Synthetic securitisation
- "Traditional" vs. synthetic securitisation – considerations
- Risk transfer mechanisms
- Credit loss determination
- Allocation of losses
- Documentation issues
Issues in relation to the ISDA® master agreement
- Rating agency requirements
- Termination close-out calculations: default or external illegality or tax
- Commonly overlooked issues
Suitability and misrepresentation
Transparency of pricing
Hedge risk
Liquidity
Bankers trust cases, Kwiatkowski, Caiola, Eternity, Korea Life
PERLS and Puglisi
PowTel and Peekay
Enron related lawsuits and administrative proceedings
Reputational issues
Structured notes: interface between retail and wholesale markets
This course is an objective and impartial analysis of ISDA® documentation.
Hilton Hotel Singapore, Singapore, Singapore
This programme takes place on a non-residential basis at Hilton Hotel Singapore. 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.
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Schuyler K Henderson
Schuyler K. Henderson is one of the leading International Financial Lawyers. Since 1977 he has been resident in London, during which time he has represented numerous international financial institutions in the full range of credit extensions, including syndicated lending, letter of credit and guarantee facilities, secured financings, shipping and aircraft financings, securities issuances and derivatives. He has been particularly active in the derivatives market, having acted for one of the participants in the first currency exchange agreement in1977. Since then he has been actively involved in the creation of innovative financial products on behalf of over fifty financial institutions, and is generally regarded as one of the leading derivatives lawyers. His practice has regularly included: developing new products; structuring, drafting and negotiating complex financings, including repackagings, credit-linked securities and tax or regulatory driven structured transactions; preparation of standard form ISDA documentation (including for use with specialised counterparties and confirmation templates for virtually all types of derivatives); supervision of backlog documentation; provision of regulatory, enforcement and tax advice in respect of over 30 jurisdictions; enforcement of derivatives documentation: representation of parties in disputes involving derivatives; and establishment of derivatives dealers in a number of jurisdictions. Schuyler is the author of numerous publications on financial topics, and is a member of the Editorial Advisory Board of Butterworths Journal of International Banking and Financial Law. He is a regular speaker and chairman at various conferences on international finance in many international financial centres. He is the author of Henderson on Derivatives (LexisNexis 2003).
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.
Course dates
| Dates |
Location |
Price |
Add dates to my diary |
Brochure |
Register |
| 9 Nov 2012 |
Singapore, Singapore |
US$2,350.00 |
Add dates |
|
Register now |