Training

• Training Overview
• Public Training
• In-House Training
• 1992 ISDA® Master Agreement
• 2002 ISDA® Master Agreement
• Collateral and the ISDA® Credit Support Annex under English Law
• ISDA® Master Agreement and Credit Support Documentation for Risk Officers
• Everything you need to know about the 2002 ISDA and CSA and were afraid to ask
• An Introduction to Repo Documentation (GMRA 2000)
• An Introduction to Repos and the GMRA 2011
• Securities Lending and the GMSLA 2000
• Securities Lending and the GMSLA 2010
• Legal and documentation aspects of credit derivatives
• An Introduction to the European Master Agreement
• Online Training

Training

Legal and documentation aspects of credit derivatives

 One day course

1. General Overview  

• History and evolution of the credit derivatives market
• Market Size
• Uses of credit derivatives.
• Types of credit derivatives  
• Risks associated with credit derivatives

2. Legal issues

• The insurance question.
• Gaming.
• Netting.
• Transferability.
• Confidentiality (publicly available information). 
• Selected causes celebres

3. Documentation – the 2003 ISDA® Credit Derivatives Definitions and July 2009 Supplement. 

• A Glossary of Terms.
• Credit Events.
• Reference Entity.
• Successor Provisions
• Obligation Categories and Characteristics
• Deliverable Obligation Categories and Characteristics
• Existence of a Credit Event (Publicly Available Information).
• Calculation Agent.
• Settlement Procedures after Credit Event 
  - Auction Settlement. 
  - Physical Settlement 
  - Cash Settlement
• Substitution of obligations.
• Novation Provisions and Novation Protocols

4. Guarantees and the May 2003 Supplement

5. Significant developments since 2003

• 2009 Credit Derivatives Determinations Committees, Auction Settlement and Restructuring Supplement (the "July 2009 Supplement")
• The global move to standard coupons
• Regulators’ initiative to move CDS on to clearing systems or exchanges.
• Rule on when credit protection starts.  
• 60 Business Day Cap on Settlement
• Standardisation of Scheduled Termination Dates
• 2005 Matrix Supplement and the Credit Derivatives Physical Settlement Matrix
• The “orphaning” problem
• ISDA® Work in Progress

6. Practical Exercise.

Training is charged at an agreed daily rate plus Value Added Tax.

ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc. The programme is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc.

Testimonials

Great service / Good Knowledge transfer

"The main idea when planning the seminar was to get legal advice on a special niche of the derivatives documentation business through legal training tailored exactly to the needs of our bank. This allowed us to cover all the topics needed in a one day seminar.

Everyone who joined the course very much enjoyed it and found it very helpful. The knowledge transfer was further ensured by the brilliant transcript which now helps us in our day to day work. The seminar was worth every penny and added real value. It is left for me to say, thank you for the great service, the good knowledge transfer and your willingness to step in our shoes to identify our problems and needs when preparing the seminar."

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