ISDA DOCUMENTATION This course is presented in London on: 23 October 2017, 20 April 2018, 31 October 2018
|
|
- Corey Hensley
- 6 years ago
- Views:
Transcription
1 ISDA DOCUMENTATION This course is presented in London on: 23 October 2017, 20 April 2018, 31 October 2018 The Banking and Corporate Finance Training Specialist
2 Course Overview This ISDA Documentation course covers pertinent issues related to the drafting, negotiating and understanding of the ISDA Documentation. This course is relevant for: 1. Lawyers both in private practice and in-house, 2. Traders, Bankers and Structurers involved in transactions involving swaps, CDSs, options, swaptions etc., 3. Operations Course teams Overview involved with swaps, EMIR reporting etc., 4. ISDA documentation teams who typically draft and negotiate ISDA trades, and 5. Accountants who advise clients on swap transactions. The first part of this course sets the scene by giving an introduction to derivatives and the various types of derivative products in the market showing the potential of the use of derivatives in a wide range of product sectors. The second part of the course we go through the ISDA documentation framework. Here a detailed clause by clause analysis will be undertaken of the ISDA Master Agreement followed by a comparison analysis between the 1992 and the 2002 ISDA Master Agreements. We will undertake a detailed analysis of the ISDA Schedule including any EMIR Regulation related language. We will then discuss the CSA, the Financial Collateral Regulations relating to the CSA specifically and the ancillary ISDA documentation. We will then go through in detail the settlement netting and close-out netting and the calculations involved including how swaps are valued. We will cover off the Events of Default and Termination Events operative provisions, procedural timelines and checklists outlining the notice requirements, legal, commercial and operational points to tick off the list. We then cover off some case law and amendments to the ISDA Master Agreement. The third and final part of the course will be an Interactive Group Case Study involving the documenting an ISDA Schedule and key issues to consider. COPIES OF THE 2002 ISDA MASTER AGREEMENT AND THE ACCOMPANYING ISDA SCHEDULE WILL BE PROVIDED TO ALL PARTICIPANTS AS PART OF THIS COURSE. Course Content Introduction: Derivatives overview What are derivatives? Legal definition Types of risks hedged Over the counter (OTC) vs Exchange traded Types of derivatives Swaps Options Forwards and Futures Equity derivatives Credit derivatives Swaption Total Return Swaps Property derivatives Synthetic
3 ISDA Documentation Introduction The ISDA Architecture of the ISDA documentation 1992 multi-currency cross-border version 1992 local currency single jurisdiction version 2002 version Summary of the ISDA documents and protocols ISDA Master Agreement Detailed clause by clause review (2002) Single Agreement Cherry picking Netting legal opinions Governing law on insolvency Conditions Precedent Withholding tax Representations Undertakings Events of Default Termination Events Early Termination Transfer Multi-branch Parties Waiver of immunity Arbitration clauses Comparison of ISDA 2002 and 1992 Master Agreements Events of default provisions Grace periods Scope of the credit support default Breach of agreement Specified Transactions Cross default provisions Merger without assumption Termination Events Scope of Illegality Force Majeure Grace periods Tax event upon merger Methodology of calculating payments on early termination First Method Second Method Market Quotation Loss Set-off Unpaid amounts Close-out amount Schedule to ISDA Master Agreement Parts 1 to 5 Negotiating points EMIR related amendments Relevant EMIR Protocols: 2013 EMIR Non-Financial Counterparty Representation 2013 Reporting Protocol
4 2013 EMIR Portfolio Reconciliation, Dispute Resolution and Disclosure Protocol Adherence Letters Suggested EMIR Related Amendments ISDA Confirmation Process on how trades are done EMIR reporting 2013 EMIR Reporting Protocol Grey area ISDA Definitions ISDA Protocols ISDA Credit Support Annexes and Credit Support Deeds Legal opinions English law deeds and annexes New York law annexes 1995 ISDA Credit Support Annex Close-out netting Valuation agent Eligible Credit Support Haircuts and Valuation Percentages Financial Collateral Regulations Title transfer Ring fencing Close-out netting on insolvency Netting and Valuation Settlement Netting Close-out Netting Calculations Mark to market valuations How Swaps are Valued Events of Default and Termination Events Step to follow on Early Termination Conditions Precedent Timeline summary of process Checklists Contractual terms breach Events of Default and Termination Events Legal, commercial and operational considerations Early Termination Procedures Case law Counterparty issues Hammersmith & Fulham Credit Suisse International v Stichting Vestia Groep Section 2(a)(iii) Lomas and others v JFB Firth Rixson Inc. and others ISDA Amendment GROUP CASE STUDY: Participants to work in small groups to draft and negotiate with another group a first draft of the ISDA Schedule to the 2002 ISDA Master Agreement in accordance with the client instructions provided in the case study pack
5 09:30-17:00 London Standard Price: 750+VAT Membership Price: VAT Delivering this course in-house for you to a number of participants could be very cost effective. enquiries@redcliffetraining.co.uk +44 (0)
ISDA Master Agreement Documentation This course is presented in London on: 20 April 2018, 31 October 2018
ISDA Master Agreement Documentation This course is presented in London on: 20 April 2018, 31 October 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants will: Be introduced
More informationNegotiating the ISDA Master Agreement
Negotiating the ISDA Master Agreement Mastering an ISDA Master Agreement This course is presented in London on: 12 February 2019, 24 September 2019 If you have 5 or more participants, it may be cost effective
More informationDerivatives and ISDA. This course is presented in London on: 22 March 2018, 10 October The Banking and Corporate Finance Training Specialist
Derivatives and ISDA This course is presented in London on: 22 March 2018, 10 October 2018 The Banking and Corporate Finance Training Specialist Course Objectives Participants will: Get an overview of
More informationISDA DOCUMENTATION. The Banking and Corporate Finance Training Specialist
ISDA DOCUMENTATION This course is presented in London on: 10 October 2018 This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training
More informationDerivatives and ISDA Documentation
Derivatives and ISDA Documentation Learn About ISDA Documentation with ISDA Definitions This course is presented in London on: 11 Februrary 2019, 23 September 2019 If you have 5 or more participants it
More informationDerivatives and ISDA Documentation
Derivatives and ISDA Documentation This course is presented in London on: 10 October 2018, 11 Februrary 2019, 28 September 2019 This course can also be presented in-house for your company or via live on-line
More informationVOLUME 1. Events of Default and Termination Events
Table of Contents VOLUME 1 About the Author... vii Table of Chapters...ix Acknowledgments... xxv Frequently Used Terms...xxvii Chapter 1 Introduction 1:1 In General... 1-1 1:2 What Is a Derivative?...
More informationHow to negotiate an ISDA. March 2016
How to negotiate an ISDA March 2016 Single Agreement Master agreement Schedule Credit support document Confirmation 2 What does single agreement mean? All transactions entered into on the basis of a single
More informationTable of Contents 1. INTRODUCTION TO THIS TEXT AND TO DERIVATIVE PRODUCTS
Table of Contents 1. INTRODUCTION TO THIS TEXT AND TO DERIVATIVE PRODUCTS 1.1 Introduction to this Text... 1-2 1.2 General Definition and Features... 1-3 1.3 The Building Blocks: Forwards and Options...
More informationInformation Statement in accordance with Article 15 of the Securities Financing Transactions Regulation
Information Statement in accordance with Article 15 of the Securities Financing Transactions Regulation This Information Statement is provided for information purposes only and does not amend or supersede
More informationContractual Risk Management for Trading across Europe
Contractual Risk Management for Trading across Europe Jan Haizmann EFET Secretary, Legal Committee Warsaw, 21 st October 2005 Why having a Standard Contract? Can be used in multiple markets Many companies
More informationSEMINAR ON EMIR - DACSI. Director Legal Kempen & Co N.V.
SEMINAR ON EMIR - DACSI Nicole Batist Director Legal N.V. IMPACT OF EMIR ON CUSTOMERS IN GENERAL: Operational Risk ICT Costs Legal Documentation 1 TYPICAL OTC DERIVATIVES DOCUMENTATION Credit Support Annex
More informationIntroduction to the ISDA/IIFM Tahawwut Master Agreement. Tariq Zafar Rasheed
Introduction to the ISDA/IIFM Tahawwut Master Agreement Tariq Zafar Rasheed Overview Background to the ISDA/IIFM Tahawwut Master Agreement (TMA) Shari ah Principles TMA Documentation Architecture Example
More informationEMIR Margin Rules for Uncleared OTC Derivatives Implementation and Proposed Implementation
Appendix 1 EMIR Margin Rules for Uncleared OTC Derivatives Implementation and Proposed Implementation Date EMIR Margin Rules for Uncleared OTC Derivatives Implementation and Proposed Implementation 15
More informationRepo s and Securities Lending
Repo s and Securities Lending This course is presented in London on: 14 September The Banking and Corporate Finance Training Specialist Course Overview This Repo and Securities Lending course provides
More informationRepo and Securities Lending This course can also be presented in-house for your company or via live on-line webinar
Repo and Securities Lending This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist Course Overview This Repo and Securities
More informationLegal Derivatives School
IN HOUSE Legal Derivatives School An intensive modular training course Euromoney Legal Training and this course are neither endorsed by nor affiliated with ISDA Directed by leading International Financial
More informationRepo and Securities Lending: The GMRA and GMSLA Provisions
Repo and Securities Lending: The GMRA and GMSLA Provisions This in-house course can also be presented face to face in-house or via live inhouse webinar for your company The Banking and Corporate Finance
More informationBrexit CCP Location and Legal Uncertainty
August 2017 Brexit CCP Location and Legal Uncertainty The UK s withdrawal from the European Union (EU), set for March 2019, is now little more than 18 months away. Negotiations between the UK government
More informationCounterparty Credit Risk
Counterparty Credit Risk Alex Yang FinPricing http://www.finpricing.com Summary Counterparty Credit Risk Definition Counterparty Credit Risk Measures Close Out Master Agreement CSA Agreement Final Credit
More informationPractical guidance at Lexis Practice Advisor
Lexis Practice Advisor offers beginning-to-end practical guidance to support attorneys work in specific transactional practice areas. Grounded in the real-world experience of expert practitioner-authors,
More informationDrafting Commercial Contracts
Drafting Commercial Contracts Sample Clauses, Drafting Workshops, Pointers to Drafting and Checklists This course can also be presented in-house for your company or via live on-line webinar The Banking
More information10 January ISDA Australian Risk Mitigation Agreement FAQs
10 January 2018 ISDA Australian Risk Mitigation Agreement FAQs ISDA has prepared this list of frequently asked questions to assist in your consideration of the Agreement relating to APRA Risk Mitigation
More informationDebt Restructuring. A one day course for lawyers. This course is presented in London on: 3 April 2017, 15 September 2017
Debt Restructuring A one day course for lawyers This course is presented in London on: 3 April 2017, 15 September 2017 The Banking and Corporate Finance Training Specialist Course Overview In an increasingly
More informationEurozone Contingency Planning Update Refreshed as of February 20, 2015
Eurozone Contingency Planning Update Refreshed as of February 20, 2015 Back in 2012 ISDA worked with its counsel and a small discussion group of members to understand the implications for OTC derivatives
More informationMemorandum. Independent Amount Segregation: Summary of ISDA s Sample Tri-Party IA Provisions
Memorandum Independent Amount Segregation: Summary of ISDA s Sample Tri-Party IA Provisions The International Swaps and Derivatives Association Inc. ( ISDA ) has published the following documents in order
More informationEFET-TOE Joint Workshop Warsaw, 13 th May Petra Hirsch Director and Counsel
EFET-TOE Joint Workshop Warsaw, 13 th May 2014 European Federation of Energy Traders Petra Hirsch Director and Counsel Citigroup Global Markets Limited petra.hirsch@citi.com EFET Gas Master Agreement An
More informationEU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip
EU margin requirements for non-cleared derivatives: What do hedge fund managers need to know? Adam Jacobs-Dean Lucian Firth Allan Yip 20 September 2016 Adam Jacobs-Dean Global Head of Markets Regulation
More informationSecuritisation & Structured Products: Upcoming Regulatory Changes
Securitisation & Structured Products: Upcoming Regulatory Changes This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist
More informationUser s Guide to the 1992 ISDA Master Agreements
User s Guide to the 1992 ISDA Master Agreements 1993 EDITION ISDA INTERNATIONAL SWAP DEALERS ASSOCIATION, INC. Copyright 1993 by INTERNATIONAL SWAP DEALERS ASSOCIATION, INC. 1270 Avenue of the Americas,
More informationAMENDMENT CREDIT SUPPORT ANNEX
Supplementary Exhibit NY-SUPP 2 NEW This Supplementary Exhibit to the ISDA 2016 Variation Margin Protocol is applicable if the Agreed Method is New CSA Method and the CSA Type is NY CSA. International
More informationCollateral management: the changing documentation landscape
Collateral management: the changing documentation landscape Guy Usher, Partner, Derivatives and Structured Finance email: guy.usher@ffw.com Tel: +44 (20)7861 4209 7 th Annual Optimising OTC Derivatives
More informationDerivatives Consulting
Derivatives Consulting Group Part of The DCG quick reference guide to credit event terminology DCG Subject Matter experts Boston Ed Dragon edragon@sapient.com +1.617.963.1576 India Prakash Kini pkini@sapient.com
More informationStructured Products & Securitisation
Structured Products & Securitisation The Upcoming Regulatory Changes This in-house course can be presented in-house either on your premises or via live webinar for a group of 5 or more participants. Trusted
More informationThe ISDA Schedule and Credit Support Annex
The ISDA Schedule and Credit Support Annex The ISDA Schedule and Credit Support Annex Introduction The International Swaps and Derivatives Association (ISDA) has developed a a standard suite of documents,
More informationSwap Management Policy. for the. Government of Canada
Swap Management Policy for the Government of Canada Table of Contents 1. Purpose of the Policy...1 2. Purpose of the Swap Program...1 3. Governance...1 4. Documentation...1 5. Permitted Instruments...2
More informationAMENDMENT CREDIT SUPPORT ANNEX
Supplementary Exhibit NY-SUPP 2 AMEND Amend Method for CSA (NY Law) or Replicate-and-Amend Method for CSA (NY Law) This Supplementary Exhibit to the ISDA 2016 Variation Margin Protocol is applicable if
More informationEMIR FAQ 1. WHAT IS EMIR?
EMIR FAQ The following information has been compiled for the purposes of providing an overview of EMIR and is not legal advice. The information is only accurate at date of publication and is subject to
More informationThis letter is in response to your request of 25 July 2014 for additional information regarding determination of the source of FX hedging gains.
File Name: 2014/30 2 September 2014 Australian Taxation Office GPO Box 9977 Adelaide SA 5001 Attention: Mr. Andrew Fort Email: andrew.fort@ato.gov.au Dear Andrew, RE: Draft Taxation Ruling TR 2014/D2 request
More informationCampbell Johnston Clark
Campbell Johnston Clark 30 June 2018 Memorandum To: Peter Werner, International Swaps and Derivatives Association, Inc. From: Alastair MacAulay Email: Alastair@cjclaw.com Telephone: +44 207 855 9669 Re:
More informationRESOLUTION WHEREAS, the Board of County Commissioners of Broward County,
RESOLUTION 2004-279 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF BROWARD COUNTY, FLORIDA, AMENDING EXHIBIT 22.D TO SECTION 22.124 OF THE BROWARD COUNTY ADMINISTRATIVE CODE; PROVIDING FOR THE ADOPTION
More informationDerivatives Hedge Funds Face Increased Margin Requirements Under Final Swap Rules (Part One of Two)
The definitive source of Volume 9, Number 7 February 18, 2016 Derivatives Hedge Funds Face Increased Margin Requirements Under Final Swap Rules (Part One of Two) By Fabien Carruzzo and Philip Powers Kramer
More informationRBS Collective Investment Funds Ltd Derivatives Risk Management Policy. Part 1: Authorised Corporate Director ( ACD ) Overarching Arrangements
RBS Collective Investment Funds Ltd Derivatives Risk Management Policy Part 1: Authorised Corporate Director ( ACD ) Overarching Arrangements 1 Contents Policy Statement 3 Derivatives Defined 3 Credit
More informationDrafting Commercial Contracts
Drafting Commercial Contracts Sample Clauses, Drafting Workshops, Pointers to Drafting and Checklists This course can be presented in-house for you on a date of your choosing The Banking and Corporate
More informationDerivatives regulatory driven changes to documentation. Marc Benzler, Habib Motani and Gareth Old. 16/17 September 2014
Marc Benzler, Habib Motani and Gareth Old 16/17 September 2014 Introduction 2 Introduction Developments in Europe and the US Europe overall and specific German issues Major heads of change Dodd Frank/EMIR
More informationMethodology. Derivative Criteria for European Structured Finance Transactions
Methodology Derivative Criteria for European Structured Finance Transactions october 2014 CONTACT INFORMATION Claire J. Mezzanotte Group Managing Director Head of Global Structured Finance Tel. +44 207
More informationMAJOR NEW DERIVATIVES REGULATION THE SCIENCE OF COMPLIANCE
Regulatory June 2013 MAJOR NEW DERIVATIVES REGULATION THE SCIENCE OF COMPLIANCE Around the world, new derivatives laws and regulations are being adopted and now implemented to give effect to a 2009 agreement
More informationNavigating the New Margin Requirements HKMA CR-G-14
www.pwchk.com Navigating the New Margin Requirements HKMA CR-G-14 Managing Risk while Maximizing Liquidity in the OTC Non-Centrally Cleared Derivatives Market August 2017 Hong Kong Monetary Authority (HKMA)
More informationNKF Banking, Finance & Regulatory Team Update 4/2017
May 12, 2017 NKF Banking, Finance & Regulatory Team Update 4/2017 I. CONTRACTUAL RECOGNITION OF STAY CHANGE OF FINMA BANKING INSOLVENCY ORDINANCE...1 II. SWISS DERIVATIVES TRADING REGULATIONS UPDATE ON
More information2016 CREDIT SUPPORT ANNEX FOR VARIATION MARGIN (VM)
(Bilateral Form) (ISDA Agreements Subject to New York Law Only) International Swaps and Derivatives Association, Inc. 2016 CREDIT SUPPORT ANNEX FOR VARIATION MARGIN (VM) dated as of. to the Schedule to
More informationBNP Paribas Prime Brokerage, Commodity Futures. Clearing Model. Omar Oliver
BNP Paribas Prime Brokerage, Commodity Futures Clearing Model Omar Oliver Contents 1.The Futures Commission Merchant FCM model 2.Futures Clearing Mechanism 3.Clearing compared to Bilateral 4.Regulation
More informationALTERNATIVE METHODS FOR RISK TRANSFER within a Standard Risk Management Process. 10 September 2008
Page 1 ALTERNATIVE METHODS FOR RISK TRANSFER within a Standard Risk Management Process 10 September 2008 2 Jesse O. Franklin IV Partner, K&L Gates, Seattle Office Construction law consulting and litigation
More informationCourt of Appeal Rules on the ISDA Master Agreement
3 April 2012 Court of Appeal Rules on the ISDA Master Agreement In a decision that will be welcomed by the derivatives market, the Court of Appeal has today handed down judgment in a series of conjoined
More informationEMIR. Annemarie Moore Group Treasurer Plan International
EMIR Annemarie Moore Group Treasurer Plan International What and Why 2009, G20 leaders agreed on reform of financial markets (regulation, transparency). European version called EMIR (European Markets Infrastructure
More informationPA TURNPIKE COMMISSION POLICY
POLICY SUBJECT: PA TURNPIKE COMMISSION POLICY This is a statement of official Pennsylvania Turnpike Policy RESPONSIBLE DEPARTMENT: NUMBER: 7.07 APPROVAL DATE: 05-07-2013 EFFECTIVE DATE: 05-07-2013 7.07
More informationEnglish Law. A two day course for Non-UK Lawyers. This course is presented in London on: October 2018, 1-2 April 2019, 7-8 November 2019
English Law A two day course for Non-UK Lawyers This course is presented in London on: 29-30 October 2018, 1-2 April 2019, 7-8 November 2019 This course can also be presented in-house for your company
More informationING response to the draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories
ING response to the draft Technical Standards for the Regulation on OTC Derivatives, CCPs and Trade Repositories 3 August 2012 About ING Contact: Jeroen Groothuis Group Public & Government Affairs T +31
More informationPENNSYLVANIA TURNPIKE COMMISSION POLICY AND PROCEDURE
PTC 502005539 (12/05) Policy Subject: 7.7 - Interest Rate Swap Management Policy PENNSYLVANIA TURNPIKE COMMISSION POLICY AND PROCEDURE This is a statement of official Pennsylvania Turnpike Commission Policy
More informationHedging & Islamic Finance
Hedging & Islamic Finance The consensus is now developing in the Islamic Financial Services Industry on the requirement for risk mitigating/hedging tools, as the institutions operating on Shari ah principles
More informationSuper senior tranches of synthetic collateralized debt obligations: part one
Super senior tranches of synthetic collateralized debt obligations: part one, Partner 2 April 2001 In part one of this article, Adam Glass explains why insurers and banks approach documenting the super
More informationCredit Risk in Derivatives Products
Credit Risk in Derivatives Products Understand how derivatives work, how they are used and the inherent credit risk experienced by both banks and their customers This in-house course can be presented in-house
More informationCredit Risk in Derivatives Products
Credit Risk in Derivatives Products Understand how derivatives work, how they are used and the inherent credit risk experienced by both banks and their customers This in-house course can be presented in-house
More informationPrime Brokerage and ISDA Agreements
Prime Brokerage and ISDA Agreements Prime Brokerage and ISDA Agreements Introduction The basic services offered by a prime broker to a fund manager enable the fund manager to trade with multiple brokers
More informationCredit-Crunch Related Issues Arising with Derivatives
Credit-Crunch Related Issues Arising with Derivatives Peter Green Jeremy Jennings-Mares 19 March 2009 2009 Morrison & Foerster (UK) LLP All Rights Reserved Overview Principal documentary and legal issues
More informationBY . 5 February European Banking Authority Level 46, One Canada Square Canary Wharf London E14 5AA United Kingdom. Ladies and Gentlemen
BY EMAIL 5 February 2015 European Banking Authority Level 46, One Canada Square Canary Wharf London E14 5AA United Kingdom Ladies and Gentlemen ISDA comments on the European Banking Authority s consultation
More informationIMPLEMENTATION OF EMIR MARGIN RULES for UNCLEARED OTC DERIVATIVES -
IMPLEMENTATION OF EMIR MARGIN RULES for UNCLEARED OTC DERIVATIVES - January 2017 update On 4 January 2017 new EU regulatory technical standards under EMIR 1 came into force that in the next two months
More informationSecuritisation. The Structures, Legal Analysis and Documentation. This course is presented in London on: 26 February 2018, 06 September 2018
Securitisation The Structures, Legal Analysis and Documentation This course is presented in London on: 26 February 2018, 06 September 2018 The Banking and Corporate Finance Training Specialist Course Objectives
More informationNotification of the Ring-fencing Transfer Scheme
Notification of the Ring-fencing Transfer Scheme Notification of the Ring-fencing Transfer Scheme Contents Part A Overview of the Ring fencing Transfer Scheme (RFTS) Notification of ring-fencing changes
More informationAMENDMENT CREDIT SUPPORT ANNEX
Supplementary Exhibit En-SUPP 3 AMEND Amend Method for CSA (English Law) or Replicate-and-Amend Method for CSA (English Law) This Supplementary Exhibit to the ISDA 2016 Variation Margin Protocol is applicable
More informationSCOPE OF SECTION C(10) CONTRACTS WHICH ARE "COMMODITY DERIVATIVES" FOR THE PURPOSES OF MIFID II
22 February 2017 SCOPE OF SECTION C(10) CONTRACTS WHICH ARE "COMMODITY DERIVATIVES" FOR THE PURPOSES OF MIFID II We write further to our letter of 22 September 2016 1 and the meeting between ESMA and our
More informationALERT. U.S. Banking Regulators Finalize Minimum Margin Requirements for Uncleared Swaps. Asset Management. January 8, 2016
Asset Management ALERT January 8, 2016 U.S. Banking Regulators Finalize Minimum Margin Requirements for Uncleared Swaps On October 22, 2015, the Federal Deposit Insurance Corporation (the FDIC ) and the
More informationOctober 2016 METHODOLOGY. Derivative Criteria for European Structured Finance Transactions
October 2016 METHODOLOGY Derivative Criteria for European Structured Finance Transactions PREVIOUS RELEASE: FEBRUARY 2016 Derivative Criteria for European Structured Finance Transactions DBRS.COM 2 Contact
More informationASX Cleared OTC Derivatives Supplement. Introduction
ASX Cleared OTC Derivatives Supplement Introduction The Supplement is a sample which Clearing Participants and Clients might find useful in documenting the relationship between them with respect to clearing
More informationThe LSTA and LMA Present Joint Secondary Documents Teach-In. Thursday, March 25, 2010
The LSTA and LMA Present Joint Secondary Documents Teach-In Thursday, March 25, 2010 SUMMARY OF ECONOMIC IMPLICATIONS Clare Dawson - LMA Summary of economic implications Delayed Settlement Compensation
More informationISDA. International Swaps and Derivatives Association, Inc. AMENDED AND RESTATED INTEREST RATE 2002 MASTER AGREEMENT. dated as of August 1, 2014
Execution Version ISDA International Swaps and Derivatives Association, Inc. AMENDED AND RESTATED INTEREST RATE 2002 MASTER AGREEMENT dated as of August 1, 2014 Royal Bank of Canada ( Party A ) and RBC
More informationISDA MARCH 2013 DF SUPPLEMENT 1
International Swaps and Derivatives Association, Inc. ISDA MARCH 2013 DF SUPPLEMENT 1 published on March 22, 2013, by the International Swaps and Derivatives Association, Inc. [This document illustrates
More informationMaster Currency means the currency in which the Facility is principally denominated.
Standard Terms and Conditions for Par/Near Par Trade Confirmations (Published by The Loan Syndications and Trading Association, Inc. as of April 24, 2014, 2016) The following are the Standard Terms and
More informationMEMORANDUM December 13, 2018 Page 1 of 9
Page 1 of 9 Application of the U.S. QFC Stay Rules to Underwriting and Similar Agreements The new U.S. QFC Stay Rules 1 will soon require U.S. global systemically important banking organizations ( GSIBs
More informationDerivatives: A practical guide to trustees' responsibilities
Derivatives: A practical guide to trustees' responsibilities December 2011 Derivatives A practical guide to trustees responsibilities Foreword Derivatives play a central part in many pension schemes risk
More informationFebruary 27, Mr. Sergey Shvetsov First Deputy Governor of the Bank of Russia 9 Leninskiy Prospekt, Moscow, GSP-1, Russia
February 27, 2014 Mr. Sergey Shvetsov First Deputy Governor of the Bank of Russia 9 Leninskiy Prospekt, Moscow, GSP-1, 119991 Russia Re: Trade reporting in Russia [letter sent in Russian with English copy]
More informationInformation Statement in accordance with Article 15 of the Securities Financing Transactions Regulation
Information Statement in accordance with Article 15 of the Securities Financing Transactions Regulation This Information Statement is provided for information purposes only and does not amend or supersede
More informationNEW YORK STATE HOUSING FINANCE AGENCY. GUIDELINES FOR INTEREST RATE EXCHANGE AGREEMENTS, adopted September 12, 2013
NEW YORK STATE HOUSING FINANCE AGENCY GUIDELINES FOR INTEREST RATE EXCHANGE AGREEMENTS, adopted September 12, 2013 Authorization Subject to the provisions of Article 5-D of the State Finance Law ( Article
More informationchallenges for non-financial counterparties in the european union
CALCULATING THE CLEARING THRESHOLD: challenges for non-financial counterparties in the european union While EMIR mandates clearing and reporting requirements on over-the-counter (OTC) derivatives for Financial
More informationWhat will this mean for derivatives transactions?
Brexit What will this mean for derivatives transactions? Impact of the referendum Following the result of the vote in the UK referendum on 23 June 2016, there is some uncertainty about how the UK s exit
More informationNATIONAL SUPERANNUATION FUND POLICY ON THE USE OF DERIVATIVES This is Version 3.0
NATIONAL SUPERANNUATION FUND POLICY ON THE USE OF DERIVATIVES 2017 This is Version 3.0 To be reviewed on November 2017 DOCUMENT CONTROL Document Owner Name David Brown Position Chief Investment Officer
More informationCOUNTERPARTY CLEARING SYSTEM IN EUROPE
TR É S O R I S K C O N S E I L COUNTERPARTY CLEARING SYSTEM IN EUROPE IAFEI MANILA OCT 2014 NEW REQUIREMENTS GENERAL CONCEPT FOR ALL INSTITUTIONS The new regulation comes into force during 2013 and 2014.
More informationCP19/15: Contractual stays in financial contracts governed by third-country law
Andrew Hoffman and Leanne Ingledew Prudential Regulation Authority 20 Moorgate London EC2R 6DA Cp19_15@bankofengland.co.uk 14 th August 2015 Dear Leanne and Andrew, CP19/15: Contractual stays in financial
More informationSEGREGATED PORTFOLIO COMPANIES IN THE CAYMAN ISLANDS
SEGREGATED PORTFOLIO COMPANIES IN THE CAYMAN ISLANDS SEGREGATED PORTFOLIO COMPANIES IN THE CAYMAN ISLANDS INTRODUCTION The Companies Law (as Revised) (the Law ) extended the scope of the segregated portfolio
More informationRegulatory Uncleared OTC Margining
Regulatory Uncleared OTC Margining Arthur Rabatin Head of Counterparty and Derivatives Funding Risk Technology, Deutsche Bank AG Liquidity and Funding Risk Conference London, September 2016 Disclaimer
More informationCross-border recognition of resolution action. Consultative Document
Cross-border recognition of resolution action Consultative Document 29 September 2014 ii The Financial Stability Board (FSB) is seeking comments on its Consultative Document on Cross-border recognition
More informationSubject: Guideline E-22 Margin Requirements for Non-Centrally Cleared Derivatives
Reference: Guideline for Banks/FBB/ BHC/T&L/CCA/CRA/Life/ P&C/IHC February 29, 2016 To: Banks Foreign Bank Branches Bank Holding Companies Trust and Loan Companies Co-operative Credit Associations Co-operative
More informationRBS Collective Investment Funds Limited
Derivatives Risk Management Policy RBS Collective Investment Funds Limited Derivatives Risk Management Policy ACD Overarching Arrangements Policy Statement The purpose of the derivatives policy is to ensure
More informationBank Negara Malaysia Mr. Chan Kah Som Ms. Kathleen Wong
4th floor, Ropemaker Place 25 Ropemaker Street London EC2Y 9LY United Kingdom +44 20 7260 2000 Phone +44 20 7260 2001 Fax www.markit.com 20 January 2014 Securities Commission Malaysia Ms. Tai Mei Ling
More informationLMA Webinar Introduction to the LMA Leveraged Intercreditor Agreement Toby Mann, Senior PSL Clifford Chance
LMA Webinar Introduction to the LMA Leveraged Intercreditor Agreement Toby Mann, Senior PSL Clifford Chance Introduction Drafting assumptions Structure and key terms of the LMA Leveraged Intercreditor
More informationRegulatory Briefing EMIR a refresher for investment managers: are you ready for 12 February 2014?
Page 1 Regulatory Briefing EMIR a refresher for investment managers: are you ready for 12 February 2014? February 2014 With effect from 12 February 2014, the trade reporting obligations in the European
More informationDerivatives Covering the Risk
2008 ANNUAL MEETING AND EDUCATION CONFERENCE American College of Investment Counsel New York, NY Derivatives Covering the Risk 2:45 p.m. - 4:00 p.m. October 23, 2008 MODERATOR: James M. Cain Sutherland
More informationISDA. International Swaps and Derivatives Association, Inc CHARTER COMMUNICATIONS CDS PROTOCOL. published on April 9, 2009
ISDA International Swaps and Derivatives Association, Inc. 2009 CHARTER COMMUNICATIONS CDS PROTOCOL published on April 9, 2009 by the International Swaps and Derivatives Association, Inc. The International
More informationUpdate on OTC Regulatory Margin Requirements: Focus on Canada
Update on OTC Regulatory Margin Requirements: Focus on Canada October, 2016 Prepared by: The Market Infrastructure team within RBC Capital Markets Global Initiatives Group. Marco Petta Managing Director
More informationArranger Deutsche Bank AG, London Branch
OFFERING CIRCULAR DATED 4 NOVEMBER 2010 GLOBAL BOND SERIES II, S.A. (a public limited liability company (société anonyme), incorporated under the laws of the Grand Duchy of Luxembourg, having its registered
More informationCFTC and Derivative Developments
2016 INVESTMENT MANAGEMENT CONFERENCE CFTC and Derivative Developments Michael W. McGrath, Partner, Boston Kenneth Holston, Of Counsel, Boston Copyright 2016 by K&L Gates LLP. All rights reserved. AGENDA
More information