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S7C - Advanced OTC Derivatives Documentation and Negotiation (US)

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This two day advanced level conference programme will provide delegates with advanced theoretical and practical training on documenting and negotiating a broad range of over-the-counter (OTC) derivatives documentation. Delegates will be instructed on key operational and legal risks currently affecting OTC derivatives, as well as legal opinion and case law analysis techniques. Delegates will also be guided in drafting and negotiating a broad range of key substantive provisions in master agreements and credit support and collateral agreements. Delegates will then participate in advanced practical roundtable negotiating exercises and case studies with the Expert Trainers in order to comprehensively translate master agreement and collateral documentation theory into practice. Finally, delegates will participate in a series of unique workshops covering central counterparty (CCP) clearing agreements, equity derivatives products and agreements, and credit derivatives products and agreements.

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S7C - Advanced OTC Derivatives Documentation and Negotiation (US)

  1. 1. 12th –13th September 2016 New York, USA 24th –25th October 2016 Miami, USA Advanced OTC Derivatives Documentation and Negotiation Your Expert Trainers Georgianna Fitzgerald, Expert ISDA Negotiator, Consultant Akber Datoo, Founder, D2 Legal Technology LLP Sol Steinberg, Founder, OTC Partners New York Rodrigo Zepeda, Co-Founder, Storm-7 Consulting LTD The Conference Programme This two day advanced level conference programme will provide delegates with advanced theoretical and practical training on documenting and negotiating a broad range of over-the-counter (OTC) derivatives documentation. Delegates will be instructed on key operational and legal risks currently affecting OTC derivatives, as well as legal opinion and case law analysis techniques. Delegates will also be guided in drafting and negotiating a broad range of key substantive provisions in master agreements and credit support and collateral agreements. Delegates will then participate in advanced practical roundtable negotiating exercises and case studies with the Expert Trainers in order to comprehensively translate master agreement and collateral documentation theory into practice. Finally, delegates will participate in a series of unique workshops covering central counterparty (CCP) clearing agreements, equity derivatives products and agreements, and credit derivatives products and agreements. Disclaimer ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc., and Storm-7 Consulting Limited is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc. (ISDA), and the public is hereby informed that Storm-7 Consulting Limited holds no commercial, private, or other relationship with ISDA. Contact: Customer Services Telephone: UK + 44 (0)20 7846 0076 Email: customer.services@storm-7.com Online: www.storm-7.com
  2. 2. The Conference Programme Day 1: Sessions Day 2: Workshops SESSION 1: Operational and Legal Risks affecting OTC Derivatives • Risk Management and Key Operational (Counterparty Credit Risk and Liquidity Risk) and Legal Risks affecting OTC derivatives. • Legal Opinion Analysis (by jurisdiction and by counterparty). • Case Law Analysis (English and U.S. common law approaches to interpreting OTC derivatives agreements). SESSION 2: Documenting and Negotiating OTC Derivatives Agreements: PART I • Documenting and Negotiating Master Confirmation Agreements and Key Master Agreement provisions: – Cross Default, Cross Acceleration, Threshold Amounts and Events of Default and Termination Events (and disapplication); – Set-off, Break Clauses, Material Adverse Change (MAC) Clauses, Tax Representations; – swaps sharing provisions, swap amendment restrictions, swap remedies restrictions; • An overview of ISDA® Definitions and Protocols. SESSION 3: Documenting and Negotiating OTC Derivatives Agreements: PART II • Documenting and negotiating key ISDA® Master Agreement provisions: – Illegality, Force Majeure, Additional Termination Events (Change of Control, Impossibility, Ratings Agency downgrade, Subsequent Rating Events, Net Asset Value (NAV) Threshold); – Automatic Early Termination (Insolvency Events and Regimes); – Netting of Payments (Settlement, Novation, Close-out), Valuation mechanics (Market Quotation, Loss Valuation, Close-out Amount). • Review of the legal effect of specialist provisions (Exclusive Jurisdiction, Fraudulent Misrepresentation, Arbitration) SESSION 4: Credit Support and Collateral Documentation and Negotiation • Guarantees, Proprietary Security Interests, Re-hypothecation risk and rights, Credit Support Documents and Providers. • Key ISDA® Credit Support Annex (Security Interest– New York Law) provisions and negotiating key Wholesale, Migratory, and Transaction-Specific amendments: – Amounts (Credit Support, Independent, Minimum Transfer); – Valuation (Agent, Collateral, Date, Time), Time (Notification, Resolution, Transfer, Valuation); and Dispute Resolution mechanisms (Exposure valuation methodologies and third party valuation determinations). WORKSHOP 1: Advanced Practical Roundtable Negotiating Exercise • Delegates will be actively engaged through a range of advanced practical OTC derivatives documentation exercises and case study scenarios in order to comprehensively translate master agreement and collateral documentation theory into practice. The workshop will not cover content from Workshops 2 to 4. WORKSHOP 2: CCP Clearing Agreements • The dual Securities Exchange Commission (SEC) – Commodity Futures Trading Commission (CFTC) U.S. Swaps clearing framework (Derivatives Clearing Organization (DCO), Securities Clearing Agency, (SCA)). • CCP and Client Clearing Documentation and common negotiated provisions (Margin, Termination Events, Pre-Default Porting). • Cleared Swap documentation frameworks, standard form execution agreements and addendums, customer clearing under modified Master Agreements, and industry protocols. WORKSHOP 3: Documenting and Negotiating Equity Derivatives • Reviewing and drafting trade term sheets, confirmations, and Master Confirmation Agreement (MCA) terms for a range of equity derivative products. • Types of equity derivative products (index, basket, swaps, forwards, options) and structured equity products. • Valuation of Underliers, Settlement, Adjustments, Market Disruption Events, Events of Default, Early Termination Events, • An overview and comparative analysis of the 2002 and 2011 ISDA® Equity Derivatives Definitions and Transaction Matrices. WORKSHOP 4: Documenting and Negotiating Credit Derivatives • Credit derivatives market, operational framework and the treatment of credit derivatives under Basel III. • Credit risk, basis risk, reference obligations, ratings, hedging, payment, funded and unfunded products, close-out netting. • Structuring credit derivative products (credit spread option, credit default swap, total return swap, credit linked note, collateralized debt obligation, credit indices, secured loans) and MCAs. • An overview and comparative analysis of the 2003 and 2014 ISDA® Credit Derivatives Definitions and Physical Settlement Matrix. Today's world of centrally-cleared OTFs, SEFs, centrally-cleared and non-centrally cleared OTC derivatives is growing ever more complex, and
  3. 3. Conference Expert Trainer Biographies Georgianna Fitzgerald is an expert ISDA Negotiator and over-the-counter (OTC) derivatives Consultant, with over 25 years' of professional experience gained in drafting and negotiating ISDA Master Agreements. She is currently an Independent ISDA Negotiator (Consultant/Contractor) who provides corporate and private equity consulting services to clients spread across the wealth management, mutual fund, hedge fund, and insurance sectors. Georgianna has accumulated advanced expertise in drafting and negotiating ISDA Master Agreements, Credit Support Annexes, Confirmations (IRS, Equity, Currency, FX, Options), and OTC and related documentation (GMRA, MSDA, MRA, MSLA, MSFTA, Repos, Prime Brokerage). Prior roles include Assistant Vice President (Senior ISDA Negotiator) at ABN AMRO Bank (1990-1996), Vice President (Senior ISDA Negotiator) at Dresdner Kleinwort Benson/Dresdner Bank AG (1996-2004), Consultant at Derivatives/ISDA (2004-2007), and Vice President – Financial Risk Management at Sun Trust Bank (2007-2010). Georgianna has managed teams of ISDA negotiators, and has created and implemented a range of complex OTC templates and monitoring and tracking systems for OTC derivatives, credit ratings, collateral, CSAs, Confirmations, Tri-Party Agreements, and Tax and Authority documentation. Sol Steinberg is an expert consultant specializing in OTC derivatives markets, including practices relating to regulation, risk management, market structure, collateral, valuation, and financial technology systems. Sol is the founding partner of his firm 'OTC Partners', which is a boutique value add firm based in New York that specialises in research, content, and business development. OTC Partners has developed a number of leading research reports covering global capital markets, has advised central banks on market dynamics in Singapore, Chile, Peru, Mexico, and Colombia , as well as helping to spearhead the evolution of Chinese OTC derivatives markets in Beijing, Jinan, Quango, and Shenzhen. Sol's extensive professional experience encompasses a senior executive position at LCH.Clearnet and nearly a decade of OTC derivatives product development, risk management, and valuation for Citi. Sol has successfully commercialised data and analytics tools (e.g. SMART tool, Risk Explorer, Global Market Risk, CCP2) and has gained a number of prestigious globally recognised industry awards in the process. Akber Datoo is founder and managing partner of D2 Legal Technology LLP (D2LT), a fifty- strong boutique consultant legal data consulting firm. Akber has over 15 years’ experience of derivatives and a blend of both technology and legal perspectives. His background includes a front-office derivatives IT role at UBS, as well as a qualified lawyer working in Allen & Overy’s Derivatives and Structured Finance practice. Akber works with financial institutions to create legal risk frameworks to ensure regulatory compliance and business optimisation, including the provision of strategic change management advice relating to process and systems for contract data modelling, document assembly, search, information retrieval and legal opinion management. He has been published in numerous leading industry journals such as the Journal of Securities Operations & Custody (Legal contract data: The new reference data challenge for financial firms). Rodrigo Zepeda is an expert consultant who specialises in derivatives and financial services law, regulation, and compliance. He holds a LLM Masters degree in International and Comparative Business Law, has been an Associate of the Chartered Institute for Securities & Investment since 2004, and has passed the New York Bar Examination. He is a Reviewer for the Journal of Financial Regulation and Compliance and has also published widely in leading industry journals such as the Capco Institute's Journal of Financial Transformation, the Journal of International Banking Law and Regulation, as well as e-books on derivatives law. Noted publications include "Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation"; "The ISDA Master Agreement 2012: A Missed Opportunity"; "The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?"; "To EU, or not to EU: that is the AIFMD question"; and "The Industrialization Blueprint: Re-engineering the Future of Banking and Financial Services."
  4. 4. Training Suitable for  Analysts  Collateral Management Function  Compliance Officers and Managers  Corporate Treasurers  Credit and Legal Professionals  Dealers  Fund Managers  ISDA Negotiators  Legal Counsel  OTC Derivatives Buy Side  OTC Derivatives Documentation Managers  Risk Officers and Managers  Settlements Staff  Treasury Function Key Benefits  Advanced knowledge and understanding of documenting and negotiating OTC derivatives, credit support, CCP clearing, equity, and credit derivatives agreements  Advanced practical experience gained by undertaking a range of OTC derivatives negotiation exercises and case studies  Extensive pre-conference questionnaire to identify delegate's key conference objectives  Lenovo 8" Yoga Tablet pre-loaded with conference presentations, diagrams, and documentation to take-away  Comprehensive conference documentation  Post-conference expert trainer follow-up to guarantee all key conference objectives have been met © Copyright 2016, Storm-7 Consulting Limited ISDA® Conference Documentation Delegates should note that they will be required to bring their own copy of the 2002 ISDA® Master Agreement and ISDA® 2014 Standard Credit Support Annex (Security Interest – New York Law). Delegates will be provided with ISDA® licensed copies of the 2011 ISDA® Equity Derivatives Definitions and the 2014 ISDA® Credit Derivatives Definitions. Conference Venue Langham Place, New York 400 Fifth Avenue | New York | NY 10018 Murray Hill Boardroom Hotel Special Offers http://www.langhamhotels.com/en/langham-place/new-york/offers/ To Register Contact: Customer Services Telephone: +44(0)20 7846 0076 Email: customer.services@storm-7.com Lobby Online: www.storm-7.com/event-bookings

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