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Current Topics for End-Users of Swaps

Length: 2 hours 38 minutes

This program examines the most recent issues a practitioner needs to be aware of with respect to end-users and derivatives. These include how the ISDA Resolution Stay Protocol and its possible expansion affects end-users and what impact the Protocol has on the bankruptcy process. For example, what happens if a swap dealer counterparty goes insolvent? Also examined are what commercial end-users need to know to trade un-cleared swaps, what is mandatory clearing, and when and how can end-users claim an exemption from mandatory clearing. Current Topics for End-Users of Swaps addresses these and other essentials to a legal practice intersecting with derivatives. No previous experience with derivatives law is required for this program.

Program Chair: Gary E. Kalbaugh, ING Financial Services

CLE credit: New York: 3.0 professional practice; New Jersey: 3.2 general MCLE credit; California & Pennsylvania: 2.5 general MCLE credit

Agenda

9:00 – 9:10 a.m.     Welcoming Remarks
Thomas V. D’Ambrosio

9:10 – 10:30 a.m.   End-Users and the ISDA Resolution Stay Protocol
• What is the effect of the ISDA Resolution Stay Protocol?
• Why is the ISDA Resolution Stay Protocol being implemented?
• Does it help end-users?
• How is the ISDA Resolution Stay Protocol likely to expand in the future?
• Does the ISDA Resolution Stay Protocol presage modifications to the Bankruptcy Code and other insolvency regimes?
Panel

10:30 – 10:45 a.m.  Break

10:45 – 12:00 p.m.  What a Commercial End-User Needs to Know to Trade Uncleared Swaps: How to Use the End-User Exception
• What is mandatory clearing?
• Why has mandatory clearing been imposed for large categories of swaps?
• What are some possible advantages and disadvantages of swaps clearing to an end-user?
• How does the commercial end-user exception work?
• As a practical matter, how can an end-user use the end-user exception to clearing?
• What segregation and margin issues arise when the commercial end-user exception is invoked?


Original Recording Date: 3/19/2015


Produced By:

New York City Bar Association

Course Materials

  • Current Topics for End-Users of Swaps
  • Affirmation of Self-Study