An Introduction to Central Clearing

Audience: This course introduces you to the operational and legal aspects of central clearing. It suits people in the legal and compliance teams, the operational teams (middle office), front office, as well as the collateral teams who need to understand the way in which central clearing will impact the way OTC derivatives are traded.

 

  • What is central clearing?

  • What products will it apply to?

  • How a CCP protects against counterparty default

  • Benefits and risks of a CCP

  • The structure of a CCP and multilateral netting

  • Initial Margin and Variation Margin for cleared transactions

  • CCP resolution and the default waterfall

  • Client clearing (agency and principal models)

  • Protection and segregation of margin and the different models of segregation (omnibus, segregated and LSOC) 

  • Collateral management for clearing

  • Clearing requirements under Dodd Frank, EMIR and FMA

  • Risks, benefits and challenges of central clearing

  • Clearing and netting and ISDA® opinions

  • Porting of trades through a clearing house

 

Outcomes: Delegates will gain detailed insight into how central clearing works from a legal and operational point of view and how it will impact the way in which OTC derivatives are traded. 

 

Duration: 8 hours 

 

Cost: R9 000 pp (excl. VAT)

Any party playing in this space must utilise DeriviDoc's knowledge and experience to ensure limitation (to a degree) of legal risk.  

Nadia Muller, Legal at Prescient

Excellent, practical and useful training as usual, with a focus on both legal as well as operational issues.  

Anonymous, March 2018

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Modern Work Space

IN-HOUSE

For a minimum of 5 delegates

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PUBLIC

Da Vinci (Jhb) | Cellars-Hohenort (CT)

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