The Legal Agreements Required for Clearing

Audience: This course suits people in the legal and compliance teams as well as the collateral teams who need to understand the documentation required to allow central clearing.

The course will focus on the legal agreements that will be required to document the various clearing relationships: between two clearing members, between a client and a clearing member (client clearing), and between a client of a client and a clearing member (indirect client clearing).

 

  • Background to clearing

  • Clearing requirements under EMIR, Dodd Frank and Financial Markets Act regulations

  • The three different clearing structures will be discussed in detail:

    • (i) clearing between two clearing members 

    • (ii) clearing between a clearing member and a client (client clearing) – covering both agency and principal models 

    • (iii) clearing with a client of a client’s clearing member (indirect clearing)

  • The documentation required for each of the three structures 

  • An explanation of the netting sets and what can be netted

  • An overview of the standard documentation used for a clearing relationship

  • Clause-by-clause through the ISDA®/FIA Cleared Derivatives Execution Agreement 

  • Clause-by-clause through the ISDA®/FIA Client Cleared OTC Derivatives Addendum

  • Default events in the different documents used for clearing 

  • Collateral provisions in the clearing documents

  • Segregation models and how collateral is held

  • The Addendum Annex

  • Protecting collateral and the models (Security model, Tri-party Custody and Contractual model)

  • Confirmations for clearing 

  • The ISDA® clearing opinions

Outcomes: Delegates will gain detailed insight into the various central clearing documents.

 

Duration: 8 hours (9am – 5pm)

Cost: R8 500 per person (excluding VAT)     

IN-HOUSE
For a
minimum of
5 delegates
Contact us to arrange a mutually beneficial date, and we will come in-house to present the above course to a group of 5 or more. Q&A to suit your organisation's specific needs.
ONLINE - LIVE
Contact us to join a live and interactive online version of this course - to best suit your individual needs. How it works:
  • via a platform of your choice
  • live presentation in 2-hour sessions over 4 consecutive days
  • pdf printable slides
  • interactive Q&A
  • same rate as in-person training, but with added teaching time (no breaks)
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ISDA® is a registered trade mark of the International Swaps and Derivatives Association, Inc.
This programme is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc.

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