Master Agreements Workshop

When? Join our 3-day workshop (or part thereof)

For whom? Employees who are new to the topic can come along for a high level overview of the master agreements, as a ‘taster’ of what to expect and what to look out for. Also, those who are familiar with these arrangements can come back for a refresher – a ‘back to basics’ overview of the agreements.

Day 1: Master Agreements Overview

a) The ISDA Master Agreement

What is an ISDA®, what products does it cover, the key benefits that an ISDA® provides for
The role of derivatives in hedging risk
The structure of the ISDA® and the netting benefits (settlement netting, close-out netting and set-off)
Long Form Confirmations
Cross default

b) The Global Master Repurchase Agreement

What is a repo: classic; buy-/sell-back and securities lending transaction
Why use repo?
Background to the legal documentation
Benefits of using a GMRA
Legal aspects of a repo

c) The Global Master Securities Lending Agreement

What is securities lending?
Why enter into securities lending transactions?
Risks involved in securities lending
History and structure of the GMSLA
Main differences between repo and securities lending

8 hours @R9 000 pp (excl. VAT)

Day 2: Collateral Overview

a) The Credit Support Annex

What is collateral and why is it so important?
The operational and credit aspects of the collateral agreements: how to calculate exposure; what collateral is required; thresholds; minimum transfer amounts; independent amounts; delivery amounts and return amounts
Over-collateralisation risk

b) The Variation Margin CSA

The regulatory requirements for Variation Margin for uncleared derivatives under EMIR, Dodd Frank and the Financial Markets Act
Which entities and products are in-scope for the margin rules
How to document the new VM rules: amend, amend and re-state, and new 2016 VM CSA

c) Margin Maintenance under the GMRA and GMSLA

Different methods of reducing exposure under the GMRA (re-pricing, adjustment, margin call)
Collateral calls under the GMSLA (valuation percentage)

8 hours @R9 000 pp (excl. VAT)

Day 3: Regulatory Overview

Counterparty classifications under Dodd Frank, EMIR & the Financial Markets Act
Reporting requirements under Dodd Frank, EMIR & the Financial Markets Act
Central clearing requirements under Dodd Frank, EMIR & the Financial Markets Act
Main Protocols published by ISDA®for regulatory compliance (EMIR Portfolio and Dispute Resolution, Cross Border Swaps Representation Letter, Bank Resolution and Recovery Directive).