Master Agreements Workshop

 

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

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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.

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Day 1: Master Agreements Overview

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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

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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)

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Day 2: Collateral Overview

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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)

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Day 3: Regulatory Overview

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• 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).

 

4 hours @R6 000 pp (excl. VAT)