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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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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

 

9am-5pm, including lunch, @R8 500 per person (excluding 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)

 

9am-5pm, including lunch, @R8 500 per person (excluding 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).

 

9am-2pm, including lunch, @R5 500 per person (excluding VAT)