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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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Understanding the 2016 Variation Margin CSA

Audience: This course benefits legal personnel involved in negotiating the terms of the 2016 VM CSAs, and collateral management personnel who need to understand the agreement so that they can implement the operational aspects of the VM CSA. This course is a perfect add-on to the ‘Collateral and the CSA Master Agreements’ course as it provides legal and operational detail on the new requirements and provisions of the 2016 VM 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

  • Clause-by-clause analysis of the schedule to the 2016 English law VM CSA and how to understand and negotiate it

  • The meaning of Covered Transactions and which transactions the new VM CSA should cover

  • The various options of how to pay interest

  • The impact of having multiple CSAs, setting-off against other CSAs, netting collateral calls across multiple CSAs

  • Eligible collateral and valuation percentages

  • What is Legally Ineligible Credit Support?

  • Minimum Transfer Amounts and how they are apportioned across multiple CSAs

  • A brief overview of the New York law VM CSA

  • Discussion on the application of these new 2016 VM CSAs in a South African context

  • Includes a practical workshop where delegates get to see the elective provisions in the VM CSA play out in a practical example

Outcomes: Delegates will gain an in-depth understanding of the workings of the new VM CSA as well as detailed explanations on how each of the elective and variable clauses work in the schedule. This means that delegates will have a firm grasp and understanding of the terms of the VM CSA to reflect their firms’ collateral management processes.

Duration: 6 hours (9am – 3pm)
 

Cost: R6 800 per person (excluding VAT)

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