A “How to Guide” to Basic Derivatives, Swaps Clearing & Structured Products

Friday, June 28, 2019 | 9:00 a.m. – 1:00 p.m.


Program Chair:

Adele Hogan
Hogan Law Associates

  • This course will enable both in-house and outside counsel to expand their skills and be more valuable to their clients by covering the why, what, when, where and how of derivatives. Derivatives are used by most large public and many private companies, in part to manage risk. This basic course will cover how the International Swaps Dealer Agreements (“ISDA”) and Credit Support Agreements (“CSAs”) work; how to avoid common, costly mistakes and unintended consequences when negotiating ISDA contracts; and understanding the differences among the three contract types. Changes in margin rules and SEC and CFTC regulations will be highlighted. LegalTech and FinTech opportunities and trends related to derivatives, including blockchain, distributed ledgers, smart contracts and best practices in documentation projects, will be covered, including ISDA-Create IM, the online process to agree and produce initial margin documentation and create valuable structured legal data One hour of ethics credit related to compliance with new derivatives and structured products regulations will also be available.

    Live Program & Webcast: $239 for Members | $339 for Nonmembers
    In-House Counsel: Free for Members | $279 for Nonmembers

    Members who are Recent Law Graduates, Newly Admitted Lawyers (earliest admission 2017-2019 in any state or country), In-House/Corporate Counsel, Judges (and their staff who are also members), or attorneys that practice within the Government, Academic or Not-for-Profit sectors attend this program for free.


  • P. Georgia Bullit
    Willkie Farr & Gallagher
    Lucy W. Farr
    Davis Polk & Wardwell LLP
    Summer Farris
    Director & Assistant General Counsel
    ING Financial Holdings Corp.
    Ilene Froom
    Reed Smith LLP
    David Gilberg
    Sullivan & Cromwell LLP
    Anna Pinedo
    Mayer Brown
    Scott M. Reinhart
    Cleary Gottlieb Steen & Hamilton LLP
    John S. Servidio
    Goodwin Proctor LLP
    Alice F. Yurke


  • 9:00 a.m. – 9:05 a.m. Introduction
    9:05 a.m. – 10:00 a.m. Basic Derivatives and Structured Products
    Panelists: Ilene Froom, Scott Reinhart, & Alice Yurke
    • Why and when do companies use derivatives?
    • How the ISDA contracts actually work
    • How to avoid common, costly mistakes and unintended consequences when negotiating ISDA contracts
    • Selected differences related to the five classes of underlying assets: interest rates (largest class), foreign exchange, equity, credit and commodities
    • Securities law issues
    • Structured products linked to common indices, such as the S&P, Russell 2000, individual company stocks and foreign indices
    10:00 a.m. – 10:50 a.m. Key Considerations in Derivatives, Structured Products and Collateral
    Panelists: Lucy Farr & Anna Pinedo
    • Regulatory margin requirements
    • Collateral posting and protection issues
    • Bankruptcy and credit downgrade considerations
    • Understanding netting of exposures, risk exposure, valuation and risk: notional values, counterparty risk, pricing and leverage
    • Use of derivatives in M&A
    • Tax implications of various derivatives and structured notes
    10:50 a.m. – 11:00 a.m. Break
    11:00 a.m. – 12:00 p.m. Derivatives and Considerations Related to New Regulations and Developments
    Panelists: Georgia Bullit & David Gilberg
    • What are the roles of the Securities Exchange Commission (“SEC”) and Commodities Futures Trading Commission (“CFTC”) – “qualifying hybrid instruments”
    • Foreign Exchange (FX) – Deep dive on exempt and registered currency derivatives, trading, broker dealer requirements for FX, cryptocurrencies and enforcement
    • Derivatives clearing requirements of the Dodd Frank Act – reporting, compliance and unintended consequences
    • How to keep up with fast-paced regulatory changes in the derivatives and clearing area
    12:00 p.m. – 12:50 p.m. Ethics Related to New Regulations of Swaps Clearing and Structured Product
    Panelists: Adele Hogan, Summer Farris, & John S. Servidio
    12:50 p.m. – 1:00 p.m. Question & Answer Session


  • CLE Credit
    New York:
    4.0 Total: 3.0 Professional Practice, 1.0 Ethics
    New Jersey:
    4.3 Total: 3.3 General, 1.0 Professional Practice
    4.0 Total: 3.0 General, 1.0 Professional Practice
    3.5 Total: 3.0 General, 0.5 Professional Practice


  • Sponsoring Association Committees:
    Banking Law, Gregory J. Lyons, Chair
    Futures and Derivatives, Gary E. Kalbaugh, Chair
    Mergers, Acquisitions & Corporate Control Contests, Trevor S. Norwitz, Chair
    Private Investment Funds, Rebecca F. Silberstein, Chair
    Securities Regulation, David S. Huntington, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Angie Avila, Manager, Membership Outreach and Sponsorships | (212) 382-6608 | aavila@nycbar.org