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

Friday, January 22, 2016| 9:00 am – 1:00 pm

N. Adele Hogan

N. Adele Hogan

Hogan Law Associates PLLC

  • 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.  One hour of ethics credit related to compliance with new derivatives and structured products regulations will also be available.

    Live Program/Webcast/DVDs & CDs: $239 Member/$339 Nonmember
    On-Demand: $189 Member/$289 Nonmember
    Materials Only (No CLE Credit): $99 Member/$129 Nonmember

  • Daniel N. Budofsky
    Morgan Lewis & Bockius LLP

    Lucy W. Farr                       
    Davis Polk & Wardwell LLP


    Ilene K. Froom                                
    Reed Smith LLP


    Stephen R. Kruft
    Senior Vice President and Associate General Counsel
    HSBC Securities (USA) Inc.

    Colin D. Lloyd                                                           
    Cleary Gottlieb Steen & Hamilton LLP

    James E. Odell                                
    Blank Rome LLP


    Anna T. Pinedo             
    Morrison & Foerster LLP


    Alice F. Yurke                           
    Alston & Bird LLP


    9:00 am – 10:00 am

    Basic Derivatives and Structured Products

    • 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          

    Ilene K. Froom, Colin D. Lloyd, Alice F. Yurke

    10:00 am – 10:45 am

    Key Considerations in Derivatives and Structured Products and Collateral

    •  Contrasting between a derivative and a structured product
    • Hedge related to a structured product
    • Regulation of derivatives versus regulation of structured products
    • Structured product issuers and “wrappers”
    • Suitability concerns
    • Tax implications of various derivatives and structured notes

    Lucy W. Farr, Anna T. Pinedo

    10:45 am – 11:00 am


    11:00am – 12:00 pm

    Derivatives and Considerations Related to New Regulations

    • What are the roles of the Securities Exchange Commission (“SEC”) and Commodities Futures Trading Commission (“CFTC”)
    • Working with multiple regulators
    • 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

    Daniel N. Budofsky

    12:00 pm – 1:00 pm

    Ethics Related to New Regulations of Swaps Clearing and Structured Products

    • Ethical implications of understanding, implementing, and advising business people about new, complex regulations, including
      • Bilateral swaps vs. centralized clearing
      • Types of OTC derivatives—interest rate swaps vs. credit default swaps
      • Classification of dealers, major swap participants, and end users
      • Clearing houses and central counterparties
      • Eligible over-the-counter transactions
      • Ethical rules related
    • Ethical rules related to the organization as a client, competence, diligence, and conflicts of interest

    N. Adele Hogan, Ilene K. Froom, Stephen R. Kruft, James E. Odell


  • NY: 4.0 total: 3.0 professional practice & 1.0 ethics
    NJ: 4.5 total: 3.3 general & 1.2 professional responsibility
    CA: 4.0 total: 3.0 general & 1.0 professional responsibility
    PA: 3.5 total: 2.5 general & 1.0 professional responsibility

  • Click Here to View our Catalog for On-Demand Programs

    Click Here to View our Catalog for CDs, DVDs, and Materials

    * New York residents will be charged the New York sales tax for all audio visual purchases.

  • Sponsoring Association Committees:
    Financial Reporting | David S. Huntington, Chair
    Futures & Derivatives Regulation | Robert M. McLaughlin, Chair
    Mergers, Acquisitions & Corporate Control | Alexandra D. Korry, Chair
    Securities Regulation | Mark Rossell, Chair

    Sponsorship Opportunities are Available! Please Contact:
    Laura Stine Poles, Program Attorney, City Bar Center for CLE | (212) 382-6619 | lpoles@nycbar.org