To ensure we meet your expectations and maximise your return on training investment, we favour a classroom/workshop style set up for the delivery of our courses. Please note we have therefore limited number of spaces available and these will be assigned on a first come, first accepted basis. We recommend early booking to avoid disappointment.

“Includes numerous case studies and practical negotiation exercises…”

How will you benefit?

While no substitute for a full risk analaysis of one's counterparty, collateral has been increasingly taken in recent years to reduce counterparty and market risk and to maximise regulatory capital savings benefits where available. So much so that the ISDA® Margin Survey 2008 estimated that nearly two thirds of OTC derivatives risk exposure is now collateralised. This timely workshop will provide you with a clear explanation of the topic from an operational, risk and legal perspective and focus on the ISDA® Credit Support Annex under English Law. Day 1 ends with a Practical Negotiation Exercise which follows an earlier case study.

On Day 2 important collateral topics are studied in a series of case studies which build on the knowledge gained on Day 1, concluding with a major case study which combines technical skills with common sense.

• Gain insight on credit, legal and operational input in collateral arrangements

• Review in depth the ISDA® Credit Support Annex under English Law

• Understand other collateralised transaction types, such as repos, securities loans and cross collateralisation

• Discuss collateral risk management, including Haircuts and volatility protection.

• Translate theory into hands-on techniques through a number of case studies and a practical negotiation exercise

About your expert trainer:

Paul Harding has been involved in derivatives documentation since 1990 and was a well known negotiator with Barclays Capital Securities Ltd. and Hill Samuel Bank Ltd. where he was Head of Treasury Documentation. In 1997 he founded Derivatives Documentation Ltd., a derivatives consultancy and project management company based in London and providing negotiation, recruitment, and in-house and online training services. Its clients include many of the world’s leading banks. Paul has written books on the ISDA® Master Agreements (1992 and 2002 versions), ISDA® Credit Support Documentation, Repo Master Agreements and the 2003 ISDA® Credit Derivatives Definitions.

John O’Neill has over 25 years experience in trading, positioning, risk management and business support process in the following markets: Foreign exchange, treasury and money markets, UK equities, fixed income, exchange traded and OTC derivatives, and structured products. Previous roles include senior positions in Europe and Asia with Bankers Trust International Ltd., Bank of America International, Security Pacific Hoare Govett and Continental Bank NA Chicago. For the last 15 years, he has been the lead partner in the development of ‘The Facilitators’ a specialist training consultancy in OTC derivatives and securities and their operational processes. John is an accredited trainer under the FSA and Securities Institute for the Investment Administration Qualifications (IAQ’s) and the Operational Diploma. He is also a member of the Securities Institute examination panel for the Advanced Operational Risk Management Qualification.

Pre-course questionnaire:

A detailed questionnaire will be sent to all course participants to establish exactly where the group training needs lie. The completed forms will be analysed by the course leader/trainer and followed by telephone if further clarification is required. As a result we can guarantee that the course is pitched at exactly the right level and that the issues that you regard as relevant are addressed. The course material will reflect these issues and will enable you to digest the subject matter after the event in your own time.

Who should attend?

From Financial Institutions, Investment Banks, Investment Houses, Hedge Funds,

Corporations, Legal Firms, Consultancy Groups and Regulators:

• Collateral Managers

• Documentation Negotiators

• Risk Managers

• Operations Professionals

• Derivatives Lawyers

• Treasury Managers

• Repo & Securities Lending Professionals

• Middle Office & Back Office