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Our courses are intended for a global audience, with each one being completely customisable to suit the needs of the individuals it is being delivered to.

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Understanding ISDA Agreements

  • Banking and Financial Markets, Derivatives, Documentation, Legal, Retail Banking
  • Duration: Half-day
  • Information

    ISDA agreements govern most derivative transactions. This course is essentially practical rather than legal, in that it focuses on the various risks that can arise from derivatives and how the agreement seeks to mitigate them. It is based on the 2002 master agreement* and takes a mainly European perspective.

    An understanding of debt products such as loans and bonds, plus a working knowledge of derivatives is ideally required for this course. This would be covered by the Debt Capital Markets and Derivatives Markets courses.

    Who should attend?

    Delegates needing to know more about derivatives documentation, including bankers, credit and legal professionals, treasurers and their staff, accountants and auditors, financial controllers.

    *Please note that as they are copyright the course material cannot include ISDA documentation. The focus is on explaining the structure, meaning and negotiation areas of the documents.




    Interest rate swap risks,

    counterparty credit risk

    How swaps are marked to market

    Swap risk management
    why some counterparties resist collateralisation
    Credit Valuation Adjustment (CVA)
    break clauses
    The goal of ISDA documentation
    Overview of what the documentation comprises – the key points it covers and how the parts relate to each other
    Collateral Support Annex (CSA)
    Suitability and non-reliance
    Enforceability and counterparty jurisdiction
      Representations – authority and the Hammersmith & Fulham example
      Counterparty type
      Payment netting
    Events of Default – derivatives cross-default, Cross Default, Cross-Default v Cross-Acceleration, Bankruptcy
      Termination Events and Automatic Early Termination, Additional Termination Events
      Hierarchy of events
      Suspending payments
    Close-out calculations – for Events of Default and Termination Events, incorporating the credit spread
      Cherry-picking and how the Master seeks to avoid it
      Close-out netting opinions
      Close-out currency
      Course Conclusion

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    As every course we run is tailored to meet the specific needs of each client, we can only provide an estimate after fully understanding your specific requirements. Please complete the form below of call +44 (0) 208 894 4977 to discuss how Taylor Associates can help you.

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