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Why am I being charged VAT?
The EU VAT Directive stipulates that all training and educational courses that are provided in the UK must include a VAT charge on payment.  

Can I reclaim my VAT back?
Overseas delegates who attend our courses in the UK are eligible to claim their VAT back once it has been paid.    

How can I claim the VAT back paid on a course?
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Option 1 - Directly through HM Revenue and Customs

The most cost-efficient way is to claim back VAT directly from the UK Tax Authority (HMRC) by completing the following form. 
For European clients, please refer to form VAT 65
All other clients, please refer to form VAT 65A.

Option 2 - Through our Recommended VAT Reclaim Service – VAT IT
The specific rules for VAT reclaim will vary according to the laws of your country of residence. This can be complicated and time-consuming. 

Euromoney have an exclusive partnership with VAT IT, specialists in international VAT reclaim.  VAT IT will review, process and submit your VAT refund on your behalf. 

VAT IT will charge a percentage of the VAT refund if/when it is successful. 

If you want to find out more about this service, please email your details to: euromoney@vatit.com  

You may also be able to claim back your VAT against courses taking place outside of the UK, and we would recommend contacting VAT IT, our specialist partner, to discuss how to do this.

RECLAIMING YOUR VAT WITH VAT IT

Course details

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Documenting Swaps & Other OTC Derivatives

Understand derivatives documentation with this technical course

  • Course Overview


    Swaps and derivatives have become a vital tool in risk management and structured financings and are used by an ever-increasing number of banks, financial institutions and corporations. From the basic swap structure a wide range of complex instruments have developed.


    Swaps are legally complex and have been the cause of major litigation. To protect all the parties involved, transactions must be properly documented. Lawyers and documentation staff need to understand both the products, the legal issues and effective documentation techniques.


    This course will provide you with an in-depth analysis of the role of, and the critical legal issues relating to, OTC derivatives in the financial markets. We will do a detailed clause-by-clause analysis of the 1992 and 2002 ISDA® Master Agreements, including a discussion on the implications for derivatives in the financial crisis.


    You will learn:


    • What swaps are and how they work
    • Understanding the Master Agreement
    • The significance of every clause in the Agreement
    • How to complete the Schedule to the documentation
    • How to draft clauses to meet special situations
    • How to deal with insolvency and close-out netting
    • The risks in credit exposure and techniques for credit enhancement
    • How to assess the capacity of the counterparty
    • The significance of major swaps litigation
    • Complimentary documentation

    Course fees include copies of the following publications, purchased on delegates' behalf from ISDA:

    • 2002 ISDA Master Agreement (Multicurrency-Cross Border)
    • 1996 ISDA Credit Support Annex (Transfer-English Law)

    This course are neither endorsed by, nor affiliated with, ISDA. ISDA is a registered trade mark of the International Swaps and Derivatives Association. It is an objective and impartial analysis of ISDA documentation.
  • Day 1

    The Derivatives Markets and Their Uses

    • The markets
    • Definitions
    • The tensions and key concepts

    Description and Uses of Basic Derivative Structures
    • Swaps
    • Fully-paid transactions
    • Hybrid securities

    Derivatives Risk

    • Legal and operational risk
    • Position or market risk
      - Valuation and hedge risks
    • Delivery risk
    • Long term exposure: rate risk and performance risk
    • Quantification of credit risk

    Netting and Insolvency Issues

    • Principles of insolvency
    • Netting: payment and close-out
    • Summary of US and UK insolvency issues
    • Enron: MARTA
    • Lehman Brothers; Metavante

    Capacity and Authority

    • Hammersmith & Fulham, Piraeus and Korea Life
    • Resolutions
    • Signatories
    • Funds and other special counterparties
    • Minmetals

    Regulation

    • Regulation overview
    • Are swaps:
      - Securities?
      - Illegal off-exchange futures?
      - Gaming contracts?
      - Insurance contracts?
    • Caiola
    • Capital: Basle and Basel II Accords
    • The new regulatory framework

    The US Dodd-Frank Act

    • Overview
    • Derivatives
    • Effect on Europe

    Suitability/Misrepresentation

    • Bankers Trust Cases
    • Cases: Kwiatkowski, Korea Life, Eternity, Caiola, PowTel/SunTrust and Peekay
    • Single bank loan/swap cases
    • CDO cases
    • Nonreliance representations

    Tax

    • Direct tax in another jurisdiction
    • Withholding tax
    • ISDA structure

    Accounting

    • FAS 133
    • IAS 39

    Day 2

    Introduction: Need for Documentation and Functional Analysis

    • Avoiding uncertainty
    • Financial provisions: confirmations and definition booklets
    • Legal, credit and trading relationship: master agreement

    ISDA Agreements and Other Derivatives Documentation

    • Overview
    • Evolution of documentation: 1977-2011
    • Architecture of documents
    • Fitting together the ISDA components
    • One master for all products/Offices?

    Confirmations

    • Oral trades, confirmations and confirmation process
    • Backlogs
    • Confirmation workshop: prepare an interest rate swap confirmation

    ISDA® Master Agreement (provision-by-provision)

    • Sections 1-4

    ISDA® Master Agreement

    • Sections 5-6
    • Grounds and procedures for termination
    • How to calculate close-out values
    • Nuova Safim, ANZ/Societe Generale, Peregrine I and II, TXU/Enron, High Risk, Marine/Pioneer and Brysons

    ISDA® Master Agreement

    • Sections 5-6 continued
    • Termination Workshop

    Day 3

    Default Checklist

    • Steps to take on counterparty’s default

    ISDA® Master Agreement: section 7
    • Concepts
    • ISDA® forms
      - Novation protocol
    • Negotiated terminations
    • Section 7: Workshop
    ISDA® Master Agreement: sections 8-14
    Completing the Schedule

    Credit Enhancement

    • Guarantees
    • Collateral
    • Rehypothecation
    • Partial?

    ISDA Credit Support Documents

    • CSA
    • Disputes

    Day 4

    Master Agreement Workshop

    Break into small groups - each with a statement of a party's policy regarding the ISDA 2002 Master Agreement.

    Each group:
    • Completes first draft of a Schedule to the ISDA 2002 Master Agreement
    • Reviews & responds to other group’s draft
    • Negotiates final draft with the other group

    The Developments: Standardisation

    • Dealer dominance
    • Transaction facilitators: DTCC, Markit, Creditex
    • Master confirmation agreements
    • The 2005 Fed initiative and its aftermath
    • The credit default swap market: indices and protocols
    • Electronic platforms

    Prime Brokers

    • Description and issues
    • Duration
    • Give-up and compensation agreements

    The Credit Crunch, Its Causes and Its Uses

    • US real estate, CDOs
    • AIG

    CCPs: Structural Analysis

    • Formal incorporation and regulation
    • Risk committee
    • Documentation
    • Relationships: who is your counterparty?
    • Margining
    • Guaranty fund

    Case Studies

    • ICE
    • LCH.Clearnet
    • CME

    Issues

    • Lack of flexibility
    • Oligopoly
    • Concentration of risk
    • Legal jurisdiction
    • Liquidity
  • Our Tailored Learning Offering

    Do you have five or more people interested in attending this course? Do you want to tailor it to meet your company’s exact requirements? If you’d like to do either of these, we can bring this course to your company’s office. You could even save up to 50% on the cost of sending delegates to a public course and dramatically increase your ROI.

    If you want to run this course at a location convenient to you or if you want a completely customised learning solution, we can help.

    We produce learning solutions that are completely unique to your business. We’ll guide you through the whole process, from the initial consultancy to evaluating the success of the full learning experience. Our learning specialists ensure you get the maximum return on your training investment.

  • We have a combined experience of over 60 years providing learning solutions to the world’s major organisations and are privileged to have contributed to their success. We view our clients as partners and focus on understanding the needs of each organisation we work with to tailor learning solutions to specific requirements.

    We are proud of our record of customer satisfaction. Here is why you should choose us to help you achieve your goals and accelerate your career:

    • Quality – our clients consistently rate our performance ‘excellent’ or ‘outstanding’. Our average overall score awarded to us by our clients is nine out of ten.
    • Track record – we have delivered training solutions for 95% of worlds’ top 100 banks and have trained over 250,000 professionals.
    • Knowledge – our 150 strong team of industry specialist trainers are world leading financial leaders and commentators, ensuring our knowledge base is second to none.
    • Reliability – if we promise it, we deliver it. We have delivered over 20,000 events both in person and online, using simultaneous translation to delegates from over 180 countries.
    • Recognition – we are accredited by the British Accreditation Council and the CPD Certification Service. In an independent review by Feefo we scored 96% on service and 95% on product
This course can be run as an In-house or Tailored Learning programme

Instructor

  • Schuyler Henderson

    I have represented many international financial institutions in the full range of credit extensions, including syndicated lending, letter of credit and guarantee facilities, secured financings, shipping and aircraft financings, securities issuances and derivatives.

    Biography

    Schuyler K. Henderson, author of 'Henderson on Derivatives', is one of the leading international derivative lawyers. Since 1977 he has been resident in London, during which he has represented numerous international financial institutions in the full range of credit extensions. He has been particularly active in he derivatives market, having acted for one of the participants in the first publicised currency exchange agreement in 1977.Since then he has been actively involved in the creation of innovative financial products on behalf of over fifty financial institutions. His practice has regularly included: developing new products; structuring, drafting and negotiating complex financings, including repackagings, credit-linked securities and tax or regulatory drive structured transactions; preparation of standard form ISDA® documentation (including for use with specialised counterparties and confirmation templates for virtually all types of derivatives); supervision of backlog documentation and establishment of derivatives dealers in a number of jurisdictions, provision of regulatory, enforcement and tax advice in respect of over 30 jurisdictions; enforcement ofderivatives documentation and representation of parties in disputes involving derivatives.Since retiring he has continued to consult, lecture and write on derivatives. Schuyler is the author of numerous publications on financial topics, and is a member of the Editorial Advisory Board of The Law and Financial Markets Review. He is a regular speaker and chairman at various conferences on international finance in many international financial centres.

Venue

London

"All courses are held at four or five star venues in Central London, Zone 1. We strive to provide you with a training environment of the highest quality, to ensure that the whole learning experience exceeds your expectations.

Your training venue will be confirmed by one of our course administrators approximately 3-4 weeks before the course start date.

As such we have detailed our most frequently used training destinations in London on this map. If you need help booking accommodation for your visit to our training courses, please contact accommodation@euromoneylearningsolutions.com and one of our partners will help you get the best rate possible."