Emerging Trends and Developments on ISDA’s Credit Derivatives Definitions: Navigating Implications to the Year Ahead and Beyond
Earlier this year, the International Swaps and Derivatives Association (ISDA) proposed amendments to the 2014 ISDA Credit Derivatives Definition for "narrowly tailored credit events" (NCTE). NCTE is described as an arrangement with a certain corporation that induces a credit event leading to a credit default swap settlement while denigrating the impact on the corporation. However, its proposed amendments relate only to 'failure to pay' credit events. If the amendment is to be adopted, it is expected that market participants will use the amended resolution for new credit default swaps (CDS) contracts, and a market protocol will provide market participants the opportunity to apply the amended definition to existing credit derivative transactions.
Beyond the growth and amendments of this overall policy, market participants should keep in mind that the proposed resolution intentionally presents ambiguity.
In this LIVE Webcast, a seasoned panel of thought leaders and professionals brought together by The Knowledge Group will provide and present to the audience an in-depth analysis of the fundamentals as well as recent developments on ISDA’s Credit Derivatives Definitions. Speakers will also present all the important issues surrounding this significant topic including the implications and ambiguities to face for the year ahead.
Key topics include:
- ISDA’s Proposed Amendments – Updates
- ISDA’s Proposed Guidance – What You Should Know
- Implications and Ambiguities
NERA Economic Consulting
Shearman & Sterling LLP
Bjorn Bjerke is a partner in the Finance practice and resident in the New York office. He focuses his practice on representing lenders, borrowers, managers and investors in a broad range of complex financing arrangements across a wide spectrum of asset classes including securitizations and other structured financings, various shared collateral and second lien structures, repo facilities, commodity, equity, credit and fund linked derivatives, subscription lines and a variety of funding arrangements tailored to existing purchase commitments such as energy management agreements and airline frequent flyer miles programs. In addition, he has extensive experience representing investors, creditors and managers in complex restructurings, work-outs and acquisitions of distressed and nonperforming assets. He is involved in all aspects of deal structuring, negotiation and documentation.
Bjorn Bjerke is a partner in the Finance practice and resident in the New York office. He focuses his practice …
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Method Of Presentation:
General knowledge of finance laws
NY Category of CLE Credit:
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About Shearman & Sterling LLP
Shearman & Sterling’s success is built on our clients’ success. We have distinguished history of supporting our clients wherever they do business, from major financial centers to growing markets. We have over 850 lawyers globally speaking more than 60 languages. With lawyers in New York, London, Washington, D.C. and Frankfurt, Shearman & Sterling’s Structured Finance & Securitization Group assists clients in developing, structuring and executing a broad range of financings including securitizations, structured products, asset-based lending, tailored leasing and royalty arrangements and other sophisticated financing techniques. We have in-depth experience in all aspects of the public and private offering and distribution of structured finance securities. Highly regarded by major corporations and financial institutions, we represent the entire range of global market participants, including issuers, underwriters, investors, trustees, servicers, credit-enhancement providers, lenders, rating agencies and conduits. We also advise numerous corporations on structures and legal issues relating to their use of derivatives products, including the end-user exception from mandatory clearing and trading requirements, reporting and record-keeping, and ISDA, Dodd-Frank and EMIR protocols.