Description of ISDA course

If your organization uses the International Swaps and Derivatives Association’s (ISDA) documentation, and more specifically, the ISDA Master Agreements, you will find it worthwhile to attend Oak Leaf’s hybrid (online or in-person at a venue in Calgary) ISDA Documentation Fundamentals course.  Because the ISDA documentation simplifies trading financial and physical energy products under one master agreement, it allows parties to streamline their negotiations.  Despite being standard form documents, ISDA documents should not be mistaken for contracts of adhesion. ISDA agreements are complex, and parties should understand what they are signing and negotiate terms to their liking.   Whether you are new to ISDA documentation or have questions on the industry standard, this course is for you. 

The ISDA agreement architecture is modular and allows for the physical and financial trading of many different products under the agreement, including commodities such as natural gas, power, oil and coal.  ISDA also permits trade of environmental products such as renewable energy certificates and voluntary carbon credit. Other products include interest rates, foreign exchange, digital assets, equities, and credit, etc. To ensure ISDA documentation works to your organization’s benefit, you need to understand what your client is agreeing to and thoughtfully and precisely negotiate the ISDA Master Agreement. Two days spent in this course with GuyLaine Charles — a lawyer with over 25 years of financial services experience, including derivatives — will introduce you to possible ISDA documentation pitfalls and successful ISDA negotiation strategies.  GuyLaine is the expert with answers to questions that can leave you puzzled. 

ISDA course key learning objectives:

• The single agreement concept:  the structure of the ISDA documentation, how it all works together, and the benefit of transacting based on a master agreement.
• Identify the differences between the 1992 & 2002 ISDA and how your client can address them.
• Analysis of the ISDA Definition Booklets and the various Credit Support Annexes (the “CSAs”)
• How to ensure your counterparty cannot exercise its default remedies based on a technical default on your client’s part.
• How to negotiate adequate assurance provisions to ensure that your client is not subject to unbounded liability.
• In what circumstances a party can declare a Force Majeure under an ISDA Master Agreement.
• Consider the many products that can be traded under the ISDA.

Key Details

This course is offered in conjunction with

TBA, autumn 2024
8 a.m. Mountain (10 a.m. Eastern) start
Early bird registration deadline: TBA
Calgary & ONLINE
Instructor — GuyLaine Charles
Calgary Venue address:  PTAC
4th floor, 500 5 Ave. SW
Venue: $1795  
Online: $1745

Course Level: Beginner/Introductory
Personal Development Hours (PDH): 8

Coffee, snacks, lunch & refreshments served

Required Documentation & ISDA Course Outline

Prior to the ISDA course, we will send you course material, including exercises and hand outs. However, for copyright reasons, Oak Leaf is unable to provide copies of the ISDA documentation. We therefore request that you please have the following documents in front of you during the course:

• The ISDA Master Agreement either the 2002 or 1992, together with the Schedule
• The 1994 New York Law Credit Support Annex
• The 2016 New York Law Variation Margin Credit Support Annex

The ISDA course is organized as follows:

1. Anatomy of the 2002 ISDA Master Agreement — Section by Section Review of ISDA Master Agreement Provisions
2. Differences between the 1992 and 2002 ISDA Master Agreements
3. “Top 10” Negotiated Issues under the 2002 ISDA Master Agreement
4. Practical Exercises
5. The Credit Support Annexes
6. “Top 5” Negotiated Issues under the Credit Support Annexes
7. Overview of ISDA Definitions
8. Discussion of regulatory changes with respect to over-the-counter derivatives
9. Review of the various products that can be traded under the ISDA, including natural gas, electricity, crypto currency, verified carbon credits, and renewable energy certificates
10. Evaluation

Who Should Attend?

• Advisors
• Corporate and Legal Counsel
• Upper and Middle Management
• Credit Analysts
• Financial Institutions
• List of positions of recent attendees