Previous Calls
Insights on Derivatives
Here is the collection of recordings from our Insights on Derivatives call series.
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Insights on Derivatives - Swaps on a precipice: swap restructurings (June 2020)
Swaps on a precipice. As the economic shockwaves of the coronavirus lock-down reverberate through the broader economy, corporate defaults and restructuring would seem to be an inevitable side effect. On this call we surveyed the options open to banks and dealers facing a counterparty which may be heading towards insolvency or restructuring and for the corporate itself. We considered the issues in the context of derivatives for structured finance, treasury and standalone trading relationships. Paget Dare Bryan chaired the discussion with colleagues Will Winterton and Dan Deacon.
Insights on Derivatives - Brexit update: key practical considerations for derivatives practitioners (June 2020)
On this call we gave an update on recent developments in terms of Brexit as the end of the transition period begins to draw nearer, including the current status in respect of licensing and equivalence. We also discussed the key practical issues for derivatives lawyers to consider now, including amendments to ISDA documentation, legal opinion coverage issues and governing law and jurisdiction considerations. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Greg Chartier.
Insights on Derivatives - Derivatives litigation update: Key cases and recent developments in implied terms (June 2020)
As has been seen previously, in challenging market conditions implied terms often became the focus of discussion and contention. Drawing on the wide range of available case law, our panel highlighted the key issues and messages for derivatives parties facing the challenges of implied terms and contractual interpretation generally as markets react to the impact of Covid-19 and also sought to address upcoming regulatory issues. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Helen Carty and Greg Chartier.
Insights on Coronavirus response – ECB and BoE eligibility criteria (20 May 2020)
We discussed the key criteria to consider when assessing the potential eligibility of corporate bonds and loans as ECB or Bank of England collateral. Chris Bates chaired the discussion with Kerstin Schaepersmann and Julia Machin.
Insights on Derivatives - IBOR reform update (May 2020)
With the continuing pressure from regulators for progress on IBOR reform and following publication of the preliminary results of the second ISDA consultation on pre-cessation issues, parties are turning back to their IBOR transition projects for derivatives. On this call we reviewed significant recent developments, including the recent publication of the Bloomberg Rulebook for IBOR fallback adjustments, and also looked ahead to expected developments over the upcoming months, including finalisation of the IBOR benchmark fallbacks supplement and associated protocol.
Insights on Coronavirus response – impact on the real estate sector (29 April 2020)
We discussed the impact on real estate finance, issues for occupiers, landlords and their lenders and the M&A landscape. Caroline Dawson chaired the discussion with Emma Matebalavu, Adrian Levy and Alis Pay.
Insights on Coronavirus response – impact on derivatives (22 April 2020)
We discussed the impact on derivatives of recent emergency government measures introducing moratoria and payment holidays and other recent coronavirus related derivatives market issues. Caroline Dawson chaired the discussion with Paget Dare Bryan and Tim Cleary.
Insights on Coronavirus response - impact of the CARES Act and other US government measures aimed at supporting businesses (15 April 2020)
We discussed the impact of the CARES Act and other US government measures aimed at supporting businesses affected by COVID-19 related disruption. Caroline Dawson chaired the discussion and was joined by Jeff Berman and Gareth Old.
Insights on Coronavirus response - emergency funding measures, introduced moratoria and payment holidays to support businesses affected by Covid-related disruption (8 April 2020)
Governments around the world have put in place emergency funding measures and introduced moratoria and payment holidays to support businesses affected by Covid-related disruption. In this call we looked in more detail at the measures proposed in Belgium, France and Germany.
Insights on Coronavirus response - Government actions to support businesses (2 April 2020)
We discussed the recent actions taken by governments around the world to support businesses affected by Covid-related disruption, including in relation to emergency funding and payment holidays. Caroline Dawson chaired the discussion with other Clifford Chance specialists from across our network.
Insights on Derivatives - Credit Derivatives: update (April 2020)
On this call, in light of the difficulties being encountered by companies as a result of the Covid-19 outbreak and the likelihood that this may result in defaults in due course, we considered the impact which decisions which parties or governments may take in relation to the rights and obligations of parties to financial contracts may have on credit derivative transactions, as well as practical steps for buyers and sellers of credit protection to consider to prepare themselves for Covid-19 related credit events. We also took a look back at events over the past year, including the 2019 Narrowly Tailored Credit Events amendments which came into effect in January 2020 and noteworthy recent Credit Derivatives Determinations Committees determinations. Anne Drakeford will chair the discussion with colleagues Tim Cleary and Greg Chartier.
Insights on Coronavirus response - impact on businesses (25 March 2020)
We discussed the latest issues being faced by firms in light of the disruption to business and market volatility caused by the Coronavirus (Covid-19) outbreak. Caroline Dawson chaired the discussion with other Clifford Chance specialists from across our network.
Insights on Derivatives and Insights for Asset Managers: Covid-19 update (March 2020)
In light of the disruption to business continuity and market volatility from Covid-19, on this call we discussed the governance and conduct issues for regulated entities, day-to-day compliance with other regulatory obligations, key issues for employers, as well common traps and issues with managing close out and other notices. Caroline Dawson chaired the discussion with colleagues Paget Dare Bryan and Chinwe Odimba-Chapman.
Insights on Derivatives - Initial Margin: lessons learned and next steps (March 2020)
On this call we discussed recent developments in respect of initial margin, including the introduction of the new Phase 6; developments in IM documentation; and key issues to consider as asset managers, funds and corporates begin to come into the scope of the margin rules pursuant to Phases 5 and 6. Paget Dare Bryan chaired the discussion with colleagues Will Winterton and Greg Chartier.
Insights on Derivatives - IBOR reform update (February 2020)
On this call we first discussed the current status of IBOR reform, including the various ISDA consultations, the role of Bloomberg and the recent escalation of pressure from regulators for progress on IBOR reform. We then looked ahead to the next steps in IBOR reform, including ISDA documentation projects and the second consultation on pre-cessation issues and we also discussed what actions derivatives lawyers should be taking now. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.
Insights on Derivatives - Upcoming regulatory developments affecting the derivatives market (February 2020)
This call looked at upcoming regulatory developments affecting the derivatives market, including SFTR, open issues under EMIR, CSDR, the Investment Firms Regulation/Directive, the latest on IBOR transition and Brexit as well as the impact of sustainable finance regulation on derivatives. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Stephanie Peacock and Laura Douglas.
Insights on Derivatives - Derivatives and distributed ledger technology (January 2020)
Further to the recent publication by Clifford Chance together with ISDA, R3 and the Singapore Academy of Law of the paper "Private International Law aspects of smart derivatives contracts utilizing Distributed Ledger Technology", on this call we discussed the key legal issues relating to the use of Distributed Ledger Technology as considered in that paper and in the recent ISDA paper on smart derivatives contracts and collateral.
Insights on Derivatives - Sanctions and derivatives: key implications and challenges (January 2020)
Further to the recent publication by ISDA of its paper on Economic Sanctions Programs & Derivatives, on this call we discussed the current challenges and implications of sanctions for derivatives trading, market-standard documentation and key products and the areas identified in the ISDA paper for coherent guidance by lawmakers and regulators.
Insights on Derivatives - Derivatives litigation: update (December 2019)
This call provided an update on a broad range of derivatives-focussed cases over the last 12 months, covering issues such as negative interest under a CSA, jurisdiction clauses, EURIBOR misrepresentations and express/implied contractual terms as to market practice. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford, Simon James and Greg Chartier.
Insights on Derivatives - What derivatives practitioners need to know about recent changes to governing law, jurisdiction, arbitration and immunity provisions (November 2019)
On this call we discussed recent developments relating to governing law provisions, jurisdiction and recognition of judgments, the Hague Convention, arbitration and immunity as they impact derivatives transactions and documentation. Paget Dare Bryan chaired the discussion with colleagues Simon James and Greg Chartier.
Insights on Derivatives - Market abuse issues in the context of derivatives (November 2019)
On this call we discussed key market abuse issues in the context of derivatives, including in relation to share buy-backs, taking and enforcing security, and when hedging or pre-hedging trades in the market and also provided some practical guidance on how to manage any enforcement risk. Paget Dare Bryan chaired the discussion with colleagues Oliver Pegden and Ramya Raghuram.
Insights on Derivatives - Current regulatory issues for derivatives lawyers: update (October 2019)
This call discussed current regulatory issues for derivatives lawyers, including recent significant developments in respect of EMIR Refit and EMIR 2.2, SFTR, the Low Carbon Benchmarks Regulation, Sustainable Finance and derivatives, BRRD2 and CSDR. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Paul Lenihan and Laura Douglas.
Insights on Derivatives - IBOR Reform up-date (September 2019)
On this call we discussed IBOR reform progress in key currencies; the current status of ISDA projects relating to L/IBOR reform; and gave a market update, including on-going regulatory pressures for reform and other key considerations. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.
Insights on Derivatives - No-deal Brexit: key considerations for derivatives lawyers (September 2019)
On this call we discussed key considerations for derivatives lawyers in the event of a no-deal Brexit, including contractual continuity and possible loss of grandfathering, ISDA documentation amendments, legal opinion coverage issues and governing law and jurisdiction considerations. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Greg Chartier.
Insights on Derivatives - L/IBOR reform – what you need to know (June 2019)
On this call we discussed the current status of ISDA projects relating to L/IBOR reform, the latest issues being discussed in relation to moving derivatives to risk-free rates and connected risk issues and concerns as the market prepares to move to the new IBORS. Paget Dare Bryan chaired the discussion with colleagues Anne Drakeford and Greg Chartier.
Insights on Derivatives - Smart contracts for derivatives (June 2019)
This call discussed recent ISDA developments on smart contracts, the key legal challenges in using smart contracts in the derivatives market and the recent UK Jurisdiction Taskforce consultation. Paget Dare Bryan chaired the discussion with colleagues Peter Chapman and Michael Brown.
Insights on Derivatives - The challenges of regulatory fragmentation (May 2019)
Market fragmentation is currently a key theme for the FSB as it moves to assess the effects of the post crisis reforms. On this call we discussed whether regulation contributes to market fragmentation, what regulators can do about this and the impact for banks and other financial entities. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson and Gareth Old.
Insights on Derivatives - Credit Derivatives: up-date (April 2019)
On this call we provided an up-date on credit derivatives, including: the ISDA proposal on "narrowly tailored credit events"; significant recent credit derivatives committee determinations; and the ISDA 2019 German Bank CDS Protocol. Anne Drakeford chaired the discussion with colleagues Tim Cleary and Greg Chartier.
Insights on Derivatives - Regulatory up-date for derivatives lawyers: EMIR, Brexit and SFTR (March 2019)
On this call we provided an up-date on key regulatory issues affecting derivatives lawyers, including the recently finalised EMIR Refit, developments on SFTR and how these requirements will be affected by Brexit. Paget Dare Bryan chaired the discussion with colleagues Caroline Dawson, Dan Deacon and Paul Lenihan.
Insights on Derivatives - Benchmarks Regulation compliance and IBORs transition: ISDA documentation projects (February 2019)
On this call we discussed ISDA documentation projects relating to the requirement for robust fallbacks under the EU Benchmarks Regulation as well for the development of risk-free rate fallbacks in advance of IBOR discontinuation. Anne Drakeford chaired the discussion with colleagues Paget Dare Bryan and Greg Chartier.
Insights on Derivatives - Derivatives litigation up-date (January 2019)
This call provided an up-date on a broad range of derivatives-focussed cases over the last 12 months, covering issues such as valuation, negative interest, misselling and amendment of contracts. Paget Dare Bryan chaired the discussion with colleagues Simon James, Anne Drakeford and Greg Chartier.
Insights on Derivatives - Initial margin: current status and way forward (November 2018)
This call provided an up-date on recently published market IM documentation, examined on-going IM advocacy efforts and looked at possible solutions to the imminent challenges of IM phase 4 & 5. Page Dare Bryan chaired the discussion with colleagues Will Winterton and James Geer.
Insights on Derivatives - Margin regime in Asia (September 2018)
On this call, partners across Clifford Chance Asia Pacific offices gave an update on initial margin across the region, provided an overview of the principal margin jurisdictions and examined the key challenges of IM phases 4 & 5.
Insights on Derivatives - Irish law and French law ISDA Master Agreements (August 2018)
This call discussed the recently released French law and Irish Law ISDA Master Agreements, examining their content and purpose as well as their likely application in the market.
Insights on Derivatives - Smart Contracts - the legal future? (March 2018)
Thie call discussed smart contracts, including significant legal and regulatory issues and possible applications.
Insights on Derivatives - The global regulatory agenda - fintech and blockchain for derivatives lawyers (28 February 2018)
This call discussed some key themes from Davos, including recent Fintech developments, applications of blockchain technology and the use of cryptocurrencies.
Insights on Derivatives - Overview and up-date on the PRIIPs Regulation (February 2018)
This call provided an overview and up-date on the PRIIPs Regulation, including its impact on Exchange Traded Derivatives and on OTC Derivatives.
