Advanced Forum on Derivatives - Agenda
Day 1 – Thursday, January 21, 2010
Co-Chairs’ Opening Remarks
Timothy Baron
Partner, Davies Ward Philips Vineberg LLP
Carol E. Derk
Partner, Borden Ladner Gervais LLP
Preparing and Responding to OTC Derivatives Regulatory Trends and Developments:
What Steps Do You Need to Take?
Ian Cuillerier
Partner,White & Case LLP
Christopher J. Fowles
Partner, Torys LLP
- Exploring the latest developments in the regulation of OTC derivatives in the U.S.
- Comparing transparency issues in the market place before and after regulated central clearing: what challenges and
opportunities does this create? - Setting out the steps OTC derivatives dealers need to take under new regulations
- Successfully managing the interplay of securities commodities futures and insurance regulatory requirements
- Anticipating the response of market participants
Mastering the Rules of the Game: The Legal Framework of OTC & Exchange- Traded Derivatives in Canada
Timothy Baron
Partner, Davies Ward Philips Vineberg LLP
Francois Gilbert
Vice-President, Legal Affairs, Derivatives Bourse de Montreal Inc.
Alana Hunt
Lawyer, Ogilvy Renault LLP
- Clarifying the scope of the legal framework as it applies to exchange-traded OTC derivatives
- Key legal issues relating to the clearing by a central counterparty of OTC and exchange-traded derivatives
- Navigating the provincial regulatory framework for OTC derivatives
- What you need to know about federal efforts to harmonize futures and securities in Canada
- Lessons gleaned from the Hockin Report - Getting up to speed with the progress of the Canadian Securities Act
Exploring the Building Blocks of the Quebec Derivatives Act (QDA) and its Potential Impact on the Rest of Canada
Alix d’Anglejan-Chatillon
Partner, Stikeman Elliott LLP
- Identifying the key compliance requirements for OTC and exchange-traded products under the QDA
- Analyzing the “hybrid product” test for structured products
- Clarifying the conditions and mechanics of available exemptions
- Understanding the registration requirements under the QDA and their interaction with 31-103
- Top tools for managing transactions under the new requirements
- Examining the potential implications of the QDA for the rest of Canada
The Latest in Derivatives Regulation in Ontario: Insights, Developments and Trends
Francesca Guolo
Partner, Goodmans LLP
- Examining the perspective and activities of the Ontario Securities Commission, including in the context of the Pan-Canadian
Investors Committee for Third-Party Structured Asset Backed Commercial Paper - Analyzing the registration reform proposals under National Instruments 31-103
- Delving into the amendments of the Commodity Futures Act
Effectively Managing Counterparty Credit Risks to Minimize Legal and Business Risks
James Feehely
Senior Vice President of Canadian Structured Finance, DBRS Limited
George Kormas
Director Business Development, Canadian Derivatives Clearing Corporation
Candace Pallone
Counsel, McCarthy Tétrault LLP
- Strategies for avoiding termination of the swap and litigation
- Defining and applying suitability and KYC rules
- Lessons learned from current events
- Exploring the SWAP criteria for Canadian and global structured finance transactions
- Analyzing remedial actions when a Counterparty becomes downgraded
- Tools for managing and minimizing credit risks and counterparty downgrades
- Making the case for centralized clearing of OTC derivatives
- Gaining insights into the use of clearing houses for credit risk mitigation
- Best practices for achieving compliance with SWAP criteria
Leveraging Your Knowledge When Working with ISDA® Agreements
P. Jason Kroft
Partner, Stikeman Elliott LLP
- Top tips working with ISDA®’s Protocol on collateral dispute resolution and the various Protocols
- Gaining an understanding of the intricacies of the “Big Bang” and “Small Bang” Protocols
- Lessons learned from working with the new ISDA® Protocols
- Tips on using ISDA®’s Credit Support Annex as collateral
- Clarifying how counterparties proceed under the ISDA®
- Protocols when faced with an Insolvency
Day 2 – Friday, January 22, 2010
Managing Insolvency Challenges and creedit Risks Brought by the Financial Crisis
Shanen A. Mirakian
Partner, McMillian LLP
Adam C. Maerov
Partner, McMillian LLP
- Understanding the impact of the credit crisis on the use and regulation of credit derivatives: what has changed?
- How has the financial crisis affected the use of collateral in derivatives transactions?
- Segregation of collateral and use of independent custodians
- Use and holding of independent amounts
- Dispute resolution mechanics - Cash collateralization of derivatives: the situation following the Supreme Court of Canada decision in Caisse
populaire
Desjardins de l’Est de Drummond v. Canada - Gaining insights into the protection available under legislation
- Special treatment of Eligible Financial Contracts in restructurings under the Bankruptcy and Insolvency Act and
Companies’ Creditors Arrangement Act
- Exemption from stay of proceedings
- Preference protection
- Priming liens
- Equity derivatives - Assessing the amendments to the Canadian Deposit Insurance Corporation Act
Contracts for Difference (CFDs): A New Trading Tool in Canada?
Aaron Palmer
Partner, Blake, Cassels & Graydon LLP
Paul Hayward
Senior Legal Counsel, Corporate Finance, Ontario Securities Commission
- Understanding the mechanism of CFDs
- Analyzing the current regulatory framework under the Securities Act
- Identifying the pros and cons of using CFDs for Investors
- Examining the potential for growth of CFDs and Spread Betting in Canada
- Regulation of CFDs and Equity Derivatives under Take-Over Bid Rules
Seizing New Opportunities: Carbon and Electricity Derivatives Trading
Barbara Hendrickson
Vice President of Legal & Sustainability, League Assets Corp
- Updates on Gas and Electricity Derivatives Trading
- Analyzing the ISDA® Annex for oil and gas in Canada
- Preparing for carbon emissions trading in Canada:
- Clarifying the evolving framework for carbon trading
- Legal updates on the developing regulatory framework in the different provinces - Understanding the mechanics of trading
- What is the projected cost of compliance and participation? - Exploring the emissions allowance transactions documents and annexes
Critical Tax Considerations to Optimize Your Gains from Derivatives Transactions
Barry N. Segal
Partner, Ogilvy Renault LLP
- Analyzing recent developments
- Learning about the characterization of derivatives and how to avoid mismatches
- Understanding the tax treatment of cross border derivatives
- Examining tax considerations when hedging foreign currency exposure
- Understanding the tax implications of default derivatives
Monitoring and Documenting Derivatives Transactions to Improve Your Operations and
Reduce Risks
Fareena Rahim
Director, Global Documentation Unit, Bank of Nova Scotia
- OTC derivative life cycle from trade capture to trade confirmation
- Walk through of a trade from deal capture to confirmation
- What key aspects and controls for documentation should you keep in mind?
- Review of systems, processes and organizational models for documentation units - Confirmation best practices to reduce operational risk
- Role of trade affirmation
- Electronic confirmation
- Master confirmation agreements - Overview of industry targets
- Update on fed letter commitments and its impact on Canadian counterparties
- Market solutions including central clearing, electronic novation and portfolio compression
- Review of confirmation targets and timelines - Strategies for reducing risks liability by following effective due diligence requirements
- What key aspects of documentation should you keep in mind?
- Identifying the movement towards electronic confirmation
- ISDA®’s FPML and SWIFT
- How does it work?
- What happens when there is no perfect trade match and discrepancies arise? - Gaining insights into the cross market monitoring between the underlying and future options