Insolvency and Financial Risks in Derivatives Transactions

Navigating Recent Developments in Bankruptcy Litigation and New Regulatory Protections Against Insolvency Risks

Recording of a 90-minute CLE webinar with Q&A


Conducted on Tuesday, April 17, 2012

Recorded event now available

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Program Materials

This CLE webinar will discuss recent developments from Lehman and MF Global bankruptcies and those aspects of Dodd-Frank that are intended to address insolvency risks in derivatives products.

Description

The precedent-setting Lehman bankruptcy proceedings have addressed a number of key issues relating to the termination of the derivatives contracts held by Lehman counterparties. These cases are very influential in determining how these contracts are negotiated and investments structured.

In Oct. 2011, major derivatives broker MF Global filed for bankruptcy—the largest financial services company to file since the inception of the financial meltdown and Lehman. As the impact of the MF Global bankruptcy unfolds, new issues will arise and further precedent is expected.

The new structure for the derivatives market under Dodd-Frank and related CFTC and SEC regulations is intended, in part, to address insolvency risks associated with derivatives. Counsel advising clients who engage in derivatives products must carefully consider the impact of these structural and regulatory changes.

Listen as our authoritative panel of attorneys guides you through recent developments from the Lehman and MF Global bankruptcies and changes under Dodd-Frank that address insolvency risks in derivatives products.

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Outline

  1. Dodd-Frank developments addressing insolvency risks
    1. Dodd-Frank changes to reduce the impact of bankruptcy
    2. Treatment of collateral under Dodd-Frank
    3. Portability of positions and collateral
    4. FCM bankruptcy
    5. Nothing is free: added risks from the Dodd-Frank structure
  2. Bankruptcy developments
    1. MF Global and Lehman: update on current status of cases
    2. Analysis of customer protection rules as they have played out and are playing out in MF Global
    3. Multinational “wrinkle” of MF Global
    4. Lehman updates: setoff limitations and plan confirmation issues

Benefits

The panel will review these and other key questions:

  • What is the current status of Dodd-Frank regulations that are intended to address insolvency risks in over-the-counter derivatives?
  • What are the added risks from the Dodd-Frank regulatory structure?
  • How are the customer protection rules playing out in the MF Global bankruptcy proceeding?
  • What are the most recent developments in derivatives and counterparty risk in the Lehman bankruptcy cases?

Following the speaker presentations, you'll have an opportunity to get answers to your specific questions during the interactive Q&A.

Faculty

Willa Cohen Bruckner
Willa Cohen Bruckner

Partner
Alston & Bird

She concentrates on derivatives, structured products and alternative investments and brings to her practice over 25...  |  Read More

William S. Sugden
William S. Sugden

Partner
Alston & Bird

He represents debtors, bankruptcy trustees, creditors’ committees and other fiduciaries, as well as creditors...  |  Read More

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