The market for derivatives (i.e. futures, options, and swaps) is one of the largest in the world. Though futures and commodity options have been subject to regulation for decades on a par with the regulation of securities, only in the last few years are swaps subject to similarly thorough regulation.
The purpose of this course is to teach the current law and practice regarding the regulation, enforcement, documentation and negotiation of derivatives and other related financial products, including in the newly regulated and growing field of swaps regulation.
Subjects covered include: (i) the Commodity Exchange Act's regulatory regime for commodity futures, exchange-traded commodity options and foreign exchange; (ii) the swaps regulatory regime imposed by Title VII of the Dodd-Frank Act; (iii) the registration categories of markets, such as designated contract markets and swaps execution facilities, and market participants, such as futures commission merchants, derivatives clearing organizations, commodity pool operators, commodity trading advisors, swap dealers and major swap participants; (iv) the drafting and negotiation of ISDA Master Agreements; (v) inter-jurisdictional differences in regulation and the extraterritorial application of U.S. regulation; and (vi) enforceability issues in bankruptcy.
By the end of the course, you should be familiar with the regulatory regime generally applying to derivatives.