ISDA Conferences

International Swaps and Derivatives Association, Inc. (ISDA®)

ISDA Energy, Commodities and Developing Products Conference
Featuring the 2005 ISDA Commodity Definitions

7.5 CLE Credit Hours Available (New York)
Transitional and Nontransitional

6.5 MCLE Credit Hours Available (Texas)

7.5 CPE Credit Hours Available

June 18, 2008
The Four Seasons Houston
Houston, Texas

PROGRAM AGENDA

8:00 AM	Registration and Continental Breakfast
8:45 AM	Introduction and Welcoming Remarks Greg Zerzan, Counsel and Head of Public Policy, ISDA
9:00 AM	Public Policy Panel This panel will discuss legislative and regulatory developments. Greg Zerzan, Counsel and Head of Public Policy, ISDA Eric Burgeson, Vice President, Barbour, Griffith & Rogers, LLC Brant Imperatore, Principal, Barbour, Griffith & Rogers, LLC Dan Waldman, Partner, Arnold & Porter
10:00 AM	Introduction to the 2005 ISDA Commodity Definitions The 2005 ISDA Commodity Definitions update, the 1993 ISDA Commodity Derivatives Definitions, the 2000 Supplement to the 1993 ISDA Commodity Derivatives Definitions, and 1997 ISDA Bullion Definitions. The session will cover: • Structure of the Definitions with an overview of the substantive issues, Exhibits, Annex and Sub-Annexes, and future updates • Key changes from the 1993 ISDA Commodity Derivatives Definitions and the 2000 Supplement • Commodity Reference Prices and new transaction type coverage • Review of Market Disruption Events, Disruption Fallbacks and waterfalls • Using the Definitions for new transactions and/or existing transactions • Relationship with other ISDA commodity documentation • User’s Guide to the 2005 ISDA Commodity Definitions Joshua Cohn, Partner, Allen & Overy LLP *Victoria Sharp,* Citigroup Energy, Inc.
11:00 AM	Morning Break
11:15 AM	Documenting Bullion Transactions The provisions in Sub-Annex B to the 2005 ISDA Commodity Definitions, as well as certain definitions in the main body of the Commodity Definitions, have been incorporated from the 1997 ISDA Bullion Definitions and endorsed by the London Bullion Market Association and the Financial Markets Lawyers Group. This session will review the key changes from the 1997 ISDA Bullion Definitions and will discuss the use of the Commodity Definitions and related confirmations to document spot and forward bullion sales as well as bullion swaps, options and swaptions. *Joshua Cohn,* Partner, Allen & Overy LLP
11:45 AM	US Crude Oil Annex and Refined Petroleum Products ISDA has published an annex to the ISDA Master Agreement to facilitate physical trading in U.S. pipeline crude oil and refined petroleum products. The ISDA Oil Annex will be distributed and discussed in detail. Lauren Teigland–Hunt, Managing Partner, Teigland Hunt LLP
12:30 PM	Luncheon
1:45 PM	ISDA Global Physical Coal Annex ISDA has published the ISDA Global Physical Coal Annex which will be distributed and discussed in detail. The session will also highlight the mechanics of documenting financially settled coal transactions under the Commodity Definitions. Lauren Teigland – Hunt, Managing Partner, Teigland Hunt LLP
2:30 PM	Documenting Freight and Coal Derivatives Sub-Annex I to the 2005 ISDA Commodity Definitions, as well as certain definitions in the main body of the Commodity Definitions and related Commodity Reference Prices, have been developed in consultation with freight market specialists. This session will focus on the freight specific definitions and forms of confirmation for Voyage Charter-Wet and Dry swaps and Time Charter swaps. The session will also highlight the mechanics of documenting financially settled coal transactions under the Commodity Definitions. Peter Bennett, Partner, Holman Fenwick Willan
3:15 PM	Afternoon Break
3:30 PM	Documenting Weather Derivatives The provisions in Sub-Annex C to the 2005 ISDA Commodity Definitions have been incorporated from ISDA’s weather related documentation published in 2003. Weather related definitions and confirmations are set out in Sub-Annex C of the 2005 ISDA Commodity Definitions and may be used to document weather index swaps, puts/floors, calls/caps referencing Heating Degree Day, Cooling Degree Day or Critical Precipitation Day indexes. The session will also discuss specialized Disruption Events and Disruption Fallbacks. Documenting Emissions Allowances Transactions ISDA has developed an annex to the ISDA Master Agreement to cover trading in physical US emissions allowances. This session will review the types of transactions and products covered by the annex, together with key provisions and emissions specific definitions. Delegates will receive a copy of the annex and related confirmation template. This session will also touch upon the provisions in Sub-Annex H to the 2005 ISDA Commodity Definitions which covers physically-settled transactions in EU emissions allowances together with new terms for documenting forwards and options. Claude Brown, Partner, Clifford Chance LLP William L. Thomas, Counsel, Skadden, Arps, Slate, Meagher & Flom LLP
4:15 PM	ISDA North American Gas Annex and Canadian Addendum The North American Gas Annex facilitates physical gas trading under the ISDA Master Agreement. The Gas Annex was drafted in consultation with the North American Energy Standards Board (NAESB), which adopted the final document as a “NAESB Model” Agreement. The Canadian Addendum offers market participants the ability to enter into purchases and sales of physical gas or options on physical gas in the Canadian markets. ISDA North American Power Annex The North American Power Annex is intended to facilitate the purchase, sale or transfer of electric capacity and is structured as an Annex to the Schedule to the ISDA Master Agreement. The Power Annex was jointly developed with the Edison Electric Institute (EEI) and offers market participants the ability to enter into physical power purchases and sales as well as financial derivative transactions under an ISDA Master Agreement. This session will discuss the ISDA North American Power Annex in detail. Meera Karwal, Assistant General Counsel & Vice President, JPMorgan Chase Bank, N.A. Lisa J. Mellencamp, Associate General Counsel, Houston Office, Constellation Energy Commodities Group, Inc.
5:00 PM	Conference Concludes

Agenda is subject to change

Please click here for the Conference Registration Form.

CONFERENCE VENUE: Four Seasons Hotel, 1300 Lamar Street, Houston, Texas 77010-3017,
Phone: (713) 650-1300.

To obtain more information, please contact the ISDA conference department at +1 212-901-6000 or
e-mail CONFERENCES@ISDA.ORG