Legal Approach of Credit Default Swaps

Document and assess the documentation risk

  1/2 day
Course objectives

  • Understand the main legal characteristics of a CDS
  • Apprehend the key points of the documentation
  • Understand the modifications introduced by the Bing Bang and Small Bang protocols
Course content

Presentation of the regulatory framework applicable to CDS in French law

  • Operation of credit
  • Operation of insurance
  • Who can sign a CDS and under what conditions?
  • A financial futures

CDS documentation under ISDA

  • Overview of the architecture of the contractual documentation between the parties

Case study: specific study of the most important definitions:

- Credit events

- The terms of the settlement of transactions

The recent development in the documentation: Big Bank and Small Bang protocol

  • Credit Derivatives Determinations Committees
  • Mechanism of public auction
  • Small Bang and restructuring in Europe



Clément Saudo

Clement is an attorney with the law firm Gide Loyrette Nouel. He intervenes in the negotiation of agreements for financial futures including on FBF and ISDA, on operations of credit derivatives, on litigation related to derivatives and more generally on post-market issues and on the rules governing the organisation of banking or financial actors.

Clément Saudo also teaches :