Making Sense of OTC Swaps, SEFs and Central Clearing


The evolution of the OTC Swaps Market when the CFTC adopted regulations to reduce OTC derivatives market risk. They directed the largest segments of the OTC swaps market to transition from a multi-lateral trading model to a Central Counter Party (CCP) model whereby swaps are traded on either a designated contract market (DCM) or a swap execution facility (SEF), centrally cleared by a clearinghouse, and reported to a trade data repository.

This one-day course is designed to cover key features of OTC swap contracts, Dodd-Frank regulations and compliance requirements for swaps market participants, including end users who are initiating new business relationships with Futures Commission Merchants and Swap Execution Facilities. The educational program takes a closer look at "Made Available to Trade" or MAT Swaps, the handling of block trades, the mechanics of interest rate swaps (IRS) and credit default swaps (CDS), and how financial institutions and corporates use swaps in their portfolio management strategies. The course includes a survey of the current SEF marketplace and what can be expected when working with SEFs in their multidimensional role as a trading platform, market utility, and as a CFTC-designated self-regulatory organization.

Learning Outcome

After the course you will be able to:

  • Describe the nomenclature used in the exchange-traded swaps marketplace
  • Define the margin requirements, and other costs associated with trade execution and central clearing
  • Understand the unique characteristics of centrally cleared swaps
  • Become familiar with the regulatory compliance requirements for swaps market participants
  • Explain trade execution on a DCM or SEF, trade settlement and real-time reporting processes
  • Become familiar with key aspects of the SEF Rules Book
  • Comprehend the differences between multilateral and CCP models and understand regulator and market participant concerns


Who Should Attend?  Anyone who needs to understand how swaps differ from listed futures. Attendees include the core users of these products such as traders, cash/money managers, asset managers, hedge fund managers, CTA's/CPO's, and portfolio managers as well as sales and back office professionals, financial analysts, auditors, compliance and regulatory staff.

Level: Intermediate

Credits: 6.5 GARP CPD

Please read our terms and conditions before registering.


Registration Options

20 South Wacker Drive, Chicago, IL 60606
Class Size
Registration is limited to approximately 15 participants to promote student participation and interaction.

Please arrive 30 minutes before the course to clear security and enter the building.
Complimentary morning and afternoon refreshments are provided. Lunch on own.
Group Discount: 10% of any registration with 3+ participants. To take advantage of this discount, please contact the IFM at 202-223-1528, or via e-mail at

If you are unable to register online, please contact the IFM at 202-223-1528, or via e-mail at