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Introduction to Clearing of Derivatives for End Users

Introduction to Clearing of Derivatives for End Users
Product Code - LGA160
Speaker(s): Hans Montag, Baker & McKenzie LLP; Matt Kluchenek, Baker & McKenzie LLP
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The main goal of the new U.S. swap rules implemented as a result of the Dodd-Frank legislation is to shift derivatives trading away from bilateral arrangements with swap dealers and instead have derivatives cleared and traded on exchanges.

While end users may have had the right to invoke exceptions from clearing and exchange trading in certain circumstances, they will now have to go through these steps if no exceptions are available.

As a result, end users of swaps need to be familiar with the structure of exchange trading and clearing, understand the roles of the various participants in this process, and acquaint themselves with the related documentation.

Educational Objectives:

• Receive an overview of the clearing and exchange trading process of derivatives.
• Learn about the roles of the participants in the process.
• Become familiar with the required documentation.
• Get insights into basic tactical consideration when participating in swap clearing.

Who would benefit most from attending the program?

Treasury, legal and compliance professionals acting on behalf of corporations and other end users of derivatives.

Program Level: Basic.

Credit Available: CLE. For more information, please click on the “CLE Credit” tab.

Hans Montag, Baker & McKenzie LLP; Matt Kluchenek, Baker & McKenzie LLP

Hans Montag, Baker & McKenzie LLP
Hans Montag is a partner at Baker and McKenzie LLP, where he has specialized his practice in the structured finance and derivatives area for almost two decades. He focuses in particular on advising legal and treasury departments of large domestic and multinational companies on securitization and derivatives.

Mr. Montag earned a J.D. from New York University School of Law and also earned law degrees from the University of Cologne School of Law in Germany. He is admitted to practice in the State of New York and Germany.

Matthew Kluchenek, Baker & McKenzie LLP

Matthew Kluchenek is a partner at Baker and McKenzie LLP with substantial experience counseling clients with respect to derivatives including futures, swaps, options and other instrument. His 17 years of experience include extensive work on regulatory, litigation and transactional matters. Additionally, he counsels funds, proprietary trading firms, banks, investment managers, end-users, FCMs, IBs, CTAs, CPOs and APs with respect to domestic and international derivatives matters. He advises clients on matters related to the Commodity Futures Trading Commission, Securities and Exchange Commission and self-regulatory organizations, including CME Group, Inc., the National Futures Association and the Financial Industry Regulatory Authority. He has published numerous articles and is a frequent speaker at industry events on issues relating to the Dodd-Frank Act, Commodity Exchange Act and the rules of the CFTC, CME and NFA.

Mr. Kluchenek earned his J.D. from Chicago - Kent College of Law and his LL.M. in Securities and Financial Regulations from Georgetown University Law Center. He also holds his B.A. in Political Science from Loyola University, Chicago. 

This program’s CLE-credit eligibility varies by state. Bloomberg BNA is an accredited provider in the states of New York*, California, Pennsylvania, Texas and Virginia, and most other jurisdictions grant CLE credit on a per-program basis. At this time, Bloomberg BNA does not apply directly to the states of Florida, Rhode Island, Montana and Hawaii although credit is usually available for attorneys who wish to apply individually. Additionally, the following states currently do not grant credit for Bloomberg BNA OnDemand programming: Arkansas, Ohio, Nebraska, and Delaware. All requests are subject to approval once the live webinar has taken place or the customer has viewed the OnDemand version. Please contact the Bloomberg BNA accreditations desk if you have specific questions that have not been addressed.

If you have further questions regarding a specific state or how to file for CLE credit, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditation Coordinator.

Hardship Policy
Bloomberg BNA offers a hardship policy for attorneys earning less than $50,000 per year. If an attorney wishes to take advantage of this option, he or she must contact Bloomberg BNA directly. For attorneys who are unemployed or earning less than $35,000 per year, a full discount off the price of the program will be awarded upon written proof of hardship. Attorneys earning between $35,000 and $50,000 per year will receive a 50% discount off the price of the program. Any attorney working in the public service sector also qualifies for a special price. If you have further questions regarding the hardship policy or seek additional information, please contact Bloomberg BNA customer service at 800-372-1033 and ask to speak to the CLE Accreditations Coordinator, or email us at

For more information about Mandatory or Minimum Continuing Legal Education (MCLE) requirements, visit the American Bar Association website at

*Bloomberg BNA is an accredited provider in New York for experienced attorneys only.