What can go wrong incollateralised commodity transactions and warehouse receiptsfinancings?October 11, 2018, London

Presenters:• Matt Dolton, CEO, Kynetix• Andrew Hutcheon, Partner, Watson Farley and Williams• Joe Levin, Partner, Watson Farley and Williams• Dan Day-Robinson, Chairman, ICDA

The International Commodities and Derivatives Association

Training elementsSince the 1990s the dream of financiers, traders, development agencies has been to re-lease more collateral-based funding into the commodity supply chain. The three obstacles in the warehouse receipts finance product development journey have been (i) difficulties with local law in certain jurisdictions where goods are situated (lex situs) (ii) potential for fraud by traders and collateral managers in emerging markets and (iii) enforcement in case of default in some countries. As a result, true stand-alone warehouse financings are rare unless supported by exchange-based negotiable warrants or, if not supported in this way, the underlying goods are held in a warehouse operated by an established global warehouse company with an unblemished reputation. Otherwise, where non-negotiable instruments are concerned, financing structures, although simple to comprehend, are complex and many things can go wrong, resulting in loss

This event looks in detail at warehouse inventory finance structures, warehouse receipts financing in a legacy fraud avoidance/risk management context and the scope for digitisa-tion. A great opportunity awaits for innovators to disrupt the market by, perhaps, creating a ‘trustless’ environment for warehouse receipts using distributed ledger technology. Smart warehouse receipts could be the way forward, but even if they are not, this course will help you with all of the things you need to know about warehouse receipts risk and financing goods in store in difficult jurisdictions. It is designed to address the complex issues relevant to borrowers and lenders• Risks and in-depth explanation of legal issues in warehouse finance• Understanding title, security, pledge, perfecting security, negotiability for the non-le-

gal professional• How can distributed ledger technology be used to overcome present obstacles to

warehouse finance• In-depth fraud case studies

Timetable 11 October 2018

9:30: Introduction 9:40: Finance documents 10:20: Risk issues in structured commodity financings, trade & inventory management Issues of title, security, pledge, constructive possession and perfecting security, negotiability versus non-negotiability. Terminology and issues in emerging markets and difficult jurisdictions - Olvepar11:00 Break11:30 Case Studies (I): Europe - Stone & Rolls12:00 Case studies (II) Turkey – Ferrero Rocher 12:30 Case studies (III) Middle East – Metro 13.00 Lunch14.00 Case studies (IV) Qingdao14:30 Case Studies (V) Access World 15:00 Break15:30 Digitising commodities: the distributed ledger, smart contracts and technology solutions: advantages for banks, warehouse operators and traders16:30 Implementing technology-based solutions - difficulties encountered and how legal obstacles might be overcome using the distributed ledger17:00 Q&A and course concludes

S t r u c t u r e dC o m m o d i t yTrade Finance

This event is supported by the Structured Commodity Trade Finance LinkedIn group

Presenters:Matt Dolton is CEO and co-founder of Kynetix, a world leader in connecting the physical commodity ecosystem to the financial markets. Matt is an adviser and business leader with a solid understanding of commodities markets. His specialist commodities knowledge includes the processes around warrants and receipts, derivatives physical deliveries including metals and softs, depository processing, clearing and settlement, warehousing and rent, trade finance & collateral. In the past he has been accountable for enterprise projects including large-scale physical deliveries platforms for London Metal Exchange, NYSE Liffe and Intercontinental Exchange (ICE) as well as Exchange Traded and OTC derivatives processing including reconciliations and exception workflow management

Andrew Hutcheon, is a Partner at Watson Farley & Williams in London. He joined the firm in 1990 and specialises in commercial and financial litigation and international arbitration. He is experienced in areas of commodities trading, trade finance, shipbuilding, MoA, charterparty and other dry shipping disputes. He has recent experience in advising major LNG carriers and SPVs in both charterparty and financial agreements.He is recommended in the latest edition of Legal 500 UK, where he is described as a “sophisticated and tenacious litigator” and is “incredibly knowledgeable about international trade and navigates multi-jurisdictional complexities with ease”

Joe Levin is a Partner in Watson Farley and Williams’ Energy & Infrastructure group, based in London. Joe advises lenders and sponsors on a number of project, borrowing based and other structured financings and has a particularly impressive track record in upstream oil and gas and commodities financings, advising both multilateral and commercial lenders on transactions involving assets in the UK, Europe, Africa and the Middle EastDan Day-Robinson is the Chairman of the International Commodities and Derivatives Association (‘ICDA’). In his early career he was a grain trader with Cargill and a market-maker at Kleinwort Benson (now Dresdner Bank). Prior to ICDA, Dan was at the United Nations in Geneva and he has acted as an expert witness in a notable commodities warehousing fraud trial in the English High Court. Dan is a graduate of London University and a Fellow of the Royal Geographical Society

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Course fees do not include travel and accommodation. Refreshments and lunch are included on both days. Full administration information and your invoice will be forwarded to you once we receive your registration. VAT does not apply to this registration. If you register two delegates a third can attend free of charge. You will be given detailed joining information on or before 30 September 2018You may cancel your registration at any time up to one week prior to the event without charge & we will refund your registration fee in full, less an administration charge. If you cancel within one week of the event you may transfer your place free-of-charge to a colleague, or you must pay in full. This training is organised by Temeriti Ltd in the UK on behalf of ICDA. Full terms and conditions apply. Please see our privacy notice at http://www.incoda.org.

• Use this form to register for the ‘What can go wrong in collateralised commodity transactions and warehouse receipts financings?’ in London. This training costs 895 GBP per delegate or 695 GBP for ICDA members.

• This training takes place in London on 11 October, 2018 and runs from 09.30 to 17.30 (one day) and will take place in the heart of the City of London at Watson Farley and Williams’ London office at 15 Appold Street, London, EC2A 2HB, UK

• Delegates will receive a certificate of attendance on completion of the course • Register online at wrf1.eventbrite.co.uk, or complete this form and send it to

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