| ASIA-PACIFIC
REGIONAL COMMITTEES
ISDA’s Asia-Pacific Offices in Hong Kong and Singapore cater for
members based in the Asia-Pacific region (excluding Japan). Generally,
but not exclusively, attention is focused on members active in Australia,
Hong Kong, India, Indonesia, Malaysia, New Zealand, People’s Republic
of China, Philippines, Singapore, South Korea, Taiwan, Thailand
and Vietnam.
In addition to participating in any of ISDA’s global committees
(see: www.isda.org/c_and_a/ca_nav.html),
members of ISDA based in the Asia-Pacific region are encouraged to address
any regulatory, legal, market practice, and accounting issues that arise
within the region through the following committees:
Asia-Pacific Commodity Committee
The Asia Pacific Commodity Committee meets quarterly to discuss issues
related to documentation developments for commodities and developing products,
as well as operations and other topical issues in that space. The committee
comprises documentation and operations practitioners and also focuses
on educational efforts for practitioners on commodities and other developing
products.
Asia-Pacific Credit Derivatives Committee
The Asia-Pacific Credit Derivatives Committee meets to discuss the use
of ISDA’s credit derivatives documentation in the region and to
consider local practices to the extent they are similar or different from
business practices elsewhere. There has been some suggestion that further
locally tailored credit derivatives documentation should be developed.
The Asia-Pacific Credit Derivatives Committee is co-chaired as follows:
- Asia-Pacific Credit Derivatives Committee - Hong Kong
Co-Chair: David Cummins, Senior Counsel, Nomura International (Hong Kong) Limited
- Asia-Pacific Credit Derivatives Committee - Singapore
Co-Chair: Robert Tobias, Regional Head of Legal, Wholesale Bank,
Standard Chartered Bank
- CDS Coupon Standardization Working Group
This working group provides a platform for members to address the topic of standardizing coupons of Credit
Default Swap transactions, including setting the most common coupon level and other trading practices. Due to
the geographical spread of the APAC region, the Coupon Standardization Working Group is divided further into
two groups.
- Australia and New Zealand CDS Coupon Standardization Working Group
The Australia and New Zealand CDS Coupon Standardization Working Group discusses the
treatment for Australia and New Zealand underliers.
- AEJ CDS Coupon Standardization Working Group
The AEJ CDS Coupon Standardization Working Group discusses the treatment for Asia ex-Japan
underliers.
Asia-Pacific Legal and Regulatory
Committee
The Asia-Pacific Legal and Regulatory (“L&R”)
Committee consists mainly of legal professionals. The L&R Committee
discusses proposed changes to ISDA current Documentation library. In addition,
the group monitors laws and regulations affecting members and/or derivatives
markets in the Asia-Pacific region. As appropriate, ISDA will draw on
members of the L&R Committee to draft submission letters to regulators
on topical matters. Currently, there are two committees - the Hong Kong
based L&R Committee meets on the last Tuesday of each month and the
Singapore based L&R Committee meets on the last Thursday of each month.
The Asia-Pacific Legal and Regulatory Committee is co-chaired
as follows:
- Asia-Pacific Legal and Regulatory Committee - Hong Kong
Co-Chair: Tricia Bowden, Managing Director and Senior Counsel, Goldman
Sachs (Japan) Ltd.
- Asia-Pacific Legal and Regulatory Committee - Singapore
Co-Chair: Akash Mohapatra, Director and Senior Legal Counsel, Deutsche
Bank AG
- Asia Ex Japan Equity Working Group
The Asia Ex Japan Equity Working Group seeks to address documentation
projects specific to the Equity Derivatives space. The Working Group
meets regularly as and when specific projects are considered. For
details, see Equity Documentation Projects.
- Retail Structured Products Working Group
The Retail Structured Products Working Group discusses issues related to HK SFC requirements on product disclosure language in the wake of the Lehman minibonds controversy and provides feedback to the relevant authorities.
Asia-Pacific Risk Management
Committee
The Asia-Pacific Risk Management Committee consists mainly of risk practitioners.
Committee members receive a selection of regional updates and topical
information related to ISDA’s Risk Management activities. This adds
to the information made available to members of ISDA's global Risk
Management Committee, which mostly follows developments in Europe
and North America. The Asia-Pacific Risk Management Committee serves as
a forum for regionally based members to discuss issues related to the
impending Basel II Accord
and also focuses on educational efforts within the Asia-Pacific region.
Asia-Pacific
Steering Committee
The Asia-Pacific Steering Committee consists mainly
of front office and business people. The Steering Committee aims to address
market practice and business matters of topical concern and also determines
the overall strategy and direction of ISDA’s activities in the Asia-Pacific
region. The Committee reviews issues of general concern to ISDA’s
Asia-Pacific based members and addresses these issues with the respective
regulators or other organizations, where applicable.
Country Specific Working Groups in Asia
Due to regular interest and efforts in a number of key jurisdictions ISDA has set up Working Groups specific to these jurisdictions. The Working Groups address business and regulatory issues of importance to ISDA members active in this region. In view of enacted legislation and further regulatory initiatives, there are increased efforts in the region to address topical issues promptly and effectively. The focus of these Working Groups is on interacting with local regulators, members and other relevant market participants to familiarize them with ISDA, its documentation, global practices and other relevant matters through discussions, written submissions, meetings and seminars.
- Asia-Pacific Australia Working Group
- Asia-Pacific India Working Group
- Asia-Pacific Indonesia Working Group
- Asia-Pacific Korea Working Group
- Asia-Pacific Malaysia Working Group
- Asia-Pacific New Zealand Working Group
- Asia-Pacific PRC Working Group
- Asia-Pacific Thailand Working Group
Some recent issues discussed by the above Committees:
- PRC focus has been on promoting the need for close-out netting to
be enforceable. In addition, ISDA has engaged in the development
of a bridge agreement to resolve uncertainty between two local language
Master Agreements.
- Measures by Reserve Bank of India and Securities and Exchange Board
of India to support the growth of the OTC markets in India.
- Impact of South Korea’s new and improved bankruptcy legislation
and regional documentation developments.
- Discussions with Bank Negara to enhance legal certainty as it relates
to close-out netting in Malaysia.
- Hong Kong Dollar (HKD)
ISDAFIX rate published daily on Reuters
- Local language documents provided by ISDA for educational purposes:
- 2002 ISDA Master Agreement – Simplified
/ Traditional
Chinese / Korean
- ISDA
Glossary of Collateral Terms - Chinese Translation
- Chinese Translation of Changes between 2000 and 2006 Definitions
Summary
of Changes in ISDA 2006 Definitions (Chinese)
Introduction
to ISDA 2006 Definitions (Chinese)
- Retail Structured Products: Principles for Managing the Provider-Distributor Relationship - Simplified / Traditional Chinese
- Retail Structured Products: Principles for Managing the Distributor-Individual Investor Relationship - Simplified / Traditional Chinese
- Member interest in Shariah law compliant derivatives documentation.
- Use of collateral arrangements in Asian jurisdictions.
- Enforceability of close-out netting in the Asia-Pacific region.
- Developments on ISDA Documentation.
- Implementation of new Basel Accord in the Asia-Pacific region.
2002 - 2009 Conferences
and Seminars in the Asia-Pacific region:
2010 Conferences and Seminars in the Asia-Pacific region (schedule
subject to change):
Date |
Events |
| Wednesday, 20th January |
Equity Derivatives Conference 2010
Venue: Pacific Place Conference Center, Hong Kong |
| Friday, 22nd January |
Documenting Commodity Transactions using the ISDA Documentation Structure Conference
Venue: Marina Mandarin, Singapore |
| Thursday, 4th March |
Understanding the ISDA Master Agreements Conference
Venue: The Westin Chosun, Seoul, South Korea |
| Friday, 5th March |
Understanding Collateral Arrangements and the ISDA Credit Support Documents Conference
Venue: The Westin Chosun, Seoul, South Korea |
| Tuesday, 9th March |
Understanding the ISDA Master Agreements Conference
Venue: Pacific Place Conference Center, Hong Kong |
| Wednesday, 10th March |
Understanding Collateral Arrangements and the ISDA Credit Support Documents Conference
Venue: Pacific Place Conference Center, Hong Kong |
| Thursday, 18th March |
Understanding the ISDA Master Agreements Conference
Venue: Marina Mandarin, Singapore |
| Friday, 19th March |
Understanding Collateral Arrangements and the ISDA Credit Support Documents Conference
Venue: Marina Mandarin, Singapore |
| For more information on
ISDA conferences, please click here.
If you are interested in receiving further information
or registering for any of these committees, please contact ISDA’s
Office in Singapore (Telephone: (65) 6538 3879;
Email: isdaap@isda.org) |
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