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International Swaps and Derivatives Association, Inc. (ISDA®)

Understanding Collateral Arrangements and the
ISDA Credit Support Documents Conference

6.5 CLE Credit Hours Available (New York)
Transitional and Nontransitional

6.5 CPE Credit Hours Available

November 7, 2008
Global Financial Markets Conference Center
New York

PROGRAM AGENDA

8:15 AM

Registration and Continental Breakfast

9:00 AM
 Introduction and Welcoming Remarks
Katherine Darras, General Counsel, Americas, ISDA  
9:15 AM
 Collateral as a Credit Risk Mitigation Tool
This session will examine the nature of credit risk arising from an OTC derivatives transaction and the manner in which collateral may be used to mitigate that risk. Different approaches to the use of collateral and associated benefits will also be explored.
Michael C. Clarke, Managing Director and Global Head of Collateral Management, UBS AG
10:00 AM

Understanding the ISDA Credit Support Annex
The ISDA Credit Support Annex under New York law forms part of the Schedule of the ISDA Master Agreement. It is designed to document security arrangements involving the use of cash or readily marketable securities to secure the risk either or both parties may have under the ISDA Master Agreement to which the ISDA Credit Support Annex relates. This session will examine critical provisions in the ISDA Credit Support Annex under New York law, including defining credit support obligations and effecting transfers, calculations and substitutions of collateral, as well as dispute resolution.
Robert M. Spielman, Director and Senior Counsel, Deutsche Bank AG
Don Thompson, Managing Director and Associate General Counsel, J.P. Morgan Chase & Co
William Thum, Senior Derivatives Advisor, Fried, Frank, Harris, Schriver & Jacobson LLP
10:45 AM
 Morning Break
11:00 AM
 Understanding the ISDA Credit Support Annex (continued)
Discussion on the ISDA Credit Support Annex under New York law continues, focusing on provisions relating to the holding and usage of posted collateral, events of default, standard representations and rights and remedies, as well as various elections and variables.
12:30 PM
 Luncheon
2:00 PM
 Collateral Challenges in Cross-Border Transactions
This session will identify issues that may arise when delivering and receiving cross-border collateral. An update on global developments in collateral law reform will be provided with a focus on the following initiatives:
• Hague Convention on the Law Applicable to Certain Rights in Respect of Securities Held with
   an Intermediary and the European Directive on Financial Collateral Arrangements
• UNIDROIT project on the Harmonized Substantive Rules for the Use of Securities Held with    Intermediaries as Collateral
• EU Collateral Directive
Lawrence S. Brandman, Managing Director and Associate General Counsel, Goldman Sachs.
2:45 PM
 Current Issues in Collateral Management
• 2008 ISDA Margin Survey preliminary results
• Challenges facing collateral managers
Ken Nuttall, Vice President, J.P. Morgan Chase & Co
Note: The general sessions will conclude at 3:30 PM. After the afternoon break, starting at 3:45 PM, two different workshop sessions will be conducted.
 3:30 PM
Afternoon Break
  3:45 PM
 Workshop Sessions
Workshop Choices: Delegates may select one workshop topic.
 I.
Collateral Arrangements Under Laws of Other Jurisdictions
This workshop will address forms of ISDA’s Credit Support Annex that are governed by laws of other jurisdictions. A special emphasis will be given to the two forms governed by English law.
David Lucking, Senior Associate, Allen & Overy LLP
 II.
 Practical Issues in Collateral Management
This workshop will discuss a variety of issues that arise in establishing and maintaining a collateral relationship between OTC derivative counterparties.
Michael C. Clarke, Managing Director and Global Head of Collateral Management, UBS AG
5:00 PM
 Conference Concludes

Agenda is subject to change

Please click here for the Conference Registration Form.

CONFERENCE VENUE: Global Financial Markets Conference Center, 360 Madison Avenue (entrance on 45th Street), 17th Floor, New York, NY 10017 Phone: (212) 901-6000.

To obtain more information, please contact the ISDA conference department at +1 212-901-6000 or
e-mail CONFERENCES@ISDA.ORG

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