|
8:15
AM |
Registration and Continental Breakfast |
|
9:00 AM |
Introduction and Welcoming Remarks |
|
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. |
|
10:00
AM |
Overview of the English Law ISDA Credit Support Documents
Edward Murray, Partner, Allen & Overy LLP
Victoria Wells, Counsel, Derivative Services, Allen & Overy LLP
Other speaker to be announced
|
|
10:15
AM |
Understanding the ISDA Credit Support Annex (Transfer)
The
ISDA Credit Support Annex under English 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 English law, including defining credit support obligations
and effecting transfers, calculations and substitutions of collateral,
as well as dispute resolution. |
|
10:45
AM |
Morning Break |
|
11:00
AM |
Understanding the ISDA Credit Support Annex (continued)
Discussion
on the ISDA Credit Support Annex under English 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. |
|
11:45
AM |
The ISDA Credit Support Deed (Security Interest)
The
ISDA Credit Support Deed is a stand-alone security agreement and creates
a security interest in the collateral transferred under it. Key provisions
of the Deed will be examined and compared to the English law Credit
Support Annex. |
|
12:30
PM |
Luncheon |
|
2:00
PM |
Update on Developments in International Law regarding Collateral and
Derivatives
This
session will identify issues that may arise when entering into cross-border
transactions in OTC derivatives and delivering and receiving cross-border
collateral. An update on global developments in collateral and financial
law reform will be provided with a focus on the following initiatives:
• UNIDROIT Draft Convention on the Harmonized Substantive
Rules for the Use of Securities Held
with Intermediaries as Collateral and UNCITRAL
Legislative Guide on Secured Transactions,
Hague Securities Convention
• Revision of the EU Collateral Directive
• Proposed EU Rome 1 Regulation on the Law Applicable
to Contractual Obligations and Proposed
EU Brussels 1 Regulation on Jurisdiction and the
Recognition and Enforcement of Judgments in
Civil and Commercial Matters
• Proposal for an EU Netting Directive
Edward Murray, Partner, Allen & Overy LLP
Peter Werner, Director of Policy, ISDA |
|
2:45
PM |
Current Issues in Collateral Management
• 2008
ISDA Margin Survey results
• Challenges facing collateral managers
Speaker to be announced |
| 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 New York law.
Speaker to be announced |
|
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.
Andres Nortes Planas, Vice President, JPMorgan Chase Bank N.A.
Other speaker to be announced |
|
5:00
PM |
Conference
Concludes |
