Current Priorities in Derivatives

From an End User Perspective

Tuesday, June 18, 2019
CMS, Saltire Court
Edinburgh

Member $450 U.S.

Non-Member $550 U.S.

This forum will focus on end user issues and feature sessions on benchmark reform, Brexit, implementation of margin requirements, EMIR REFIT and the push to digitise documentation and create smart derivatives contracts. It will include the latest intelligence and detailed analysis on the most important legal and regulatory issues affecting markets today.

Educational Credits

4.75 CPD Credit Hours Available (England and Wales)

5.5  CLE Credit Hours Available (New York)
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Tuesday, June 18, 2019

Print Agenda Current Priorities in Derivatives for

9:00 AM Registration and Continental Breakfast

9:45 AM Introduction and Welcoming Remarks Katherine Tew Darras

Katherine Tew Darras, General Counsel, ISDA

10:00 AM The Route to Benchmark Reform Moderator: Rick Sandilands, Will Dibble, Deepak Sitlani

The move to adopt risk-free rates as an alternative to LIBOR and other interbank offered rates (IBORs) is gathering pace, but a huge amount of work still needs to be completed to ensure a successful transition. The end-2021 deadline set by the UK Financial Conduct Authority, and the end of the EU Benchmarks Regulation transition period, means time is of the essence. This panel will cover the issues lawyers need to know, including:

  • Progress on adoption of the alternative risk-free rates
  • ISDA’s work on enhancing the robustness of contractual fallbacks for key IBORs
  • The EU Benchmarks Regulation and its impact on end users
  • The ISDA Benchmarks Supplement and how it fits with ISDA’s fallback initiative
Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Will Dibble, Partner, CMS
Deepak Sitlani, Partner, Linklaters LLP

11:00 AM Dealing with the Initial Margin Big Bang Moderator: Katherine Tew Darras, Tamsin Rolls, Deepak Sitlani

The phase-five implementation of initial margin (IM) requirements in September 2020 will capture more than 1,000 firms, potentially bringing some insurance companies, mutual funds and pension funds into scope for the first time. The requirements for IM are far more onerous than those for variation margin, and they will present some unique challenges for funds entering into derivatives through multiple asset managers. What needs to be done, by whom, and by when? How can technology help?

  • Checklist for phase five IM implementation, including documentation, custodial accounts and IM calculations such as ISDA SIMMTM
  • Overview of ISDA IM standard form documentation
  • Current status of regulatory guidance
  • Launch of ISDA Create – IM
Moderator: Katherine Tew Darras, General Counsel, ISDA
Tamsin Rolls, Executive Director and Assistant General Counsel, JP Morgan
Deepak Sitlani, Partner, Linklaters LLP

12:00 PM Lunch

1:00 PM Building the Future of Derivatives Documentation Moderator: Ciarán McGonagle, Keith Blizzard, Charles Kerrigan, Judith Lawless, Deepak Sitlani

A number of initiatives are under way to review ISDA’s documentation architecture, heavily influenced by the desire to use technology. This panel will examine some of those initiatives, involving ISDA’s Clause Library Project, ISDA Create, the ISDA Common Domain Model, the 2019 Interest Rate Derivatives Definitions and Smart Derivatives Contracts.

Moderator: Ciarán McGonagle, Assistant General Counsel, ISDA
Keith Blizzard, Director and Subject Matter Expert, Axiom Law
Charles Kerrigan, Partner, CMS
Judith Lawless, Partner, McCann Fitzgerald
Deepak Sitlani, Partner, Linklaters LLP

2:00 PM EMIR REFIT – Documentation and Compliance Moderator: Ciarán McGonagle, Jason Brooks, Doug Shaw

The recently published EMIR REFIT regulation will involve changes to existing requirements under EMIR, including the counterparty classification regime, clearing and reporting. This session will discuss these changes and their impact on ISDA documentation.

Moderator: Ciarán McGonagle, Assistant General Counsel, ISDA
Jason Brooks, Partner, CMS
Doug Shaw, Counsel, Linklaters LLP

2:45 PM Networking Break

3:15 PM Brexit: The ISDA French/Irish Law Master Agreement plus the UK’s Relationship with the EU 27 and Beyond Moderator: Katherine Tew Darras, Alban Caillemer du Ferrage, Judith Lawless, Stephen Phillips

Some EU participants may opt for additional EU governing law options to retain certain direct benefits of EU legislation after Brexit. In response, ISDA has launched French and Irish law versions of the ISDA Master Agreement. What are the implications, and what do people need to know about the new agreements? The UK’s withdrawal from the EU throws up a number of important questions for derivatives markets. What will Brexit mean for derivatives contracts between UK and EU entities, especially in terms of existing dispute forum clauses? What will the future look like for the mutual recognition and enforcement of judgments between the UK and EU 27? How will the recognition of insolvency proceedings work? What will the UK’s ‘on-shoring’ of EU legislation look like?

Moderator: Katherine Tew Darras, General Counsel, ISDA
Alban Caillemer du Ferrage, Partner, Jones Day
Judith Lawless, Partner, McCann Fitzgerald
Stephen Phillips, Partner, CMS

4:15 PM Networking Drinks Reception

Sponsored by: CMS

5:30 PM Conference Concludes

Agenda is subject to change.

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CMS, Saltire Court, 20 Castle Terrace, Edinburgh, EH1 2EN. +44 131 228 8000. Please find a map to the venue here.

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Keith Blizzard

Director and Subject Matter Expert

Axiom Law

Jason Brooks

Partner

CMS

Alban Caillemer du Ferrage

Partner

Jones Day

Katherine Tew Darras

General Counsel

ISDA

ISDAConferences

Will Dibble

Partner

CMS

Charles Kerrigan

Partner

CMS

Judith Lawless

Partner

McCann Fitzgerald

Ciarán McGonagle

Assistant General Counsel

ISDA

ISDAConferences

Stephen Phillips

Partner

CMS

Tamsin Rolls

Executive Director and Assistant General Counsel

JP Morgan

Rick Sandilands

Senior Counsel, Europe

ISDA

ISDAConferences

Doug Shaw

Counsel

Linklaters LLP

Deepak Sitlani

Partner

Linklaters LLP

linklatersLLP

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Registration fee is for one person to attend the entire event. Pass may not be split between multiple attendees.
Groups of three or more attendees from the same firm can receive a 20% discount on most event registrations. Groups must be registered together, in advance of the event. To register your group, please email conferences@isda.org

Member $450 U.S.

Non-Member $550 U.S.

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  • CLE

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