Initial Margin Implementation

Monday, May 13, 2019
Sandton Convention Centre
Johannesburg

Member $850 U.S.

Non-Member $975 U.S.

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Monday, May 13, 2019

Download Agenda Initial Margin Implementation for

8:15 AM Registrations and Continental Breakfast

8:45 AM Introduction and Welcoming Remarks

9:00 AM Margin Rules and Requirements for Uncleared Swaps

  • Entity scope and AANA calculations
  • Geographical and transaction scope
  • Initial Margin Requirements, including segregation requirements
  • Documentation and legal review requirements
  • Comparison with US/EU rules?

10:00 AM Understanding the Next Generation of ISDA IM Documentation for Phase 4 and Phase 5 Implementation (Part 1)

  • Historical analysis (1994 CSA, legacy segregated IA and 2016 Phase One CSA)
  • Document structure (Two-way posting, interaction with ISDA MA and VM CSA)
  • Interaction between Reg IM and non-reg Independent Amount – why they might overlap
  • Describe three “Margin Approaches”, when each might be selected and how the outcome differs under each

11:15 AM Morning Break

11:45 AM Understanding the Next Generation of ISDA IM Documentation for Phase 4 and Phase 5 Implementation (Part 2)

  • Custodian specification, risk allocation and “Custodian Event”
  • Control Agreement as Credit Support Document
  • Collateral Access Breach ATE
  • Notice of Exclusive Control and Pledgor Access Notice
  • Secured Party Rights Events elections
  • Pledgor Rights Event elections

1:15 PM Luncheon

2:15 PM Understanding the Next Generation of ISDA IM Documentation for Phase 4 and Phase 5 Implementation (Part 3)

  • Using the Regime Table and “strictest of” rules
  • Valuation and FX Haircut Percentage
  • “Regulatory Event” and “Other Regulatory CSA” definitions

3:00 PM Understanding the Next Generation of Ancillary IM Documentation for Phase 4 and Phase 5 Implementation

  • Bank Custodian CTA/SA
  • Rationale of structure
  • Governing law assumptions
  • Recommended amendment provisions (Japanese and French)
  • Comparison with 2018 CSA/CSD
  • Update on jurisdictions covered
  • Euroclear and Clearstream documents (overview of scope, pledgee representative structure

3:30 PM Afternoon Break

3:45 PM Initial Margin in South Africa

  • Draft Joint Standard by Prudential Authority and Financial Sector Conduct Authority
  • Anticipated amendments and timing
  • Harmonization of the South Africa Insolvency Act, 1936 to accommodate initial margin regimes
  • Documentation

4:45 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation

5:30 PM Conference Concludes

Agenda is subject to change.

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1161 Maude Street, Sandown, Sandton, 2196, South Africa, +27 11 779 0000. Please find a map to the venue here.

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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 event registrations. To register your group, please email conferences@isda.org

Member $850 U.S.

Non-Member $975 U.S.

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Intermediate

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