Getting Ready for Phase 5 Initial Margin Implementation

IM Requirements, ISDA Documents & Streamlined IM Negotiation

Wednesday, November 13, 2019
London

Member $850 U.S.

Non-Member $975 U.S.

Register for Getting Ready for Phase 5 Initial Margin Implementation
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For market participants who will be or anticipate becoming subject to initial margin (“IM”) exchange requirements under the uncleared margin rules in September 2020 (Phase 5), and their advisors, this conference will provide delegates with an overview from both the US and EU perspectives of the IM regulatory requirements. It will also provide delegates with a detailed understanding of ISDA’s new IM credit support documentation and implications of various elections under the documentation in negotiations between counterparties, as well as introduce delegates to documentation that can be used for IM arrangements between custodians and trading counterparties in different jurisdictions, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account. Additionally, the program will provide an overview of the ISDA Create – IM negotiation platform, which allows parties to leverage technology to streamline their IM negotiation process.

Educational Credits

6 CPD Credit Hours Available (England and Wales)

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

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Wednesday, November 13, 2019

Print Agenda Getting Ready for Phase 5 Initial Margin Implementation for

8:15 AM Registration and Continental Breakfast

8:50 AM Introduction and Welcoming Remarks Graham Bryant

Graham Bryant, Counsel, ISDA

9:00 AM Initial Margin Requirements for Uncleared Swaps Deepak Sitlani

A large number of counterparties are expected to come into scope of initial margin requirements for non-cleared derivatives in September 2020 (Phase 5).

This session will provide an overview and comparison of the requirements for posting initial margin under US and EU regulations and their implications for entities coming into scope of the requirements, including:

  • Entity scope and AANA calculations
  • Geographical and transaction scope
  • Initial Margin Requirements, including segregation requirements
  • Documentation and legal review requirements
Deepak Sitlani, Partner, Linklaters LLP

9:45 AM Deep Dive into US Cross-border Application Deepak Sitlani

The derivatives markets are global, and the rules have significant cross-border application. Being in- or out-of-scope of a regime will impact a firm’s AANA calculations, IM threshold monitoring and potentially documentation negotiation. This session will examine scenarios in which firms outside the US might be in- or out-of-scope of the US rules.

Deepak Sitlani, Partner, Linklaters LLP

10:30 AM Morning Break

10:45 AM Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation Emma Patient, Deepak Sitlani

This session will provide delegates with an understanding of the new ISDA Bookstore Documentation (ISDA 2018 Credit Support Annex for Initial Margin (Security Interest – New York Law) and ISDA 2018 Credit Support Deed for Initial Margin (Security Interest – English Law)). The session will focus on elections in the documentation and their implications for negotiation between counterparties. It will also provide an overview of the Collateral Transfer Agreement and Security Agreements that can be used for IM arrangements where the relevant custodian is located in a different jurisdiction from the trading counterparties, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account.

Emma Patient, Senior Legal Counsel, HSBC Bank plc
Deepak Sitlani, Partner, Linklaters LLP

12:15 PM Luncheon

1:15 PM Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation (continued) Emma Patient, Deepak Sitlani

Emma Patient, Senior Legal Counsel, HSBC Bank plc
Deepak Sitlani, Partner, Linklaters LLP

2:15 PM Afternoon Break

2:30 PM Custodial Documentation and Onboarding Banu Apers, Fouad Estephan, Mark Higgins, John Southgate

Setting up segregated accounts with custodians and entering into necessary documentation is a key part of compliance with initial margin requirements. This session will examine some of the key points to consider from the custodian and user perspectives.

Banu Apers, Head of Product Management - Collateral Management, Clearstream Banking S.A, Deutsche Börse Group
Fouad Estephan, Director, Collateral Management, Euroclear
Mark Higgins, Liquidity Management & Collateral Segregation, BNY Mellon
John Southgate, Senior Vice President, Derivatives & Collateral Product Management, Northern Trust

3:30 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation Graham Bryant, Emma Patient

This session will provide an overview of the ISDA Create – IM platform and explain how this new technology solution can be used to streamline the negotiation of IM documents.

Graham Bryant, Counsel, ISDA
Emma Patient, Senior Legal Counsel, HSBC Bank plc

4:30 PM Conference Concludes

Agenda is subject to change.

Register Now for Getting Ready for Phase 5 Initial Margin Implementation
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Allen & Overy LLP, One Bishops Square, London, E1 6AD. Phone +44 (0) 203 808 9700. A map to the venue can be found here. You will be required to provide photo identification in order to enter the venue. Please ensure you present this at the ground floor reception or you may be refused entry.

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Banu Apers

Head of Product Management - Collateral Management

Clearstream Banking S.A, Deutsche Börse Group

Graham Bryant

Counsel

ISDA

ISDAconferences

Fouad Estephan

Director, Collateral Management

Euroclear

Mark Higgins

Liquidity Management & Collateral Segregation

BNY Mellon

BNYMellon

Emma Patient

Senior Legal Counsel

HSBC Bank plc

HSBC

Deepak Sitlani

Partner

Linklaters LLP

LinklatersLLP

John Southgate

Senior Vice President, Derivatives & Collateral Product Management

Northern Trust

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Registration fee is for one person to attend the entire event. Pass may not be split between multiple attendees.

For some events, groups of three or more attendees from the same firm can receive a 20% discount on event registrations. Groups must be registered together, in advance of the event. To register your group, please email conferences@isda.org

Government Agencies and Financial Hardship Policy

Member $850 U.S.

Non-Member $975 U.S.

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Intermediate

Basic knowledge of derivatives documentation is beneficial but not mandatory. Some knowledge of financial markets is assumed. No advance preparation is required.

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ISDA is an accredited provider of continuing education credits by the following organizations:

  • CLE

    ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.

  • CPE Sponsory

    ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org

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