Initial Margin Implementation

Wednesday, July 3, 2019
London

Member $850 U.S.

Non-Member $975 U.S.

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Wednesday, July 3, 2019

Print Agenda Initial Margin Implementation for

8:15 AM Registrations and Continental Breakfast

8:45 AM Introduction and Welcoming Remarks Graham Bryant

Graham Bryant, Counsel, ISDA

9:00 AM Margin Rules and Requirements for Uncleared Swaps Tamsin Rolls, Deepak Sitlani

  • Entity scope and AANA calculations
  • Geographical and transaction scope
  • Initial Margin Requirements, including segregation requirements
  • Documentation and legal review requirements
Tamsin Rolls, Executive Director and Assistant General Counsel, JP Morgan
Deepak Sitlani, Partner, Linklaters LLP

10:00 AM ISDA IM Documentation – A Chronological Review Tamsin Rolls, Tom Shaw, Deepak Sitlani

  • Historical analysis (1994 CSA, legacy segregated IA and 2016 Phase One CSA)
  • Document structure (Two-way posting, interaction with ISDA MA and VM CSA)
  • Differences between the Phase One CSA and Next Generation ISDA IM Documentation
  • 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
Tamsin Rolls, Executive Director and Assistant General Counsel, JP Morgan
Tom Shaw, EMEA Legal Counsel, Wellington Management
Deepak Sitlani, Partner, Linklaters LLP

11:00 AM Morning Break

11:30 AM Understanding the Next Generation of ISDA IM Documentation for Phase 4 and Phase 5 Implementation (Part 1) Emma Patient, Hannah Patterson

  • Custodian specification, risk allocation and “Custodian Event”
  • Control Agreement as Credit Support Document
  • Collateral Access Breach ATE
  • Secured Party Rights Events elections
  • Pledgor Rights Event elections
  • Notice of Exclusive Control and Pledgor Access Notice
Emma Patient, Senior Legal Counsel, HSBC Bank plc
Hannah Patterson, Managing Associate, Linklaters LLP

1:00 PM Luncheon

2:00 PM Understanding the Next Generation of ISDA IM Documentation for Phase 4 and Phase 5 Implementation (Part 2) Emma Patient, Hannah Patterson

  • Using the Regime Table and “strictest of” rules
  • Valuation and FX Haircut Percentage
  • The General Principles
Emma Patient, Senior Legal Counsel, HSBC Bank plc
Hannah Patterson, Managing Associate, Linklaters LLP

2:45 PM Understanding the Next Generation of Ancillary IM Documentation for Phase 4 and Phase 5 Implementation Moderator: Graham Bryant, Ben Berry, James Cherry, Mark Crawford, Fouad Estephan

  • Bank Custodian CTA/SA
  • Rationale of structure
  • Governing law assumptions
  • Recommended amendment provisions (Japanese and French)
  • Comparison with 2018 CSA/CSD
  • Euroclear and Clearstream documents (overview of scope, pledgee representative structure)
Moderator: Graham Bryant, Counsel, ISDA
Ben Berry, Senior Associate, Allen & Overy LLP
James Cherry, Senior Vice President, Clearstream
Mark Crawford, Associate, Linklaters LLP
Fouad Estephan, Director, Collateral Management, Euroclear

3:45 PM Afternoon Break

4:00 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation Moderator: Graham Bryant, Partha Mudgil, 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.

Moderator: Graham Bryant, Counsel, ISDA
Partha Mudgil, Chief Operating Officer, Nakhoda, Linklaters LLP
Emma Patient, Senior Legal Counsel, HSBC Bank plc

4:45 PM Conference Concludes

Agenda is subject to change.

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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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Ben Berry

Senior Associate

Allen & Overy LLP

Graham Bryant

Counsel

ISDA

ISDAconferences

James Cherry

Senior Vice President

Clearstream

Clearstream

Mark Crawford

Associate

Linklaters LLP

Fouad Estephan

Director, Collateral Management

Euroclear

Partha Mudgil

Chief Operating Officer, Nakhoda

Linklaters LLP

Emma Patient

Senior Legal Counsel

HSBC Bank plc

HSBC

Hannah Patterson

Managing Associate

Linklaters LLP

LinklatersLLP

Tamsin Rolls

Executive Director and Assistant General Counsel

JP Morgan

jpmorgan

Tom Shaw

EMEA Legal Counsel

Wellington Management

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.

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

Member $850 U.S.

Non-Member $975 U.S.

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Intermediate

Some knowledge of derivatives 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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