ISDA Annual Legal Forum
Thursday, January 30, 2020London
The ISDA Annual Legal Forum is the premier event for derivatives lawyers globally. Featuring sessions on benchmark reform, the implementation of fallbacks for key IBORs, the next phases of initial margin regulations and the digitisation of documentation, the Annual Legal Forum includes the latest intelligence and detailed analysis on the most important legal and regulatory issues affecting markets today.
5.25 CPD Credit Hours Available (England and Wales)
6 CLE Credit Hours Available (New York)
Transitional and Nontransitional
8:00 AM Registration and Continental Breakfast
9:00 AM Introduction and Welcoming Remarks Katherine Tew Darras
9:10 AM Keynote Address William Hague
9:30 AM Benchmark Reform: The ‘Need to Know’ Rick Sandilands, Mark Brown, Rich Fox, Jasper Livingsmith, Tamsin Rolls, Mikael Stenström
Significant progress has been made to prepare for adoption of alternative risk-free rates in place of LIBOR and other IBORs, but a lot remains to be done. This panel will discuss the work completed to date in the sterling and euro risk-free rate working groups, and the future areas of focus.
- Progress on adoption of the alternative risk-free rates
- Managing potential basis risk between cash products and their hedges
- The EU Benchmarks Regulation – current issues and impending review
- Governance and accountability
- Managing client communication and litigation risk
Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Mark Brown, Partner, Linklaters LLP
Rich Fox, Head of Markets Policy, Financial Conduct Authority
Jasper Livingsmith, Head of G7 Portfolio Management, European Bank for Reconstruction and Development
Tamsin Rolls, Executive Director and Assistant General Counsel, JP Morgan
Mikael Stenström, Senior Adviser Market Operations, European Central Bank
10:20 AM Keynote Address on EU Benchmark Reform Tilman Lüder
10:40 AM Networking Break
11:00 AM Ready for Fallbacks? Ann M. Battle, Dan Ashe, Patrick Chamberlain, David Horner, Heather Pilley, Deepak Sitlani
ISDA is preparing to publish revised Definitions to incorporate robust contractual fallbacks for derivatives referenced to key IBORs, along with a protocol to include fallbacks into legacy trades. This panel will cover the issues lawyers need to know about the new fallbacks.
- Fallback methodology
- Publication of spread adjustment
- Comparing derivatives fallbacks to those for other financial instruments
- What’s next?
Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Dan Ashe, Counsel, Bloomberg L.P.
Patrick Chamberlain, Managing Director and Senior Counsel, Goldman Sachs
David Horner, Head of Risk, Rates Derivatives, LCH
Heather Pilley, Benchmarks Policy, Markets Policy, Strategy and Competition Division, Financial Conduct Authority
Deepak Sitlani, Partner, Linklaters LLP
11:45 AM From 2006 to 2020: The ISDA Definitions Graham Bryant, Suzanna Brunton, Lucinda Clayton, Andy Jackson, Philip Whitehurst
In 2020, ISDA will publish its revised interest rate and cross-currency transaction definitional booklet (the 2006 ISDA Definitions). This session will examine the proposed changes, the mechanism for implementation, and other issues firms should consider.
Moderator: Graham Bryant, Counsel, ISDA
Suzanna Brunton, Managing Associate, Linklaters LLP
Lucinda Clayton, Head of Derivatives Advisory, NatWest Markets
Andy Jackson, Executive Director and Senior Counsel, Goldman Sachs Asset Management
Philip Whitehurst, Head of Service Development, Rates, LCH
12:30 PM Lunch
1:40 PM Avoiding an IM Bottleneck Annabel Akintomide, Emma Patient, Hannah Patterson, Tom Shaw, Allan Yip
September 2020 will see large numbers of counterparty relationships come into scope of initial margin regulations. A revision of the phase-in schedule by the Basel Committee and IOSCO in 2019 will help mitigate the risk of a documentation and compliance bottleneck, but implementation challenges remain significant. This panel will cover the obstacles firms need to navigate, and the steps they should take to get ready.
- AANA calculation and IM monitoring
- Legal documentation
- Technological solutions
Moderator: Annabel Akintomide, Counsel, ISDA
Emma Patient, Senior Legal Counsel, HSBC Bank plc
Hannah Patterson, Managing Associate, Linklaters LLP
Tom Shaw, EMEA Legal Counsel, Wellington Management
Allan Yip, Partner, Simmons & Simmons LLP
2:25 PM Standardise and Digitise Ciarán McGonagle, Akber Datoo, Richard Hay, Ian Sloyan
The push for greater automation is extending to legal documentation, but the digitisation of documents and capture of structured legal data first requires standardisation. This panel looks at the initiatives to standardise and digitise documentation, and the potential for automation through smart contracts.
- ISDA Clause Library and ISDA CDM
- Legal considerations for smart derivatives contracts
- Next steps
Moderator: Ciarán McGonagle, Assistant General Counsel, ISDA
Akber Datoo, Founder & Managing Director, D2 Legal Technology (D2LT)
Richard Hay, UK Head of Fintech, Linklaters LLP
Ian Sloyan, Director, Market Infrastructure and Technology, ISDA
3:10 PM Networking Break
3:30 PM Beyond Brexit Fiona Taylor, Julian Adams, Chris Bates, Laura Muir
While the Brexit process continues, implications for the future relationship between UK and EU remain an area of focus.
Moderator: Fiona Taylor, Director, UK Public Policy, ISDA
Julian Adams, Director, Public Policy and Regulation, M&G plc
Chris Bates, Partner, Clifford Chance LLP
Laura Muir, Managing Director, Barclays
4:15 PM Facing Emerging Market Counterparties Peter Werner, Chris Arnold, Dominic Cooper, Brett Gallie
Trading in emerging markets pose a number of challenging legal and regulatory issues – from currency controls to a lack of recognition of close-out netting. In certain rare cases, sanctions have also been imposed, creating difficulties for non-sanctioned entities with pre-existing hedges. This panel will cover some of the issues lawyers need to consider.
Moderator: Peter Werner, Senior Counsel, ISDA
Chris Arnold, Partner, Mayer Brown International LLP
Dominic Cooper, Chair of the ISDA CEE/SEE/CIS Committee; Director, Legal, Citi
Brett Gallie, Chair of the ISDA Africa Committee, Head, Global Markets Legal, The Standard Bank of South Africa Limited
5:00 PM Conference Concludes
Agenda is subject to change.
Allen & Overy LLP, Auditorium, 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.