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
9:10 AM Keynote Address William Hague
9:30 AM Benchmark Reform: The ‘Need to Know’
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
10:20 AM Keynote Address
10:40 AM Networking Break
11:00 AM Ready for Fallbacks?
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?
11:45 AM From 2006 to 2020
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.
12:30 PM Lunch
2:00 PM Avoiding an IM Bottleneck
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
- Understanding the cross-border impact of margin regulations
2:45 PM Standardise and Digitise
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
3:30 PM Networking Break
3:50 PM Beyond Brexit
While the Brexit process continues, implications for the future relationship between UK and EU remain an area of focus.
4:35 PM Facing Emerging Market Counterparties
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.
5:20 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.