ISDA Morning Briefing: Brexit

Implications for Derivatives

Tuesday, April 10, 2018

Member $50 U.S.

Non-Member $100 U.S.

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Tuesday, April 10, 2018

The consequences of the UK’s impending withdrawal from the EU is a hot topic which continues to reverberate through all major industries, both in the UK and on the continent. Although uncertainty remains rife across the board, prudent institutions have recognised the importance of early engagement and the benefits to be gained from proactive discourse. The potential for market disruption is particularly acute in the financial services sector. To combat this, ISDA has penned a set of responses to certain frequently asked questions (FAQs) which continue to evolve in conjunction with developments on the political and legal horizon. Another recent paper published by ISDA addresses the thorny issue of CCP location, which has potentially serious practical and systemic implications. ISDA has also submitted a response letter to the proposed regulation about supervision of CCPs and a location policy. In this morning briefing we will gather a number of experts to discuss these topics and the various corollary questions and considerations to be posed to regulators, political bodies and market participants.

8:00 AM Registration and Continental Breakfast

8:30 AM Welcoming Remarks Peter Werner

Peter Werner, Senior Counsel, ISDA

8:45 AM Legal and Documentation Issues – Impact of Brexit on Legal Agreements Mark Brown, Peter Werner

  • Status update on EU/UK negotiations
  • European Union (Withdrawal) Bill
  • Brexit FAQs
Mark Brown, Partner, Linklaters LLP
Peter Werner, Senior Counsel, ISDA

9:20 AM A Regulatory perspective – How will Brexit impact the Regulatory Agenda? Caroline Dawson, Andrew Gray, Fiona Taylor

This session will discuss the likely options available to UK financial services firms wishing to access EU financial markets. We will also discuss the challenges that need to be overcome in order to avoid market fragmentation and reduced market liquidity.

Caroline Dawson, Senior Associate, Clifford Chance LLP
Andrew Gray, Partner, Head of Brexit, PwC
Fiona Taylor, Director, European Public Policy, ISDA

9:55 AM Implications of Clearing Location Policy Ulrich Karl

  • The Aim of EMIRII- Why does the EU want to change CCP supervision?
  • The Risk and cost of a Location Policy
  • Supervisory cooperation
  • The current status of discussions in Brussels - What is next?
Ulrich Karl, Head of Clearing Services, ISDA

10:30 AM Discussion Concludes

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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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Mark Brown


Linklaters LLP

Caroline Dawson

Senior Associate

Clifford Chance LLP

Andrew Gray

Partner, Head of Brexit


Ulrich Karl

Head of Clearing Services


Fiona Taylor

Director, European Public Policy


Peter Werner

Senior Counsel


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