Understanding Variation Margin Regulations

Thursday, March 19, 2020

Member $850 U.S.

Non-Member $975 U.S.

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Thursday, March 19, 2020

Print Agenda Understanding Variation Margin Regulations for

8:15 AM Registration and Continental Breakfast

8:45 AM Introduction and Welcoming Remarks

9:00 AM Regulatory Variation Margin requirements for non-cleared derivatives

This session will explain the Variation Margin (VM) requirements in the EU and other key jurisdictions implementing the international WGMR framework. The session will look at:

  • Which entities are subject to the requirements?
  • Which trades are subject to the requirements?
  • What are the VM Regulations?
  • Cross-Border implications and key similarities/differences with rules in other jurisdictions
  • Impact on CSA documentation

10:40 AM Morning Break

11:00 AM Understanding the ISDA English Law Variation Margin CSA

This session will discuss the 2016 Credit Support Annex for Variation Margin. The two new forms published in 2016 allow parties to establish Variation Margin and Initial Margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. This session will look at:

  • 1995 CSA
  • The Transferor & Transferee. How can this party change over time?
  • Scope of Covered Transactions under CSA
  • Credit Support Obligations: the Delivery Amount and Return Amount
  • Eligible Collateral and Valuation Percentages
  • Minimum Transfer Amounts
  • Value of Collateral
  • Adding an Independent Amount, using the Independent Amount (IA) Provisions
  • Transfer Timing: when must a party deliver or return collateral – what changes can they make?
  • Valuation Time and Valuation Date
  • Valuation Agent
  • Notification Time
  • Dispute Resolution

12:15 PM Luncheon

1:15 PM Understanding the ISDA English Law Variation Margin CSA (Continued)

  • Exchanges
  • Distributions and Interest Amounts
  • Enforcement following Event of Default
  • Credit Support Offsets
  • Legally ineligible Credit Support Provision
  • Ratings Ladders
  • Valuation Agent
  • Terms for non-netting counterparties
  • Other Provisions

2:15 PM Collateral Arrangements under New York Law in comparison to English Law Arrangements

This session will discuss the 2016 Credit Support Annex for Variation Margin governed by New York Law.

3:00 PM Afternoon Break

3:15 PM Update on Developments in International Law regarding Collateral and Derivatives and ISDA Collateral Opinions

This session will provide an overview of:

  • ISDA’s Collateral Opinions; and
  • Tools available to assist with collateral reviews.

4:00 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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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

Receive a special discount of 20% for one person to attend all 3 Back to Basics courses – the Fundamentals of Derivatives, Understanding the ISDA Master Agreements and Understanding Variation Margin and the 2016 ISDA Variation Margin Credit Support Documents courses taking place on September 24, 25 & 26 in London. To receive this discount, email conferences@isda.orgprior to registration. [Registrant must attend all 3 courses. Discount will be void if one or more of the registrations are cancelled]

Government Agencies and Financial Hardship Policy

Member $850 U.S.

Non-Member $975 U.S.

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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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