Getting Ready for Phase 5 Initial Margin Implementation

IM Requirements, ISDA Documents & Streamlined IM Negotiation

Friday, September 27, 2019
ISDA Conference Center
New York

Member $850 U.S.

Non-Member $975 U.S.

Event begins in:
Days
0
0
Hours
0
0
mins
0
0
secs
0
0

For market participants who will be or anticipate becoming subject to initial margin (“IM”) exchange requirements under the uncleared margin rules in September 2020 (Phase 5), and their advisors, this conference will provide delegates with an overview from both the US an EU perspectives of the IM regulatory requirements. It will also provide delegates with a detailed understanding of ISDA’s new IM credit support documentation and implications of various elections under the documentation in negotiations between counterparties, as well as introduce delegates to documentation that can be used for IM arrangements between custodians and trading counterparties in different jurisdictions, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account. Additionally, the program will provide an overview of the ISDA Create– IM negotiation platform, which allows parties to leverage technology to streamline their IM negotiation process.

Educational Credits

7 CLE Credit Hours Available (New York)
Transitional and Nontransitional

7 CPE Credit Hours Available

Tags: , , ,

Jump to Section:

Friday, September 27, 2019

Print Agenda Getting Ready for Phase 5 Initial Margin Implementation for

8:15 AM Registration and Continental Breakfast

8:50 AM Introduction and Welcoming Remarks Mark New

Mark New, Senior Counsel, Americas, ISDA

9:00 AM Initial Margin Requirements for Uncleared Swaps Seth L. Bloom, David Felsenthal

A large number of counterparties are expected to come into scope of initial margin requirements for non-cleared derivatives in September 2020 (Phase 5).

This session will provide an overview and comparison of the requirements for posting initial margin under US and EU regulations and their implications for entities coming into scope of the requirements, including:

  • Entity scope and AANA calculations
  • Geographical and transaction scope
  • Initial Margin Requirements, including segregation requirements
  • Documentation and legal review requirements
Seth L. Bloom, Partner, Purrington Moody Weil LLP
David Felsenthal, Partner, Clifford Chance US LLP

9:45 AM Deep Dive into EU Cross-border Application Kyara Mathias, Mark New

The derivatives markets are global, and the rules have significant cross-border application. Being in- or out-of-scope of a regime will impact a firm’s AANA calculations, IM threshold monitoring and potentially documentation negotiation. This session will examine scenarios in which firms outside the EU might be in- or out-of-scope of the EU rules.

Kyara Mathias, Managing Associate, Linklaters LLP
Mark New, Senior Counsel, Americas, ISDA

10:30 AM Morning Break

10:45 AM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and Beyond Waqaas Fahmawi, Ilene K. Froom, Blair Greber-Raines, Miki Navazio

This session will provide delegates with an understanding of the new ISDA Bookstore Documentation (ISDA 2018 Credit Support Annex for Initial Margin (Security Interest – New York Law) and ISDA 2018 Credit Support Deed for Initial Margin (Security Interest – English Law)). The session will focus on elections in the documentation and their implications for negotiation between counterparties. It will also provide an overview of the Collateral Transfer Agreement and Security Agreements that can be used for IM arrangements where the relevant custodian is located in a different jurisdiction from the trading counterparties, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account.

Waqaas Fahmawi, Director and Assistant General Counsel, Bank of America Merrill Lynch
Ilene K. Froom, Partner, Reed Smith LLP
Blair Greber-Raines, Associate General Counsel, Invesco
Miki Navazio, Partner, Seward & Kissel LLP

12:15 PM Luncheon

1:15 PM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and Beyond Waqaas Fahmawi, Ilene K. Froom, Blair Greber-Raines, Miki Navazio

Waqaas Fahmawi, Director and Assistant General Counsel, Bank of America Merrill Lynch
Ilene K. Froom, Partner, Reed Smith LLP
Blair Greber-Raines, Associate General Counsel, Invesco
Miki Navazio, Partner, Seward & Kissel LLP

2:15 PM Afternoon Break

2:30 PM Custodial Documentation and Onboarding Amy Caruso, Lynne Jimenez, Claire Rodman, Joyce Thormann

Setting up segregated accounts with custodians and entering into necessary documentation is a key part of compliance with initial margin requirements. This session will examine some of the key points to consider from the custodian and user perspectives.

Moderator: Amy Caruso, Head of Collateral Initiatives, ISDA
Lynne Jimenez, Vice President, Relationship Manager, Investor Services, Global Custody Services, State Street
Claire Rodman, Vice President and Global Head, Collateral Contract Onboarding, Société Générale
Joyce Thormann, Chief Representative, Euroclear Bank New York Representative Office

3:30 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation John J. Deegan, Douglas J. Donahue, Andrew Kayiira

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.

John J. Deegan, Managing Director & Managing Counsel, BNY Mellon
Douglas J. Donahue, Partner, Linklaters LLP
Andrew Kayiira, Director, Product Development, ISDA

4:30 PM Conference Concludes

Agenda is subject to change.

Back to Top

ISDA Conference Center, 10 East 53rd Street (entrance on 52nd and 53rd Street), 8th Floor, New York, NY 10022, Phone: +1 (212) 901-6000. Please find a map to the venue here.

ISDA has a special rate available at the Omni Berkshire Place21 East 52nd Street, New York, NY 10022, +1 212-753-5800, located on the same block as the ISDA Conference Center. For reservations online click here OR call the Reservation Center at +1 888-843-6664 and mention the International Swaps and Derivatives Association, Inc. (ISDA) special rate. ISDA’s special rate is based on availability at the time of booking.

Back to Top

Seth L. Bloom

Partner

Purrington Moody Weil LLP

Amy Caruso

Head of Collateral Initiatives

ISDA

ISDAConferences

John J. Deegan

Managing Director & Managing Counsel

BNY Mellon

BNYMellon

Douglas J. Donahue

Partner

Linklaters LLP

Waqaas Fahmawi

Director and Assistant General Counsel

Bank of America Merrill Lynch

David Felsenthal

Partner

Clifford Chance US LLP

CC_Americas

Ilene K. Froom

Partner

Reed Smith LLP

reedsmithllp

Blair Greber-Raines

Associate General Counsel

Invesco

Lynne Jimenez

Vice President, Relationship Manager, Investor Services, Global Custody Services

State Street

Andrew Kayiira

Director, Product Development

ISDA

ISDAConferences

Kyara Mathias

Managing Associate

Linklaters LLP

Miki Navazio

Partner

Seward & Kissel LLP

sewkis

Mark New

Senior Counsel, Americas

ISDA

ISDAConferences

Claire Rodman

Vice President and Global Head, Collateral Contract Onboarding

Société Générale

SocGen_US

Joyce Thormann

Chief Representative

Euroclear Bank New York Representative Office

EuroclearGroup

Back to Top

Registration fee is for one person to attend the entire event. Pass may not be split between multiple attendees.
Groups of three or more attendees from the same firm can receive a 20% discount on event registrations. To register your group, please email conferences@isda.org prior to the event.

Member $850 U.S.

Non-Member $975 U.S.

Back to Top

Intermediate

Some knowledge of derivatives documentation is assumed. No advance preparation is required.

Back to Top

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

Back to Top

Follow us on Twitter @isdaconferences for the latest on upcoming events. For general questions, including exhibition/sponsorship opportunities, conference topics or location suggestions contact us: conferences@isda.org | +1 212-901-6000