ISDA Symposium® Phase 4, Phase 5, and the Future of Initial Margin (IM) Documentation

IM Requirements, ISDA Documents & Streamlined IM Negotiation

Tuesday, March 26, 2019
ISDA Conference Center
New York

For market participants who expect to become subject to the 2019 (Phase 4) and 2020 (Phase 5) initial margin (“IM”) exchange requirements under the uncleared margin rules, and their advisors, this half-day symposium 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

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

4.5 CPE Credit Hours Available

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Tuesday, March 26, 2019

Download Agenda ISDA Symposium® Phase 4, Phase 5, and the Future of Initial Margin (IM) Documentation for

8:15 AM Registration and Continental Breakfast

8:45 AM Introduction and Welcoming Remarks Megan O’Flynn

Megan O’Flynn, Assistant General Counsel, ISDA

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

Following implementation of the variation margin requirements of margin regulations for non-cleared derivatives by most firms in 2017, attention is turning to preparation for compliance with initial margin requirements for those firms that will be in-scope for IM requirements in 2019 (Phase 4) and 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 in-scope for Phases 4 and 5 of implementation, 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 Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation Eleanor Boris, Ilene K. Froom, Blair Greber-Raines, Will Liu

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.

Eleanor Boris, Executive Director, Morgan Stanley
Ilene K. Froom, Partner, Reed Smith LLP
Blair Greber-Raines, Vice President, Associate General Counsel, OppenheimerFunds, Inc.
Will Liu, Counsel, Linklaters LLP

10:45 AM Coffee Break

11:00 AM Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation (continued) Eleanor Boris, Ilene K. Froom, Blair Greber-Raines, Will Liu

Eleanor Boris, Executive Director, Morgan Stanley
Ilene K. Froom, Partner, Reed Smith LLP
Blair Greber-Raines, Vice President, Associate General Counsel, OppenheimerFunds, Inc.
Will Liu, Counsel, Linklaters LLP

12:15 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation Douglas J. Donahue, Megan O’Flynn

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.

Douglas J. Donahue, Partner, Linklaters LLP
Megan O’Flynn, Assistant General Counsel, ISDA

1:00 PM Symposium Concludes

Agenda is subject to change.

Register Now for ISDA Symposium® Phase 4, Phase 5, and the Future of Initial Margin (IM) Documentation
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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 +1 800-843-6664 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.

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Seth L. Bloom

Partner

Purrington Moody Weil LLP

Eleanor Boris

Executive Director

Morgan Stanley

Douglas J. Donahue

Partner

Linklaters LLP

David Felsenthal

Partner

Clifford Chance US LLP

Ilene K. Froom

Partner

Reed Smith LLP

Blair Greber-Raines

Vice President, Associate General Counsel

OppenheimerFunds, Inc.

Will Liu

Counsel

Linklaters LLP

Megan O’Flynn

Assistant General Counsel

ISDA

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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.

Government Agencies and Financial Hardship Policy

Member $400 U.S.

Non-Member $500 U.S.

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Intermediate

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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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

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For general questions, including exhibition/sponsorship opportunities, conference topics or location suggestions contact us: conferences@isda.org | +1 212-901-6000

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