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

IM Requirements, ISDA Documents & Streamlined IM Negotiation

Wednesday, June 12, 2019
ISDA Conference Center
New York

Member $400 U.S.

Non-Member $500 U.S.

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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 and 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

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

5 CPE Credit Hours Available

Print 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 Frederick O. Quenzer

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

9:45 AM Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation 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.

10:45 AM Coffee Break

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

12:00 PM Custodial Documentation and Onboarding Amy Caruso, Ed Corral, John J. Deegan, Douglas J. Donahue, Tiziana Polizio

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.

12:45 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation 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.

1:30 PM Symposium Concludes

Agenda is subject to change.


Venue Location:

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.


©ISDA Symposium is a registered trademark of the International Swaps and Derivatives Association, Inc.

2019 International Swaps and Derivatives Association, Inc.
ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc.