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.
5 CLE Credit Hours Available (New York)
Transitional and Nontransitional
5 CPE Credit Hours Available
Tags: Documentation, Initial Margin, ISDA Create, Legal
Jump to Section:
Wednesday, June 12, 2019Print 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.
VenueBack 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 Place, 21 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.
SpeakersBack to Top
Seth L. Bloom
Purrington Moody Weil LLP
Head of Collateral Initiatives
MD/Global Head of Collateral Strategy
JPMorgan Chase & Co.
John J. Deegan
Managing Director & Managing Counsel
Douglas J. Donahue
Clifford Chance US LLP
Ilene K. Froom
Reed Smith LLP
Associate General Counsel
Director, Product Development
Senior Vice President, Managing Counsel
Brown Brothers Harriman & Co.
Frederick O. Quenzer
Assistant General Counsel
PricingBack 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 firstname.lastname@example.org prior to the event.
Member $400 U.S.
Non-Member $500 U.S.
Course LevelBack to Top
Basic knowledge of derivatives documentation is beneficial but not mandatory. Some knowledge of financial markets is assumed. No advance preparation is required.
AccreditationBack to Top
ISDA is an accredited provider of continuing education credits by the following organizations:
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.
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
ContactBack to Top
©ISDA Symposium is a registered trademark of the International Swaps and Derivatives Association, Inc.