New hedge accounting, the new benchmark replacing US LIBOR and the evolving topic of Cryptocurrencies

Tuesday, March 13, 2018
New York

Derivatives are evolving and new accounting requirements to manage risks have been developed to better reflect safe and sound hedging strategies. This symposium will give participants in derivatives markets a comprehensive understanding of the issues that will have an impact on the business due to the most recent accounting and regulatory changes. Particular consideration will be given to the changes on hedge accounting under U.S. GAAP. You will also receive early exposure to the Fed’s benchmark rate to replace LIBOR. In addition, the symposium will look at the recently approved STM cleared derivatives model and its impact on regulatory capital and the evolving market for decentralized digital currencies.

Educational Credits

4 CPE Credit Hours Available

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Tuesday, March 13, 2018

8:30 AM Registration and Continental Breakfast

9:00 AM Introduction and Welcoming Remarks Antonio Corbi

Antonio Corbi, Director, Risk and Capital, ISDA

9:05 AM Implementing FASB’s new hedge accounting guidance Antonio Corbi, Matthew Esposito, Hee Lee, Jon Tkach

  • Overview of the new hedge accounting guidance and the benefits for financial risk management
  • What has changed: new hedging strategies discussion
    • Fair value hedges of interest rate risk
    • Cash flow hedges of interest rate risk
    • Fair value hedges of closed loan portfolios and MBS
    • Net investment hedges
  • Effectiveness assessment
  • Presentation in the financial statements
  • Initial interpretation issues from early adoption efforts
Antonio Corbi, Director, Risk and Capital, ISDA
Matthew Esposito, Managing Director, Accounting Policy, Citigroup
Hee Lee, Partner, Ernst & Young
Jon Tkach, Director, Risk Solutions Group, Barclays

10:05 AM ISDA Facilitator of The Settle to Market Model (STM) Antonio Corbi, Matthew Esposito, Hee Lee

  • Background: Balance Sheet Offsetting & Clearing
  • ISDA Involvement with Big 4, LCH Clearnet and CME
  • VM as Settlement rather than Collateral: House Accounts & Client Clearing
  • ISDA Led Industry Effort to Resolve STM Accounting Issues:
    • STM model: Impact on Hedge Accounting
    • STM model: Impact on Capital and Leverage Ratio
Antonio Corbi, Director, Risk and Capital, ISDA
Matthew Esposito, Managing Director, Accounting Policy, Citigroup
Hee Lee, Partner, Ernst & Young

10:35 AM Coffee Break

10:50 AM LIBOR Transition Antonio Corbi, Matthew Esposito, Hee Lee, Jon Tkach

  • Objectives of the Alternative Reference Rate Committee
  • Recent decisions by the ARRC and communication by the regulatory community
  • New Rates and expectations for the LIBOR transition
  • Potential interactions with hedge accounting and other accounting concerns
Antonio Corbi, Director, Risk and Capital, ISDA
Matthew Esposito, Managing Director, Accounting Policy, Citigroup
Hee Lee, Partner, Ernst & Young
Jon Tkach, Director, Risk Solutions Group, Barclays

11:50 AM Cryptocurrencies Antonio Corbi, Hee Lee

  • Recent developments about digital assets and distributed ledger technologies
  • Classification and measurement considerations for investors
  • Considerations for Initial Coin Offerings (ICO)
Antonio Corbi, Director, Risk and Capital, ISDA
Hee Lee, Partner, Ernst & Young

12:20 PM Update on Standard Setting Antonio Corbi, Matthew Esposito, Hee Lee

  •  FASB project on distinguishing liabilities from equity
Antonio Corbi, Director, Risk and Capital, ISDA
Matthew Esposito, Managing Director, Accounting Policy, Citigroup
Hee Lee, Partner, Ernst & Young

12:45 PM Symposium Concludes

Register Now for New hedge accounting, the new benchmark replacing US LIBOR and the evolving topic of Cryptocurrencies
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ISDA Conference Center, 10 East 53rd Street (entrances on 52nd and 53rd Streets), 8th Floor, New York, NY 10022, Phone: +1 (212) 901-6000. Please find a map to the venue here.

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Antonio Corbi

Director, Risk and Capital

ISDA

Matthew Esposito

Managing Director, Accounting Policy

Citigroup

Hee Lee

Partner

Ernst & Young

Jon Tkach

Director, Risk Solutions Group

Barclays

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Intermediate

Some knowledge of derivatives 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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conferences@isda.org | +1 212-901-6000