Getting Ready for Phase 5/6 Initial Margin Implementation (Japan)

IM Requirements, ISDA Documentation and Custodial Documentation - フェーズ5/6適用開始に向けて- IM規制、ISDA IMドキュメンテーションとカストディ契約

Wednesday, April 7, 2021
Online

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Non-Member US$325.00

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当バーチャルコンファレンスは日本語で行われます。資料は英語または日本語です。
Note: This virtual conference will be conducted in Japanese only. (Presentation materials will be prepared in English or Japanese.)

 

申込みは開始2時間前までです。Registration for this event will close 2 hours before the live broadcast

 

This is an ISDA Virtual Conference:

  • このバーチャルコンファレンスは、4月7日(水)日本時間午前9:00からライブ放送されます。
  • お申込みいただいた方は、2021年5月7日まで繰り返し録画をご覧いただけます。
  • Event will be live on April 7, 2021 morning (JST)  |  Timezone Converter
  • Miss part of the event or aren’t able to watch live? The recording will be available to registrants until May 7, 2021

 

本コンファレンスは、2021年、または2022年9月から当初証拠金(IM)規制の対象となる金融機関(フェーズ5 / 6)や関係者の方々に向け、日米欧のIM規制の概要についてご説明いたします。また、IM規制対応のためのIM CSAの概要、選択項目の交渉ポイント、そしてカストディ関連の契約について、ユーロクリアやクリアストリームを利用した場合の契約を含めてご紹介いたします。また、IM規制遵守の観点から、カストディ契約を締結する際に検討すべきポイントについてもご説明いたします。

 

For market participants who will be or anticipate becoming subject to initial margin (“IM”) exchange requirements under the uncleared margin rules in 2021 (Phase 5) or 2022 (Phase 6) initial margin (“IM”) requirements under the uncleared margin rules, and their advisors, this half-day symposium will provide delegates with an overview from the Japan, 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. The conference will also examine key points to consider when entering into custodial relationships related to compliance with initial margin requirements.

 

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Wednesday, April 7, 2021

Print Agenda Getting Ready for Phase 5/6 Initial Margin Implementation (Japan) for

9:00 AM Introduction and Welcoming Remarks | 開会の挨拶 Tomoko Morita

Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

9:05 AM Initial Margin Requirements for Uncleared Swaps | IM規制の概要 Kazuhiro Harada, Shinichiro Itozaki, Yosuke Unami

2021年9月、そして2022年9月には、多くの金融機関が新たにIM規制の対象となります。本セッションでは、日米欧における規制要件の概要と比較、及びフェーズ5および6対象者がIM規制対応において知っておくべき以下の点についてご説明します。

  • 対象組織とAANAの計算
  • 対象取引(クロス・ボーダーにおける証拠金規制の適用を含む)
  • 当初証拠金規制(分別管理義務を含む)
  • ISDA SIMMの概要
  • Japan Initial Margin Threshold Agreement(IM閾値に関する合意書雛形)

 

A large number of counterparties are expected to come into scope of initial margin requirements for non-cleared derivatives in 2021.  This session will provide an overview and comparison of the requirements for posting initial margin under US and EU regulations as well as regulations in Japan and their implications for entities coming into scope of the requirements, including:

  • Entity Scope and AANA calculations
  • Geographical and transaction scope (including cross-border application of Margin requirements)
  • Initial Margin Requirements, including segregation requirements
  • What is ISDA SIMM?
  • Japan Initial Margin Threshold Agreement
Kazuhiro Harada, Director, Global Markets Planning Division, MUFG Bank, Ltd.
Shinichiro Itozaki, Senior Manager, Financial Engineering Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Yosuke Unami, Managing Associate, Capital Markets Group (Structured Finance & Derivatives), Linklaters

10:05 PM Break | 休憩

10:15 AM Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation | 新しいIMドキュメンテーションについて Motoyasu Fujita, Yukiko Kido, Tatsuya Ozawa, Hajime Saito

本セッションでは、2018年に公表され、Phase5/6でも更なる利用が予定されている新しいIMドキュメンテーション(ISDA 2018 Credit Support Annex for Initial Margin (Security Interest – New York Law)とISDA 2018 Credit Support Deed for Initial Margin (Security Interest – English Law))についてご説明いたします。特に、IMドキュメンテーションの選択項目と交渉のポイントについて詳しくご説明します。また、カウンターパーティと別の法域に所在するカストディでのIM管理で使用されるCollateral Transfer AgreementとSecurity Agreementの概要について、ユーロクリアとクリアストリームを利用する場合のドキュメンテーションを含めてご説明します。また、ISDA 2018 Credit Support Annex for Initial Margin (IM) (Security Interest – New York Law)およびその他IM契約への挿入を目的としたJapanese Security Provider Provisionsについてもご説明します。

 

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. This session will also explain Japanese Security Provider Provisions to be incorporated in ISDA 2018 Credit Support Annex for Initial Margin (IM) (Security Interest – New York Law) and other IM agreements.

 

Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Yukiko Kido, Executive Director & Assistant General Counsel, JPMorgan Securities Japan Co., Ltd.
Tatsuya Ozawa, Managing Associate, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Hajime Saito, Counsel, Capital Markets Group, Clifford Chance

11:05 AM Break | 休憩

11:15 AM Understanding the Next Generation of IM Documentation for Phase 5 and Phase 6 Implementation (continued) | | 新しいIMドキュメンテーションについて(続き)

12:15 PM Conference Concludes | 閉会

Agenda is subject to change.

Register Now for Getting Ready for Phase 5/6 Initial Margin Implementation (Japan)
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Motoyasu Fujita

Partner, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

Kazuhiro Harada

Director, Global Markets Planning Division

MUFG Bank, Ltd.

Shinichiro Itozaki

Senior Manager, Financial Engineering Division

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Yukiko Kido

Executive Director & Assistant General Counsel

JPMorgan Securities Japan Co., Ltd.

Tomoko Morita

Senior Director and Head of Tokyo Office

ISDA

ISDAConferences

Tatsuya Ozawa

Managing Associate, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

Hajime Saito

Counsel, Capital Markets Group

Clifford Chance

Yosuke Unami

Managing Associate, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

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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. Groups must be registered together, in advance of the event. To register your group, please email conferences@isda.org.

 

参加費は1名様分の料金です。1名分のお申込みで複数の方はご参加いただけません。
同じ会社から3名以上のご参加で、20%の割引が適用となります。同時、および事前にご連絡いただいたグループのみが割引の対象となります。ご希望の方は、conferences@isda.org までお知らせください。

Member US$275.00

Non-Member US$325.00

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Intermediate

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

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