Getting to Grips with Phase 5/6 Initial Margin Requirements – No Time to Waste

Thursday, March 4, 2021

Member US$275.00

Non-Member US$325.00

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Following a one-year deferral at the peak of the coronavirus crisis, phase five of the initial margin (IM) requirements for non-cleared derivatives will come into force on September 1, 2021, bringing more than 300 entities and 3,600 counterparty relationships into scope. Phase six in September 2022 will capture a further 775 entities and more than 5,400 counterparty relationships, creating a significant compliance challenge for the industry. What steps should firms be taken to comply? This virtual event will break down what firms need to do and will highlight the important challenges and lessons learned from firms who have implemented in previous phases. The event is designed to give firms a comprehensive guide to implementation.


Registration for this event will close 2 hours before the live broadcast

This is an ISDA Virtual Conference:

  • Event will be live on March 4, 2021 from 9:00 AM – 12:30 PM EST  |  Timezone Converter
  • Miss part of the event or aren’t able to watch live? The recording will be available to registrants until April 4, 2021

Educational Credits

3.5 CLE Credit Hours Available (New York) Transitional and Non-Transitional

3.5 CPE Credit Hours Available

3.25 CPD Credit Hours Available (England and Wales)

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Thursday, March 4, 2021

Print Agenda Getting to Grips with Phase 5/6 Initial Margin Requirements – No Time to Waste for

9:00 AM Introduction and Welcoming Remarks Mark New

Mark New, Senior Counsel, Americas, ISDA

9:05 AM Fast forward to Compliance Mark New, Neil Patel, Tamsin Rolls

This panel will summarize the main regulatory requirements and highlight differences between rule sets that could affect implementation. The session will also set out the steps that firms need to take, including, calculating aggregate average notional amounts and identifying in-scope entities,  disclosure to counterparties, as well as highlight industry tools available to help with the disclosure process.

Moderator: Mark New, Senior Counsel, Americas, ISDA
Neil Patel, Director, Trading & Derivatives Legal, BlackRock
Tamsin Rolls, Executive Director and Assistant General Counsel, J.P. Morgan

9:50 AM Calculating Margin Tara Kruse, Nnamdi Okaeme, Paul Rider

When it comes to calculating IM, firms have a choice between using a regulatory standardized schedule or an approved margin model. This session will review the differences between the two approaches, describe the ISDA Standard Initial Margin Model (ISDA SIMMTM) and its features and consider the steps firms need to take to implement it, and discuss considerations for Phase 5 firms.

Moderator: Tara Kruse, Global Head of Infrastructure, Data and Non-Cleared Margin, ISDA
Nnamdi Okaeme, Senior Director, Infrastructure, Data and Non-Cleared Margin, ISDA
Paul Rider, Risk Manager, Macquarie Group

Additional Speakers to be Announced.

10:50 AM Break

11:00 AM Documentation Download Megan O’Flynn, Kate Andrews, Fabien Carruzzo, Lucinda Clayton

Firms need to ensure the necessary documentation is negotiated and put in place with each counterparty ahead of the implementation date. This session will describe the documentation and various elections firms need to make, and look at how this process can be automated through online negotiation platforms like ISDA Create.

Moderator: Megan O’Flynn, Assistant General Counsel, ISDA
Kate Andrews, Associate, Linklaters LLP
Fabien Carruzzo, Partner, Kramer Levin Naftalis & Frankel LLP
Lucinda Clayton, Head of Derivatives Advisory, NatWest Markets

11:45 AM Custody Onboarding and Collateral Operations Amy Caruso, Armaity Bamji, Gaetano DiMiceli, Tara McCloskey, Craig van Eyk

This panel will describe the process of establishing custodial relationships for segregated accounts and how to approach onboarding including KYC, compliance, documentations, and operations. The session will also look at how to improve collateral management processes through operational enhancements, data standardization and automation.

Moderator: Amy Caruso, Head of Collateral Initiatives, ISDA
Armaity Bamji, Head, Collateral Management Services, Business and Client Services, RBC Capital Markets
Gaetano DiMiceli, Head of Derivative Operations & Technology, AllianceBernstein
Tara McCloskey, Managing Director, Global Operations, MetLife Investment Management
Craig van Eyk, Director, Credit Suisse

12:30 PM Conference Concludes

Agenda is subject to change.

Register Now for Getting to Grips with Phase 5/6 Initial Margin Requirements – No Time to Waste
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Kate Andrews


Linklaters LLP

Armaity Bamji

Head, Collateral Management Services, Business and Client Services

RBC Capital Markets

Fabien Carruzzo


Kramer Levin Naftalis & Frankel LLP


Amy Caruso

Head of Collateral Initiatives



Lucinda Clayton

Head of Derivatives Advisory

NatWest Markets

Gaetano DiMiceli

Head of Derivative Operations & Technology


Tara Kruse

Global Head of Infrastructure, Data and Non-Cleared Margin



Tara McCloskey

Managing Director, Global Operations

MetLife Investment Management

Mark New

Senior Counsel, Americas



Megan O’Flynn

Assistant General Counsel



Nnamdi Okaeme

Senior Director, Infrastructure, Data and Non-Cleared Margin



Neil Patel

Director, Trading & Derivatives Legal


Paul Rider

Risk Manager

Macquarie Group

Tamsin Rolls

Executive Director and Assistant General Counsel

J.P. Morgan


Craig van Eyk


Credit Suisse

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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

Member US$275.00

Non-Member US$325.00

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Some knowledge of derivatives documentation 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.

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