Getting To Grips With Phase 6 Initial Margin Requirements

Thursday, September 23 to Saturday, October 23, 2021

Following a one-year deferral at the peak of the coronavirus crisis, phase six of the initial margin (IM) requirements for non-cleared derivatives will come into force in September 2022 and will capture 775 entities and more than 5,400 counterparty relationships, creating a significant compliance challenge for the industry. What steps should firms be taking 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.


This is a pre-recorded Virtual Conference



Recording available until October 23, 2021


This is an ISDA Virtual Conference:

  • This is a recording of the Getting to Grips With Phase 6 Initial Margin Requirements virtual conference which took place on September 23, 2021
  • Registrants will have access to the recording until 5:00 PM EDT on October 23, 2021
  • After submitting your registration you will receive a confirmation email with a link to view the documents and recording


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Thursday, September 23, 2021

Print Agenda Getting To Grips With Phase 6 Initial Margin Requirements 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, Scott Cogswell, Joe Demetrick, Nnamdi Okaeme

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 6 firms.

Moderator: Tara Kruse, Global Head, Infrastructure, Data and Non-Cleared Margin, ISDA
Scott Cogswell, Manager, Global Risk Analytics, HSBC
Joe Demetrick, Managing Director, Public Fixed Income - Derivatives, MetLife Investment Management
Nnamdi Okaeme, Senior Director, Infrastructure, Data and Non-Cleared Margin, ISDA

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

11:55 AM UMR Project Implementation and Collateral Management Efficiencies Amy Caruso, Erica Becker, Nicholas Cadotte, Ted Leveroni, Craig van Eyk

This panel will share their experiences of coordinating a multi-facetted UMR project, including establishing custodial relationships for segregated accounts and how to approach onboarding including KYC, initiating a portfolio reconciliation and dispute management strategy, and how to improve collateral management processes through operational enhancements, data standardization and automation.

Moderator: Amy Caruso, Head of Collateral Initiatives, ISDA
Erica Becker, Senior Manager, EY
Nicholas Cadotte, Manager, Derivative Support, Public Sector Pension Investment Board
Ted Leveroni, Senior Principle, BNY Mellon Markets
Craig van Eyk, Director, Credit Suisse

12:40 PM Conference Concludes

Register Now for Getting To Grips With Phase 6 Initial Margin Requirements
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Kate Andrews


Linklaters LLP


Erica Becker

Senior Manager



Nicholas Cadotte

Manager, Derivative Support

Public Sector Pension Investment Board


Fabien Carruzzo


Kramer Levin Naftalis & Frankel LLP


Amy Caruso

Head of Collateral Initiatives



Lucinda Clayton

Head of Derivatives Advisory

NatWest Markets


Scott Cogswell

Manager, Global Risk Analytics



Joe Demetrick

Managing Director, Public Fixed Income - Derivatives

MetLife Investment Management

Tara Kruse

Global Head, Infrastructure, Data and Non-Cleared Margin



Ted Leveroni

Senior Principle

BNY Mellon Markets


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


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 is assumed. No advance preparation is required.

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