ISDA Virtual Conference: COVID-19 and the Impact on Derivatives
Wednesday, June 10, 2020Online
Registration for this event will close 2 hours before the live broadcast
The coronavirus pandemic has forced firms to switch their focus to critical priorities like maintaining their operations and managing risk. Recognizing that financial institutions are entirely focused on business continuity, regulators have acted to extend upcoming deadlines and provide temporary relief on existing obligations. Meanwhile, derivatives market participants have been navigating the legal, operational and documentation issues posed by radically different market and working practices. This new ISDA Virtual Conference will examine the issues that have been raised in response to COVID-19 and consider the industry’s response.
This is an ISDA Virtual Conference:
- Event will be live on June 10, 2020 from 9:00 AM - 12:00 PM EST | Timezone Converter
- Miss part of the event or aren't able to watch live? The recording will be available to registrants until July 10, 2020
The conference will be broadcast via GoToWebinar. Please click here to check your system requirements to ensure you are able to join this event: https://support.goto.com/webinar/system-check-attendee
9:00 AM Introduction and Welcoming Remarks Mark New
9:05 AM Impact on Documentation Mark New, Simon Firth, Karen C. Sinai
The economic and financial turmoil caused by the coronavirus pandemic, combined with extensive office closures and remote working, have raised a number of potential legal and documentation questions, including the process for close-out, options for the physical delivery of notices in a remote-working environment, and the effect of force majeure clauses. This session considers these issues and the implications.
- Operation of the close-out provisions of the ISDA Master Agreement (1992 and 2002 versions), and the calculation of close-out amount
- Options for the delivery of notices under the ISDA Master Agreement
- Force majeure
- Emergency insolvency legislation and impact on netting enforceability
Moderator: Mark New, Senior Counsel, Americas, ISDA
Simon Firth, Partner, Linklaters LLP
Karen C. Sinai, Of Counsel, Teigland-Hunt LLP
9:55 AM Break
10:05 AM Lessons from Market Events Rick Sandilands, Ilene K. Froom, Jonathan Martin, Deepak Sitlani
Several jurisdictions announced temporary closures to certain markets and infrastructures as the coronavirus outbreak escalated, including China and the Philippines. What impact did this have and what steps were taken to ensure the efficient valuation and settlement of derivatives? What lessons were learned and how could these events shape documentation for interest rates, FX and equity products in future? What issues were raised by other coronavirus-related events, like negative oil prices?
Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Ilene K. Froom, Partner, Reed Smith LLP
Jonathan Martin, Director, Market Infrastructure and Technology, ISDA
Deepak Sitlani, Partner, Linklaters LLP
10:55 AM Break
11:05 AM Regulatory and Market Practice Issues Steven Kennedy, Roger Cogan, Christopher Young
The coronavirus pandemic led to disruptions in markets and market practices, which in turn raised concerns amongst industry participants and policymakers about the impact of existing regulations, the implementation of new regulations and the ability to respond to proposed regulations. This panel will explore ISDA’s recent research on market liquidity, discuss regulatory relief provided to date and provide an outlook for the regulatory timeline in 2020 and 2021.
Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Roger Cogan, Head, European Public Policy, ISDA
Christopher Young, Head of U.S. Public Policy, ISDA
11:55 AM Closing Remarks Mark New
12:00 PM Conference Concludes
Agenda is subject to change.