New 2021 ISDA Interest Rate Definitions (Japanese Language)

2021年版 ISDAデリバティブ金利定義集について学ぶ

Friday, September 10 to Friday, October 22, 2021



This is a pre-recorded Virtual Conference



Recording available until October 22, 2021





  • This is recording of the New 2021 ISDA Interest Rate Definitions virtual conference which took place on September 10, 2021
  • Registrants will have access to the recording until 5:00 PM JST on October 22, 2021
  • After submitting your registration you will receive a confirmation email with a link to view the documents and recording



Print Agenda New 2021 ISDA Interest Rate Definitions (Japanese Language) for

8:45 AM Introduction and Welcoming Remarks | 開会の挨拶 Tomoko Morita

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

8:50 AM Structure of the 2021 ISDA Interest Rate Derivatives Definitions | 2021年版金利デリバティブ定義集の構造 Motoyasu Fujita, Tomoko Morita

An overview of the structure of the definitional booklet, matrices and ancillary documentation, including an introduction to ISDA’s MyLibrary, the web-based user interface on which the definitional booklet has been published.

ISDA MyLibrary(定義集にアクセスするためのウェブベースのユーザーインターフェース)の紹介を含め、定義集本体、マトリックスや付随文書の構成を解説します。

Motoyasu Fujita, Partner, Linklaters LLP
Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

9:15 AM Calculation Agent provisions and Days, Periods, Dates and Conventions | 計算代理人規定(Calculation Agent provisions)/日、期間、日付及びコンベンション Motoyasu Fujita, Kaori Horaguchi, Tomoko Morita

This session will discuss:

  • How the Calculation Agent’s standard has changed under the 2021 Definitions and what it means in practice, focusing on provisions in the 2021 Definitions which empower the parties to request more information or challenge determinations made by the Calculation Agent in relation to the Cash Settlement and Generic Fallback provisions.
  • The new concept of an ‘Unscheduled Holiday’ in relation to payment dates and period end dates as well as the new day count fractions that have been introduced into the 2021 Definitions and how Business Days are dealt with compared with the 2006 Definitions.


  • 2021年版定義集において、Calculation Agentの基準がどのように変更されたのか、それは実際にどのような意味を持つのか。
  • Cash Settlement(現金決済)およびGeneric Fallback(一般的なフォールバック)の規定に関連してCalculation Agentが行った決定に対して、当事者が詳細な情報を請求したり、異議を唱えたりする権限を与える規定について
  • 支払日および期間終了日に関連する「Unscheduled Holiday」という新しい概念、2021年版定義集に導入された新しい日数計算方式(day count fraction)、及び2006年版定義集と比較した場合のBusiness Dayの扱いについて
Motoyasu Fujita, Partner, Linklaters LLP
Kaori Horaguchi, Director, Japan Public Policy, ISDA
Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

10:00 AM Break | 休憩

10:10 AM Floating Rate Options and Fallbacks | Floating Rate Optionとフォールバック Yosuke Unami, Toshiyuki Yamamoto

The way in which benchmarks are represented in the 2021 Definitions has changed from narrative to tabular format. This session will look at the reasons behind the changes and what it means in practice. The 2021 Definitions builds on the work recently undertaken for the 2006 ISDA Definitions in relation to fallbacks by introducing temporary non-publication, index cessation and administrator/benchmark events in order to improve contractual robustness. This session looks at the standardized and bespoke fallbacks included in the 2021 Definitions and acknowledgement regarding changes to benchmarks.


Yosuke Unami, Managing Associate, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Toshiyuki Yamamoto, Counsel, Nishimura & Asahi

10:55 AM Break | 休憩

11:05 AM Cash Settlement Provisions | 現金決済規定(Cash Settlement provision) Kaori Horaguchi, Kei Niinuma

The Cash Settlement provisions in the 2006 Definitions have not kept pace with the evolution of the markets. The 2021 Definitions seek to provide more robust and less discretionary methodologies that better reflect modern practices.

2006年版定義集におけるCash Settlement規定は、市場の変化を反映したものではなかったため、2021年版定義集では、現在の市場慣行をより反映した、より頑健で裁量の幅の少ない方法を規定しています。本セッションでは、2021年版定義集における新しい現金決済規定の詳細について解説します。

Kaori Horaguchi, Director, Japan Public Policy, ISDA
Kei Niinuma, Counsel, Capital Markets Group (Structured Finance & Derivatives), Linklaters

11:50 AM Break | 休憩

12:00 PM Implementation | 2021年版定義集の導入 Tomoko Morita, Yutaka Imanishi, Shinichiro Itozaki, Takahiko Kaneko, Ken Nishimura

An implementation date of 4th October 2021 has been scheduled for use of the 2021 ISDA Definitions.  What does this mean for cleared and on-venue trades?  How will FpML and critical middleware be updated to facilitate their adoption?  What steps should market participants be taking in preparation?  What does it mean for the 2006 ISDA Definitions?


Moderator: Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA
Yutaka Imanishi, Head of Japan, LCH
Shinichiro Itozaki, Senior Manager, Global Markets Engineering Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Takahiko Kaneko, Director, Strategic Planning Division and OTC Derivatives Clearing Service, Japan Securities Clearing Corporation (JSCC)
Ken Nishimura, Head of OSTTRA Japan, OSTTRA

1:00 PM Conference Concludes

Venue Location:

2021 International Swaps and Derivatives Association, Inc.
ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc.