Understanding the Variation Margin (VM) CSA (Japanese Language)

ISDA コラテラルコンファレンス

Friday, January 24, 2025
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Non-Member US$325.00

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Early Bird price until December 13th, 2024.

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

This is an ISDA Virtual Conference:

  • Event will be live on January 24, 2025 from 9:00 AM – 12:10 PM JST |  Timezone Converter.
  • Miss part of the event or aren’t able to watch live? The recording until 5:00 PM JST on February 24, 2025.

このコンファレンスは1月24日(金)9:00 AM – 12:10 PM JST に開催されるウェブキャストです。
言語は日本語、資料は英語または日本語です。お申込みされた方は、2025年2月24日まで録画を繰り返しご覧になれます。

 

Educational Credits

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

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Friday, January 24, 2025

Print Agenda Understanding the Variation Margin (VM) CSA (Japanese Language) 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 Understanding the 2016 ISDA Credit Support Annex For VM | 2016年ISDA VM CSAについて Akira Ehira, Hajime Saito, Yosuke Unami, Toshiyuki Yamamoto

The ISDA VM Credit Support Annex under forms part of the Schedule of the ISDA Master Agreement. It is designed to document security arrangements involving the use of collateral to secure the risk either or both parties may have under the ISDA Master Agreement to which the ISDA VM Credit Support Annex relates incompliance with applicable VM regulations. This session will examine critical provisions in the ISDA Credit Support Annex under New York Law, English Law and Japanese Law, including:

ISDA VM CSAはISDAマスター契約のスケジュールの一部を構成するものであり、変動証拠金(VM)規制に対応したISDA VM CSAに関連するISDAマスター契約に基づき、当事者が有するリスクを担保によりカバーするために、担保に係るアレンジメントをドキュメンテーション化したものです。本セッションでは、ニューヨーク州法、英国法、日本法のISDA VM CSAの重要な規定について説明いたします。

  • Key principles of the credit support arrangements | クレジット・サポート・アレンジメントの主要原則
  • The posting party and the receiving party– How can this party change over time? | 担保提供者と受領者-これらの関係は時間の経過とともにどのように変化するのか?
  • Scope of Covered Transactions under CSA | CSAの対象取引の範囲
  • Credit Support Obligations: The Delivery Amount and Return Amount | 担保義務:差入担保額と返還担保額
  • Minimum Transfer Amounts | 最低引渡担保額
  • Adding an Independent Amount (IA) and using the Independent Amount provisions | 独立担保額の追加と独立担保規定の利用
  • Transfer Timing: When must a party deliver or return collateral? | 担保受渡時期:担保の引渡しと返還のタイミング
  • The Valuation Agent and Dispute Resolution | 評価代理人と紛争の解決
  • Substitutions/Exchanges | 担保の差替え
  • Holding and use of Posted Collateral | 保有担保物の保管及び利用
  • Distributions and Interest Amounts | 配当物と利息金額
  • Events of Default | 期限の利益喪失事由
  • Rights and Remedies | 権利及び救済手段
  • Legally Ineligible Credit Support provisions | 規制適格喪失担保規定
  • Credit Support Offsets | 担保の相殺
  • Terms for non-netting counterparties | ネッティングの法的有効性が確認できていない法域に関する規定
  • Other Provisions | その他の規定
Akira Ehira, Partner, Mori Hamada & Matsumoto
Hajime Saito, Counsel, Capital Markets Group, Clifford Chance
Yosuke Unami, Counsel, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Toshiyuki Yamamoto, Partner, Nishimura & Asahi (Gaikokuho Kyodo Jigyo)

10:00 AM Break | 休憩

10:05 AM Understanding the 2016 ISDA Credit Support Annex for VM (continued) | 2016年ISDA VM CSAについて(続き)

11:00 AM Break | 休憩

11:10 AM Negotiating Paragraph 13 to the 2016 ISDA Credit Support Annex For Variation Margin (VM) | 2016年ISDA VM CSA 第13条の交渉 Motoyasu Fujita, Yoko Miyamoto, Akiko Tsuji, Haruka Yasui

This session will examine terms specified and added to Paragraph 13, including:

本セッションでは、第13条で交渉される、以下を含む規定について説明いたします。

  • Eligible Collateral and Valuation Percentages | 適格担保物および担保掛目
  • Covered Transactions | 対象取引
  • Independent Amount | 独立金額
  • Minimum Transfer Amounts | 最低引渡担保額
  • Ratings Ladders | 適格担保物に係る格付と担保掛目
  • Valuation Time and Valuation Date | 評価基準時刻および評価算出日
  • Valuation Agent | 評価代理人
  • Specified Conditions | 特定の信用不安事由
  • Notification Time | 通知期限
  • Transfer Timing – What changes can market participants make? | 担保受渡時期 – 市場参加者はどのような変更を行っているのか
  • Resolution Time | 解決時間
  • Value of Collateral | 担保物の評価額
  • Using Posted Collateral | 保有担保物の利用
  • Custodians | カストディアン
  • The Interest Rate and timing of Interest Payments | 利率および利息支払額のタイミング
  • Interest Adjustment | 利息調整
  • Negative Interest | マイナス金利
  • Distributions | 配当物
  • Credit Support Offsets | 担保の相殺
  • Events of Default | 期限の利益喪失事由
  • Rights and Remedies | 権利および救済手段
  • Terms for non-netting counterparties | ネッティングの法的有効性が確認できていない法域に関する規定
  • Other provisions | その他の規定
Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Yoko Miyamoto, Legal Department, BNP Paribas Securities (Japan) Limited
Akiko Tsuji, Market Contract Senior Expert, Global Markets Planning Division, MUFG Bank Ltd.
Haruka Yasui, Vice President in the Legal Department, J.P. Morgan

12:10 PM Conference Concludes | コンファレンス終了

Agenda is subject to change.

Register Now for Understanding the Variation Margin (VM) CSA (Japanese Language)
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Akira Ehira

Partner

Mori Hamada & Matsumoto

Motoyasu Fujita

Partner, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

LinklatersLLP

Yoko Miyamoto

Legal Department

BNP Paribas Securities (Japan) Limited

Tomoko Morita

Senior Director and Head of Tokyo Office

ISDA

ISDAConferences

Hajime Saito

Counsel, Capital Markets Group

Clifford Chance

Akiko Tsuji

Market Contract Senior Expert, Global Markets Planning Division

MUFG Bank Ltd.

Yosuke Unami

Counsel, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

Toshiyuki Yamamoto

Partner

Nishimura & Asahi (Gaikokuho Kyodo Jigyo)

Haruka Yasui

Vice President in the Legal Department

J.P. Morgan

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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、isdaconferencetokyo@isda.org (日本語)か conferences@isda.org (英語) までお知らせください。

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.

 

 

Member US$275.00

Non-Member US$325.00

Early Bird price until December 13th, 2024
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