Understanding Variation Margin (VM) Regulations and the 2016 ISDA VM Credit Support Documents (APAC)

Wednesday, February 3, 2021
Online

Member US$275.00

Non-Member US$325.00

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Wednesday, February 3, 2021

Print Agenda Understanding Variation Margin (VM) Regulations and the 2016 ISDA VM Credit Support Documents (APAC) for

9:00 AM Introduction and Welcome Remarks Monica Chiu

Monica Chiu, Senior Counsel, Asia Pacific, ISDA

9:05 AM Regulatory VM Requirements for Swaps and Security-Based Swaps Max Allan, Monica Chiu, Michael Hardy, Sonia Lim

This session will explain the Variation Margin (VM) requirements in the EU, the US and the key APAC jurisdictions implementing the international WGMR framework:

  • Which entities are subject to the requirements?
  • Which trades are subject to the requirements?
  • What are the VM requirements?
  • Cross-border implications and key similarities/differences with rules in other jurisdictions
  • Impact on CSA documentation
Max Allan, Partner, King & Wood Mallesons
Monica Chiu, Senior Counsel, Asia Pacific, ISDA
Michael Hardy, Counsel, Latham & Watkins LLP
Sonia Lim, Counsel, Linklaters

9:45 AM Break

9:50 AM Regulatory VM Requirements for Swaps and Security-Based Swaps (continued)

10:35 AM Break

10:40 AM Understanding the 2016 ISDA Credit Support Annex For VM (New York and English Law) Jonathan Chapman, Mark Hustwayte, Karen Lam, James Yao

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 and English Law, including:

  • Key principles of the credit support arrangements
  • The posting party and the receiving party – How can this party change over time?
  • Scope of Covered Transactions under CSA
  • Credit Support Obligations: The Delivery Amount and Return Amount
  • Minimum Transfer Amounts
  • Adding an Independent Amount (IA) and using the Independent Amount provisions
  • Transfer Timing: When must a party deliver or return collateral?
  • The Valuation Agent and Dispute Resolution
  • Substitutions/Exchanges
  • Holding and use of Posted Collateral
  • Distributions and Interest Amounts
  • Events of Default
  • Rights and Remedies
  • Legally Ineligible Credit Support provisions
  • Credit Support Offsets
  • Terms for non-netting counterparties
  • Other Provisions
  • ISDA VM Protocol
Jonathan Chapman, Partner, Ashurst
Mark Hustwayte, Director and Managing Counsel, The Bank of New York Mellon
Karen Lam, Partner, Structured Finance and Derivatives, Linklaters
James Yao, Of Counsel, Allen & Overy

11:40 AM Break

11:45 AM Understanding the 2016 ISDA Credit Support Annex For VM (New York and English Law) (continued)

12:35 PM Conference Concludes

Agenda is subject to change.

Register Now for Understanding Variation Margin (VM) Regulations and the 2016 ISDA VM Credit Support Documents (APAC)
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Max Allan

Partner

King & Wood Mallesons

Jonathan Chapman

Partner

Ashurst

Monica Chiu

Senior Counsel, Asia Pacific

ISDA

ISDAConferences

Michael Hardy

Counsel

Latham & Watkins LLP

Mark Hustwayte

Director and Managing Counsel

The Bank of New York Mellon

Karen Lam

Partner, Structured Finance and Derivatives

Linklaters

Sonia Lim

Counsel

Linklaters

James Yao

Of Counsel

Allen & Overy

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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 conferences@isda.org

Member US$275.00

Non-Member US$325.00

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  • 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.

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