Getting Ready for Phase 5 Initial Margin Implementation

IM Requirements, ISDA Documents & Streamlined IM Negotiation

Thursday, March 19, 2020
Seoul

Member US$500.00

Non-Member US$600.00

Register for Getting Ready for Phase 5 Initial Margin Implementation
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For market participants who will be or anticipate becoming subject to initial margin (“IM”) exchange requirements under the uncleared margin rules in or after September 2020 (Phase 5), as well as their advisors, this conference will provide delegates with an overview of the US, EU and Korea IM regulatory requirements. It will also provide delegates with a detailed understanding of ISDA’s new IM credit support documentation and implications of various elections under the documentation in negotiations between counterparties, as well as introduce delegates to documentation that can be used for IM arrangements between custodians and trading counterparties in different jurisdictions, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account. Additionally, the program will provide an introduction to ISDA SIMM methodology, its implementation and use, and an overview of the ISDA Create – IM negotiation platform, which allows parties to leverage technology to streamline their IM negotiation process.

This conference will be conducted in English or Korean. Simultaneous translation in Korean and English will be provided. (Presentation materials will be offered in English.)

 

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Thursday, March 19, 2020

Print Agenda Getting Ready for Phase 5 Initial Margin Implementation for

8:15 AM Registration and Morning Coffee

8:50 AM Introduction and Welcoming Remarks

9:00 AM Initial Margin Requirements for Uncleared Swaps

A large number of counterparties are expected to come into scope of initial margin requirements for non-cleared derivatives in September 2020 (Phase 5).

This session will provide an overview and comparison of the requirements for posting initial margin under US, EU and Korea regulations and their implications for entities coming into scope of the requirements, including:

  • Entity scope and AANA calculations
  • Geographical and transaction scope
  • Initial Margin Requirements, including segregation requirements
  • Documentation and legal review requirements

10:00 AM Deep Dive into US and EU Cross-border Application

The derivatives markets are global, and the rules have significant cross-border application. Being in- or out-of-scope of a regime will impact a firm’s AANA calculations, IM threshold monitoring and potentially documentation negotiation. This session will examine scenarios in which firms outside the US might be in- or out-of-scope of the US rules.

10:45 AM Morning Break

11:00 AM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and beyond

This session will provide delegates with an understanding of the new ISDA Bookstore Documentation (ISDA 2018 Credit Support Annex for Initial Margin (Security Interest – New York Law) and ISDA 2018 Credit Support Deed for Initial Margin (Security Interest – English Law)). The session will focus on elections in the documentation and their implications for negotiation between counterparties. It will also provide an overview of the Collateral Transfer Agreement and Security Agreements that can be used for IM arrangements where the relevant custodian is located in a different jurisdiction from the trading counterparties, including specific documents designed for use where the IM is held in a Euroclear or Clearstream account.

12:15 PM Luncheon

1:15 PM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and beyond (continued)

2:15 PM Custodial Arrangements and Onboarding

Setting up segregated accounts with custodians and entering into necessary documentation is a key part of compliance with initial margin requirements. This session will examine some of the key points to consider from the custodian and user perspectives.

3:15 PM Afternoon Break

3:30 PM ISDA SIMM Methodology, Implementation and Use

  • ISDA SIMM background
  • ISDA SIMM methodology and calculation
  • Reconciling IM differences
  • Industry and firm-level governance

4:30 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation

This session will provide an overview of the ISDA Create – IM platform and explain how this new technology solution can be used to streamline the negotiation of IM documents.

5:00 PM Conference Concludes

Agenda is subject to change.

Register Now for Getting Ready for Phase 5 Initial Margin Implementation
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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. Groups must be registered together, in advance of the event. To register your group, please email conferences@isda.org.

Member US$500.00

Non-Member US$600.00

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Intermediate

Some knowledge of derivatives documentation is assumed. No advance preparation is required.

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