Understanding Variation Margin Regulations and the 2016 ISDA Variation Margin Credit Support Documents

Thursday, July 12, 2018
Singapore

Jump to Section:

Thursday, July 12, 2018

Download Agenda Understanding Variation Margin Regulations and the 2016 ISDA Variation Margin Credit Support Documents for

8:15 AM Registration and Morning Coffee

9:00 AM Introduction and Welcoming Remarks Jing Gu

Jing Gu, Senior Counsel, ISDA

9:15 AM Regulatory Variation Margin requirements for non-cleared derivatives Jing Gu, John Ho, Sonia Lim

This session will explain the Variation Margin (VM) requirements in the EU and other key jurisdictions implementing the international WGMR framework. The session will look at:

  • Which entities are subject to the requirements?
  • Which trades are subject to the requirements?
  • What the VM requirements are?
  • Cross-Border implications and key similarities/differences with rules in other jurisdictions
  • Impact on CSA documentation
Jing Gu, Senior Counsel, ISDA
John Ho, Head, Legal, Financial Markets, Standard Chartered Bank
Sonia Lim, Counsel, Linklaters

10:45 AM Morning Break

11:15 AM Understanding the ISDA English Law Variation Margin CSA Paul Landless, Lyn Lee, Kai Loon Loh, Cui Ling Mok

This session will discuss the 2016 Credit Support Annex for Variation Margin. The two new forms published in 2016 allow parties to establish Variation Margin and Initial Margin arrangements that meet the requirements of new regulations on margin for uncleared swaps. This session will look at:

  • The Transferor & Transferee. How can this party change over time?
  • Scope of Covered Transactions under CSA
  • Credit Support Obligations: the Delivery Amount and Return Amount
  • Eligible Collateral and Valuation Percentages
  • Minimum Transfer Amounts
  • Value of Collateral
  • Adding an Independent Amount, using the Independent Amount (IA) Provisions
  • Transfer Timing: when must a party deliver or return collateral – what changes can they make?
  • Valuation Time and Valuation Date
  • Valuation Agent
  • Notification Time
  • Dispute Resolution
Paul Landless, Partner, Clifford Chance
Lyn Lee, Head, Legal - Global Treasury and Investment Banking, OCBC Bank
Kai Loon Loh, Counsel, Ashurst ADTLaw
Cui Ling Mok, Director, Legal, Barclays Bank PLC

12:15 PM Luncheon

1:30 PM Understanding the ISDA English Law Variation Margin CSA Continued

  • Exchanges
  • Distributions and Interest Amounts
  • Enforcement following Event of Default
  • Credit Support Offsets
  • Legally ineligible Credit Support Provision
  • Ratings Ladders
  • Valuation Agent
  • Terms for non-netting counterparties
  • Other Provisions

2:30 PM Collateral Arrangements under New York Law in comparison to English Law Arrangements Margaret Kim

This session will discuss the 2016 Credit Support Annex for Variation Margin governed by New York law.

Margaret Kim, Director, General Counsel, Credit Suisse

3:15 PM Afternoon Break

3:45 PM Update on Developments in International Law regarding Collateral and Derivatives and ISDA Collateral Opinions Evan John Lam

This session will focus on the following initiatives:

  • EU directive on Bank Recovery and Resolution: provisions specific to collateral arrangements and inter-relation with the EU Collateral Directive
  • FSB/BCBS global recommendations on effective resolution regimes: effects on collateral arrangements
  • The collateral opinions ISDA has collected from over 50 jurisdictions and recent updates in relation to WGMR implementation
Evan John Lam, Partner, Allen & Gledhill LLP

4:45 PM Conference Concludes

Register Now for Understanding Variation Margin Regulations and the 2016 ISDA Variation Margin Credit Support Documents
Back to Top

Marina Mandarin Singapore, 6 Raffles Boulevard, Marina Square, Singapore 039594, Phone +65 6845 1000.

Back to Top

Jing Gu

Senior Counsel

ISDA

John Ho

Head, Legal, Financial Markets

Standard Chartered Bank

Margaret Kim

Director, General Counsel

Credit Suisse

Evan John Lam

Partner

Allen & Gledhill LLP

Paul Landless

Partner

Clifford Chance

Lyn Lee

Head, Legal - Global Treasury and Investment Banking

OCBC Bank

Sonia Lim

Counsel

Linklaters

Kai Loon Loh

Counsel

Ashurst ADTLaw

Cui Ling Mok

Director, Legal

Barclays Bank PLC

Back to Top

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 $650 U.S.

Non-Member $750 U.S.

Back to Top

Introductory

Basic knowledge of derivatives documentation is beneficial but not mandatory. Some knowledge of financial markets is assumed. No advance preparation is required.

Back to Top

Follow us on Twitter @isdaconferences for the latest on upcoming events. For general questions, including exhibition/sponsorship opportunities, conference topics or location suggestions contact us: conferences@isda.org | +1 212-901-6000