Getting Ready for Phase 5 Initial Margin Implementation

IM Requirements, ISDA Documents & Streamlined IM Negotiation

Tuesday, January 14, 2020
To be announced
Singapore

Member $650 U.S.

Non-Member $750 U.S.

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 September 2020 (Phase 5), and their advisors, this conference will provide delegates with an overview of the US, EU and Singapore 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 and an overview of the ISDA Create – IM negotiation platform, which allows parties to leverage technology to streamline their IM negotiation process.

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Tuesday, January 14, 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 Jing Gu

Jing Gu, Senior Counsel, ISDA

9:00 AM Initial Margin Requirements for Uncleared Swaps Jing Gu, John Ho, Catherine Neo

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 Singapore 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
Jing Gu, Senior Counsel, ISDA
John Ho, Head, Legal, Financial Markets, Standard Chartered Bank
Catherine Neo, Partner, Allen & Gledhill LLP

10:00 AM Deep Dive into US and EU Cross-border Application Erryan Abdul Samad, Mae Yen Teoh

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.

Erryan Abdul Samad, Assistant General Counsel, ISDA
Mae Yen Teoh, Senior Associate, Clifford Chance

10:45 AM Morning Break

11:00 AM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and beyond Joyce Lai, Sonia Lim, Christopher Whiteley, James Yao

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.

Joyce Lai, Executive Director, Head of Legal and Compliance-Treasury & Markets, DBS Bank Ltd.
Sonia Lim, Counsel, Linklaters
Christopher Whiteley, Partner, Ashurst
James Yao, Of Counsel, Allen & Overy

12:15 PM Luncheon

1:15 PM Understanding the Next Generation of IM Documentation for Phase 5 Implementation and beyond (cont'd) Joyce Lai, Sonia Lim, Christopher Whiteley, James Yao

Joyce Lai, Executive Director, Head of Legal and Compliance-Treasury & Markets, DBS Bank Ltd.
Sonia Lim, Counsel, Linklaters
Christopher Whiteley, Partner, Ashurst
James Yao, Of Counsel, Allen & Overy

2:15 PM Custodial Documentation and Onboarding Jing Gu, O’Delle Burke, Natalie Everaert, Luc Vantomme

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.

Moderator: Jing Gu, Senior Counsel, ISDA
O’Delle Burke, Head of APAC Collateral Services, J.P. Morgan
Natalie Everaert, Director, Markets & Securities Services Legal, Citibank, N.A.
Luc Vantomme, Chief Commercial Officer for APAC, Euroclear SA/NV

3:15 PM Afternoon Break

3:30 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation Daniel Yeo

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.

Daniel Yeo, Managing Associate, Linklaters

4:30 PM Introduction to ISDA SIMM Methodology and Governance Rahul Advani

  • ISDA SIMM background
  • Description of ISDA SIMM
  • ISDA SIMM Methodology
  • Industry and firm-level governance
Rahul Advani, Director, Public Policy, ISDA

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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To be announced

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Erryan Abdul Samad

Assistant General Counsel

ISDA

ISDAConferences

Rahul Advani

Director, Public Policy

ISDA

O’Delle Burke

Head of APAC Collateral Services

J.P. Morgan

Natalie Everaert

Director, Markets & Securities Services Legal

Citibank, N.A.

Jing Gu

Senior Counsel

ISDA

ISDAConferences

John Ho

Head, Legal, Financial Markets

Standard Chartered Bank

Joyce Lai

Executive Director, Head of Legal and Compliance-Treasury & Markets

DBS Bank Ltd.

Sonia Lim

Counsel

Linklaters

Catherine Neo

Partner

Allen & Gledhill LLP

Mae Yen Teoh

Senior Associate

Clifford Chance

Luc Vantomme

Chief Commercial Officer for APAC

Euroclear SA/NV

Christopher Whiteley

Partner

Ashurst

James Yao

Of Counsel

Allen & Overy

Daniel Yeo

Managing Associate

Linklaters

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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 $650 U.S.

Non-Member $750 U.S.

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Intermediate

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

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