Understanding Margin Regulations and the ISDA Credit Support Documents

Wednesday, July 24, 2019
Singapore

Member $650 U.S.

Non-Member $750 U.S.

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Wednesday, July 24, 2019

Print Agenda Understanding Margin Regulations and the ISDA 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

9:10 AM Regulatory Margin requirements for non-cleared derivatives Jing Gu, John Ho

This session will explain the Variation Margin (VM) and Initial Margin requirements in the EU, the US and the key APAC 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

10:10 AM Understanding the ISDA English Law Variation Margin CSA Morris Blumenthal, Joyce Lai, Christine Ng

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:

  • 1995 CSA
  • 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
Morris Blumenthal, Head of Legal for Financial Markets Contracts and Commodities, Standard Chartered Bank
Joyce Lai, Executive Director, Head of Legal and Compliance-Treasury & Markets, DBS Bank Ltd.
Christine Ng, Global Treasury Legal Counsel, OCBC Bank

10:45 AM Morning Break

11:00 AM 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

12:20 PM Luncheon

1:20 PM Collateral Arrangements under New York Law in comparison to English Law Arrangements Natalie Everaert, Oliver Pearson

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

Natalie Everaert, Director, Markets & Securities Services Legal, Citibank, N.A.
Oliver Pearson, Executive Director and Senior Counsel, Goldman Sachs

2:00 PM Understanding the ISDA Credit Support Documents for Initial Margin (IM) Sonia Lim, Ross Stewart

This session will discuss the 2018 Credit Support Deed for IM (Security Interest – English Law) and Credit Support Annex for IM (Security Interest – New York Law).

Sonia Lim, Counsel, Linklaters
Ross Stewart, Partner, Allen & Overy

3:00 PM Afternoon Break

3:20 PM Understanding the ISDA Credit Support Documents for Initial Margin (IM) (Continued)

4:20 PM Update on Developments in International Law regarding Collateral and Derivatives and ISDA Collateral Opinions Evan John Lam, Ee-Hwee Soh

This session will provide an overview of:

  • ISDA’s Collateral Opinions; and
  • Tools available to assist with collateral reviews
Evan John Lam, Partner, Allen & Gledhill LLP
Ee-Hwee Soh, Head of Global Markets Legal for South-East Asia, BNP Paribas

5:00 PM Conference Concludes

Agenda is subject to change.

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

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Morris Blumenthal

Head of Legal for Financial Markets Contracts and Commodities

Standard Chartered Bank

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.

Evan John Lam

Partner

Allen & Gledhill LLP

Sonia Lim

Counsel

Linklaters

Christine Ng

Global Treasury Legal Counsel

OCBC Bank

Oliver Pearson

Executive Director and Senior Counsel

Goldman Sachs

Ee-Hwee Soh

Head of Global Markets Legal for South-East Asia

BNP Paribas

Ross Stewart

Partner

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. 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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Introductory

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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