Understanding Margin Regulations and the ISDA Credit Support Documents

Wednesday, May 22, 2019
Sydney

Member $650 U.S.

Non-Member $750 U.S.

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Wednesday, May 22, 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 Erryan Abdul Samad

Erryan Abdul Samad, Assistant General Counsel, ISDA

9:05 AM Regulatory Margin requirements for non-cleared derivatives Erryan Abdul Samad, Roslyn Hinchliffe

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
Erryan Abdul Samad, Assistant General Counsel, ISDA
Roslyn Hinchliffe, Senior Associate, King & Wood Mallesons

10:45 AM Morning Break

11:00 AM Understanding the ISDA English Law Variation Margin CSA Charmaine Byrne, Paul Landless, Dale Rayner

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
Charmaine Byrne, Practice Leader, WIB Legal – Financial Markets, Westpac Banking Corporation
Paul Landless, Partner, Clifford Chance LLP
Dale Rayner, Partner, King & Wood Mallesons

12:15 PM Luncheon

1:15 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

1:45 PM Collateral Arrangements under New York Law in comparison to English Law Arrangements Sabina Campbell, David Yun

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

Sabina Campbell, Documentation Manager, Markets Legal, Australia and New Zealand Banking Group Limited
David Yun, Head of Markets Documentation – Markets Legal, Australia and New Zealand Banking Group Limited

2:30 PM Afternoon Break

2:45 PM Understanding the ISDA Credit Support Documents for Initial Margin (IM) Roslyn Hinchliffe, David Yun, Yu Zhang

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).

Roslyn Hinchliffe, Senior Associate, King & Wood Mallesons
David Yun, Head of Markets Documentation – Markets Legal, Australia and New Zealand Banking Group Limited
Yu Zhang, Senior Associate, Allens

4:15 PM Update on Developments in International Law regarding Collateral and Derivatives and ISDA Collateral Opinions Erryan Abdul Samad, Max Allan

This session will provide an overview of:

  • ISDA’s Collateral Opinions; and
  • Tools available to assist with collateral reviews
Erryan Abdul Samad, Assistant General Counsel, ISDA
Max Allan, Senior Associate, King & Wood Mallesons

5:00 PM Conference Concludes

Agenda is subject to change.

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Erryan Abdul Samad

Assistant General Counsel

ISDA

ISDAConferences

Max Allan

Senior Associate

King & Wood Mallesons

Charmaine Byrne

Practice Leader, WIB Legal – Financial Markets

Westpac Banking Corporation

Sabina Campbell

Documentation Manager, Markets Legal

Australia and New Zealand Banking Group Limited

Roslyn Hinchliffe

Senior Associate

King & Wood Mallesons

Paul Landless

Partner

Clifford Chance LLP

Clifford_Chance

Dale Rayner

Partner

King & Wood Mallesons

David Yun

Head of Markets Documentation – Markets Legal

Australia and New Zealand Banking Group Limited

Yu Zhang

Senior Associate

Allens

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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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