ISDA Benchmark Forum

ISDA ベンチマークに関するフォーラム

Friday, May 18, 2018
HAPPO-EN | 八芳園
Tokyo

Member $100 U.S.

Non-Member $100 U.S.

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Friday, May 18, 2018

Print Agenda ISDA Benchmark Forum for

1:30 PM Registration and Welcome Coffee | 受付

2:10 PM Opening Comments and Overview of Industry Benchmark Survey | 開会の挨拶とベンチマークに関する業界サーベイの概要 Scott O’Malia

Scott O’Malia, Chief Executive Officer, ISDA

2:40 PM Keynote Address by Bank of Japan | 基調講演 Seiichi Shimizu

Seiichi Shimizu, Director-General, Financial Markets Department, Bank of Japan

3:00 PM Keynote Address by Financial Services Agency (FSA), Japan | 基調講演 Kenji Oki

Kenji Oki, Director for International Banking Regulations, Office of International Affairs, Financial Services Agency (FSA), Japan

3:20 PM Panel Discussion - Global Transition Plans to Alternative Risk-Free Rates | パネルディスカッション - 代替RFRへのグローバルでの移行 Moderator: Masanobu Ichiya, Shigeru Hashimoto, Ryota Hattori, Atsuya Watanabe, Hiroshi Yamamoto

As well as strengthening existing benchmarks and other potential reference rates, authorities are encouraging market participants to develop alternative, nearly risk-free, reference rates (RFRs). This panel will provide an overview of the background to the development of RFRs, consider rates selected and current efforts underway to transition to those rates in Japan, the UK and the US and highlight potential issues for users to consider.

既存の金融指標や参照レートの強化に加えて、規制当局は、市場参加者に対して、リスクフリーに近い代替レート(代替RFR)の構築と移行を推奨しています。
本セッションでは、代替RFRに関するイニシアチブの背景や概要について説明するとともに、特定された代替RFRへの移行・活性化に向けた論点、日米英での検討状況、そして利用者が検討しなければいけない問題について紹介します。

Moderator: Masanobu Ichiya, ISDA Board Member, Managing Director and Head of the Derivative Trading Department, Mizuho Securities Co., Ltd
Shigeru Hashimoto, Vice President, Global Markets Planning Department, Nomura Securities Co., Ltd.
Ryota Hattori, Head of Market Infrastructure Division, Financial Markets Department, Bank of Japan
Atsuya Watanabe, Director, Markets and Securities Services, Citigroup Global Markets Japan Inc.
Hiroshi Yamamoto, Head of Regulations & Compliance Group, Planning Department, Treasury Unit, Sumitomo Mitsui Banking Corporation

4:25 PM Afternoon Break | 休憩

4:40 PM Panel Discussion - Development of Fallbacks for IBORs | パネルディスカッション - IBORのフォールバックの策定 Moderator: Tomoko Morita, Yutaka Amagi, Motoyasu Fujita, Mark Gheerbrant, Jing Gu, Tatsuya Toshida

As well as encouraging market participants to develop alternative RFRs, authorities are encouraging market participants to designate fallbacks for contracts that continue to reference IBORs, which would apply in the event that an IBOR is permanently discontinued. This session will provide background and objectives for this work as well as an overview of issues identified to date and potential solutions, including issues relating to development of term structure and credit spread for RFRs and migration to the alternative RFRs through amendments to the 2006 Definitions and use of an ISDA protocol.

代替RFRの特定、移行や活性化にかかる作業と同様に、規制当局は市場参加者がIBORを参照する金融取引について、IBORが恒久的に停止した場合の代替措置として頑健なフォールバックを特定することを推奨しています。
本セッションでは、フォールバックに関するイニシアチブの背景や目的、そして現時点までに認識されたクレジット・スプレッドの計算や期間構造の構築などの論点や解決策の検討状況や契約書上の対応について説明します。

Moderator: Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA
Yutaka Amagi, ISDA Board Member, Managing Director, Head of Global Markets Planning Division, MUFG Bank, Ltd.
Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Mark Gheerbrant, Global Head of Risk and Capital, ISDA
Jing Gu, Senior Counsel, ISDA
Tatsuya Toshida, Managing Director, Head of Fixed Income Currency and Commodities Department, Daiwa Securities Co. Ltd.

5:50 PM Forum Concludes | 閉会

6:00 PM Cocktail Reception | カクテルレセプション

Agenda is subject to change.

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HAPPO-EN, 1-1-1, Shirokanedai, Minato-ku, Tokyo, Telephone: +81-3-3443-3111
八芳園 東京都港区白金台1-1-1

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Yutaka Amagi

ISDA Board Member, Managing Director, Head of Global Markets Planning Division

MUFG Bank, Ltd.

Motoyasu Fujita

Partner, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

Mark Gheerbrant

Global Head of Risk and Capital

ISDA

Jing Gu

Senior Counsel

ISDA

ISDAConferences

Shigeru Hashimoto

Vice President, Global Markets Planning Department

Nomura Securities Co., Ltd.

Ryota Hattori

Head of Market Infrastructure Division, Financial Markets Department

Bank of Japan

Masanobu Ichiya

ISDA Board Member, Managing Director and Head of the Derivative Trading Department

Mizuho Securities Co., Ltd

Tomoko Morita

Senior Director and Head of Tokyo Office

ISDA

ISDAConferences

Scott O’Malia

Chief Executive Officer

ISDA

Kenji Oki

Director for International Banking Regulations, Office of International Affairs

Financial Services Agency (FSA), Japan

Seiichi Shimizu

Director-General, Financial Markets Department

Bank of Japan

Tatsuya Toshida

Managing Director, Head of Fixed Income Currency and Commodities Department

Daiwa Securities Co. Ltd.

Atsuya Watanabe

Director, Markets and Securities Services

Citigroup Global Markets Japan Inc.

Hiroshi Yamamoto

Head of Regulations & Compliance Group, Planning Department, Treasury Unit

Sumitomo Mitsui Banking Corporation

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Intermediate

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

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