ISDA Symposium® IM Big Bang: Future of Initial Margin (IM) Documentation & ISDA Create

IMビッグバン:IMドキュメンテーションとISDA Createに関するシンポジウム

Tuesday, April 16, 2019
Fukuracia Marunouchi OAZO | フクラシア丸の内オアゾ
Tokyo

Note: This symposium will be conducted in Japanese (sessions before 4:00pm) or English (last session from 4:00pm). Simultaneous translation will be only provided for the last session from 4:00pm.

こちらのシンポジウムは日本語または英語にて行われます。4:00pmまでは日本語、4:00pmからの最後のセッションは英語で行われ、英語のセッションにのみ日本語への同時通訳が入ります。

 

For market participants who expect to become subject to the 2019 (Phase 4) or 2020 (Phase 5) initial margin (“IM”) requirements under the uncleared margin rules, and their advisors, this half-day symposium will provide delegates with an overview from the Japan, US and EU perspectives of the 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 overview of the ISDA Create– IM negotiation platform, which allows parties to leverage technology to streamline their IM negotiation process.

本シンポジウムは、2019年および2020年9月から当初証拠金(IM)規制の対象となる金融機関(フェーズ4および5)や関係者の方々に向け、日米欧のIM規制の概要や業界における要望に関する現状についてご説明いたします。また、IM規制対応のための新しいIM CSAの概要、選択項目の交渉ポイント、そしてカストディ関連の契約について、ユーロクリアやクリアストリームを利用した場合の契約を含めてご紹介いたします。また、本シンポジウムでは、IM契約交渉の電子的プラットフォームとなるISDA Create – IMの概要についてもご紹介いたします。

 

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Tuesday, April 16, 2019

Download Agenda ISDA Symposium® IM Big Bang: Future of Initial Margin (IM) Documentation & ISDA Create for

12:20 PM Registration and Coffee | 受付

1:00 PM Introduction and Welcoming Remarks | 開会の挨拶 Tomoko Morita

Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

1:05 PM Initial Margin Requirements for Uncleared Swaps | IM規制の概要 Kazuhiro Harada, Shinichiro Itozaki

Following implementation of the variation margin requirements of margin regulations for non-cleared derivatives by most firms in 2017, attention is turning to preparation for compliance with initial margin requirements for those firms that will be in-scope for IM requirements in 2019 (Phase 4) and 2020 (Phase 5).

This session will provide an overview and comparison of the requirements for posting initial margin under Japan, US and EU regulations and their implications for entities in-scope for Phases 4 and 5 of implementation, including:

  • Geographical and transaction scope
  • Entity scope and AANA calculations
  • What is ISDA SIMM?
  • Are there tools in the market to assist with calculations?
  • Initial Margin Requirements, including segregation requirements
  • What is the status of current advocacy efforts with regulators?

 

2017年3月のVM規制の適用(VMビッグバン)に続き、現在は2020年9月に適用が開始されるIM規制、いわゆるIMビッグバンに向けた対応に関心が集まっています。本セッションでは、日米欧における規制要件の概要と比較、及びIMビッグバン対応において知っておくべき以下の点についてご説明します。

  • 対象取引
  • 対象組織とAANAの計算
  • ISDA SIMMの概要
  • IM計算のサポート・ツール
  • 当初証拠金規制(分別管理義務を含む)
  • 当局への要望とその現状

 

Kazuhiro Harada, Director, Global Markets Internal Control Office, Global Markets Planning Division, MUFG Bank, Ltd.
Shinichiro Itozaki, Senior Manager, Financial Engineering Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

1:55 PM Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation | 新しいIMドキュメンテーションについて Motoyasu Fujita, Yukiko Kido, Tatsuya Ozawa

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.

本セッションでは、昨年公表された新しいIMドキュメンテーション(ISDA 2018 Credit Support Annex for Initial Margin (Security Interest – New York Law)とISDA 2018 Credit Support Deed for Initial Margin (Security Interest – English Law))についてご説明いたします。特に、IMドキュメンテーションの選択項目と交渉のポイントについて詳しくご説明します。また、カウンターパーティと別の法域に所在するカストディでのIM管理で使用されるCollateral Transfer AgreementとSecurity Agreementの概要について、ユーロクリアとクリアストリームを利用する場合のドキュメンテーションを含めてご説明します。

 

Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Yukiko Kido, Executive Director & Assistant General Counsel, Legal, JPMorgan Securities Japan Co., Ltd.
Tatsuya Ozawa, Managing Associate, Capital Markets Group (Structured Finance & Derivatives), Linklaters

2:45 PM Coffee Break | 休憩

3:00 PM Understanding the Next Generation of IM Documentation for Phase 4 and Phase 5 Implementation (continued) | 新しいIMドキュメンテーションについて(続き)

4:00 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation | ISDA Create – IM: テクノロジーを利用したIM契約の交渉ツール Andrew Kayiira, Hsiang Low

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 and other documents. The session will also include an interactive workshop on the new tool.

本セッションでは、ISDA Create – IMの概要をご紹介するとともに、IMやその他のドキュメンテーションの交渉を効率化に向けた新しいテクノロジーの活用方法についてご説明します。また、本セッションではISDA Create – IMに関するワークッショップも行います。

Andrew Kayiira, Director, Product Development, ISDA
Hsiang Low, Managing Associate, Linklaters / Co-Head of Linklaters Nakhoda – Asia

5:15 PM Symposium Concludes | 閉会

Agenda is subject to change.

Register Now for ISDA Symposium® IM Big Bang: Future of Initial Margin (IM) Documentation & ISDA Create
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Fukuracia Marunouchi OAZO, Marunouchi Kitaguchi Bldg. (OAZO), 16th Floor, 1-6-5, Marunouchi, Chiyoda-ku, Tokyo

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Motoyasu Fujita

Partner, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

Kazuhiro Harada

Director, Global Markets Internal Control Office, Global Markets Planning Division

MUFG Bank, Ltd.

Shinichiro Itozaki

Senior Manager, Financial Engineering Division

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Andrew Kayiira

Director, Product Development

ISDA

Yukiko Kido

Executive Director & Assistant General Counsel, Legal

JPMorgan Securities Japan Co., Ltd.

Hsiang Low

Managing Associate

Linklaters / Co-Head of Linklaters Nakhoda – Asia

Tomoko Morita

Senior Director and Head of Tokyo Office

ISDA

Tatsuya Ozawa

Managing Associate, Capital Markets Group (Structured Finance & Derivatives)

Linklaters

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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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ISDA is an accredited provider of continuing education credits by the following organizations:

  • CLE

    ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.

  • CPE Sponsory

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