Getting Ready for Phase 5 Initial Margin Implementation

IM Requirements, ISDA Documents & Streamlined IM Negotiation

Wednesday, October 30, 2019
Lenz & Staehelin
Zurich

Member $850 U.S.

Non-Member $975 U.S.

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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 from Swiss, 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 and associated onboarding and operational considerations. 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.

Educational Credits

6 CPD Credit Hours Available England and Wales

7 CLE Credit Hours Available (New York)
Transitional and Nontransitional

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Wednesday, October 30, 2019

Print Agenda Getting Ready for Phase 5 Initial Margin Implementation for

8:15 AM Registration and Continental Breakfast

8:50 AM Introduction and Welcoming Remarks Graham Bryant

Graham Bryant, Counsel, ISDA

9:00 AM Initial Margin Requirements for Uncleared Swaps Olivier Favre, Patrick Hünerwadel, Delphine Meylan, Hannah Patterson

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 Swiss and EU 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
Olivier Favre, Partner, Schellenberg Wittmer
Patrick Hünerwadel, Partner, Lenz & Staehelin
Delphine Meylan, Associate, Lenz & Staehelin
Hannah Patterson, Managing Associate, Linklaters LLP

9:45 AM Deep Dive into US Cross-border Application Graham Bryant, Tamsin Rolls

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.

Graham Bryant, Counsel, ISDA
Tamsin Rolls, Executive Director and Assistant General Counsel, JP Morgan

10:30 AM Coffee Break

10:45 AM Understanding the Next Generation of IM Documentation for Phase 5 implementation and beyond Mark Crawford, Emma Patient

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.

Mark Crawford, Associate, Linklaters LLP
Emma Patient, Senior Legal Counsel, HSBC Bank plc

12:15 PM Luncheon

1:15 PM Understanding the Next Generation of IM Documentation for Phase 5 implementation and beyond (continued) Mark Crawford, Emma Patient, Hannah Patterson

Mark Crawford, Associate, Linklaters LLP
Emma Patient, Senior Legal Counsel, HSBC Bank plc
Hannah Patterson, Managing Associate, Linklaters LLP

2:15 PM Coffee Break

2:30 PM Custodial Documentation and Onboarding Graham Bryant, Bruno Zingler-Herrero, Gösta Feige, Martin Kunz

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: Graham Bryant, Counsel, ISDA
Bruno Zingler-Herrero, Assistant Vice President, Clearstream Banking
Gösta Feige, Director - Commercial Division - Product Solution Sales - Collateral Management, Euroclear SA
Martin Kunz, Global Custody Product Manager, State Street Bank

3:30 PM ISDA Create – IM: Leveraging Technology in Streamlining IM Negotiation Graham Bryant, Calin Drimbau, Emma Patient

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.

Graham Bryant, Counsel, ISDA
Calin Drimbau, Product Manager, Nakhoda
Emma Patient, Senior Legal Counsel, HSBC Bank plc

4:30 PM Conference Concludes

Agenda is subject to change.

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Lenz & Staehelin, Brandschenkestrasse 24, CH-8027 Zurich, Tel: +41 58 450 80 00

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Bruno Zingler-Herrero

Assistant Vice President

Clearstream Banking

Graham Bryant

Counsel

ISDA

ISDAconferences

Mark Crawford

Associate

Linklaters LLP

Calin Drimbau

Product Manager

Nakhoda

Olivier Favre

Partner

Schellenberg Wittmer

SW_Legal

Gösta Feige

Director - Commercial Division - Product Solution Sales - Collateral Management

Euroclear SA

EuroclearGroup

Patrick Hünerwadel

Partner

Lenz & Staehelin

Martin Kunz

Global Custody Product Manager

State Street Bank

Delphine Meylan

Associate

Lenz & Staehelin

Emma Patient

Senior Legal Counsel

HSBC Bank plc

HSBC

Hannah Patterson

Managing Associate

Linklaters LLP

LinklatersLLP

Tamsin Rolls

Executive Director and Assistant General Counsel

JP Morgan

jpmorgan

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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. To register your group, please email conferences@isda.org prior to the event.

Member $850 U.S.

Non-Member $975 U.S.

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Intermediate

Some knowledge of derivatives documentation 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

    ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org

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