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ISDA Symposium®

Uncleared Margin Documentation: Selected Topics for the Buy-side

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

4 CPE Credit Hours Available 

Thursday, June 8, 2017
Global Financial Conference Center
New York



8:15 AM


Registration and Continental Breakfast




8:45 AM


Introduction and Welcome Remarks
Mark New, Senior Counsel, Americas, ISDA




9:00 AM


An Overview of Regulatory Variation Margin Documentation



This session will provide an overview of the documentation methods that market participants are using to amend existing CSAs or enter into new CSAs to comply with the Variation Margin rules. Topics will include:

  • The ISDA 2016 Variation Margin Protocol
  • Amend Method
  • Amend and Replicate Method
  • New CSA Method
  • Bilateral Amendment Letters
  • The ISDA 2016 Credit Support Annex For Variation Margin (VM)



Douglas J. Donahue, Partner, Mayer Brown LLP
Mark New, Senior Counsel, Americas, ISDA
Darren Thomas, Managing Director, IHS Markit




10:00 AM


Issues for Buy-side Participants to Consider in Variation Margin CSA Documentation



This session will address the choices that buy-side participants have and the provisions they should consider when negotiating VM CSA agreements, including risk and operational issues. Topics will include:

  • Determining which rules will apply to the CSA so that the CSA reflects compliance in respect of those regions
  • Considerations for margining legacy trades and new trades under separate CSAs or under one CSA
  • Considerations for margining “in scope” trades and “out of scope” trades under separate CSAs or under one CSA
  • Eligible Collateral and determining what to include
  • Ratings parameters for Eligible Collateral
  • Valuation Percentages – using regulatory haircuts or more larger haircuts; comparing this to the existing CSA where there is one
  • Changing or retaining existing definitions (if any) of the Minimum Transfer Amount, Notification Time and Dispute Resolution Time
  • Changes to Interest Amounts and Interest Adjustment terms
  • Changes to Legal Ineligibility Notices and Valuation Percentage modifications
  • Credit Offsets
  • Independent Amounts
  • Provisions to consider adding to New CSAs



Ilene K. Froom, Partner, Reed Smith LLP
Frances T. Han, Senior Counsel, The Vanguard Group, Inc
*Additional Speakers to be Added*




10:45 AM


Coffee Break




11:00 AM


Issues for Buy-side Participants to Consider in Variation Margin CSA Documentation (continued)




12:15 PM


Segregation Issues



This session will address changes to VM CSA documentation when margin is segregated.  Topics will include:

  • Additional terms and provisions when segregation of IM and VM applies
  • The Segregation Amendments Supplemental Questionnaire
  • Account Control Agreements



Ilene K. Froom, Partner, Reed Smith LLP
Frances T. Han, Senior Counsel, The Vanguard Group, Inc




1:00 PM


Symposium Concludes




Agenda is subject to change

$ 400 U.S. (member) / $ 500 U.S. (non-member)
*The invoice total must be paid in full - registration fees are net of tax and wire transfer fees are not included.

We suggest registering at least two weeks in advance to ensure your seat.

Please click here for the Conference Registration Form.


Global Financial Conference Center, 360 Madison Avenue (entrance on 45th Street), 17th Floor, New York, NY 10017 Phone: (212) 901-6000.  Please find a map to the venue here.




For more information regarding conferences or exhibition opportunities, please contact the ISDA conference department

at +1 212-901-6000  or e-mail

® ISDA Symposium is a registered trademark of the International Swaps and Derivatives Association, Inc.