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Understanding Variation Margin Regulations and the 2016 ISDA Variation Margin Credit Support Documents

6.25 CPD Credit Hours Available (England and Wales)

 

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

 


Wednesday, October 11, 2017
One Bishops Square
London

PROGRAM AGENDA

8:15 AM

 

Registration and Continental Breakfast

 

 

 

8:45 AM

 

Introduction and Welcoming Remarks
Rick Sandilands,
Senior Counsel, Europe, ISDA

 

 

 

9:00 AM

 

Regulatory Variation Margin requirements for non-cleared derivatives

This session will explain the Variation Margin (VM) requirements in the EU and other key 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

Tamsin Rolls, Executive Director and Assistant General Counsel, J.P.Morgan

 

 

 

10:30 AM

 

Morning Break

 

 

 

11:00 AM

 

Understanding the ISDA English Law Variation Margin CSA

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.

  • 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
  • Adding an Independent Amount, using the Independent Amount Provisions
  • Transfer Timing: when must a party deliver or return collateral?
  • The Valuation Agent & Dispute Resolution
  • Exchanges
  • Distributions and Interest Amounts
  • Enforcement following Event of Default
  • Legally Ineligible Credit Support provisions
  • Credit Support Offsets

Chris Arnold, Partner, Mayer Brown International LLP
Emma Dwyer, Partner, Allen & Overy LLP
Daniel Franks, Partner, Norton Rose Fullbright LLP

 

 

 

12:30 PM

 

Luncheon

 

 

 

1:30 PM

 

Negotiating Paragraph 11 to the English Law Variation Margin CSA

This session will examine terms specified and added to Paragraph 13, including: 

  • Eligible Collateral and Valuation Percentages
  • Covered Transactions
  • Independent Amount
  • Minimum Transfer Amounts
  • Ratings Ladders
  • Valuation Time and Valuation Date
  • Valuation Agent
  • Notification Time
  • Transfer Timing – What changes can market participants make?
  • Resolution Time
  • Value of Collateral
  • The Interest Rate and timing of Interest Payments
  • Interest Adjustment
  • Negative Interest
  • Distributions
  • Credit Support Offsets
  • Terms for non-netting counterparties
  • Other Provisions

Speakers to be announced

 

 

 

3:15 PM

 

Afternoon Break

 

 

 

3:30 PM

 

Collateral Arrangements under New York Law in comparison to English Law Arrangements

This session will discuss the 2016 Credit Support Annex for Variation Margin governed by New York law.
Chris Arnold, Partner, Mayer Brown International LLP

 

 

 

4:00 PM

 

Update on Developments in International Law regarding Collateral and Derivatives and ISDA Collateral Opinions

This session will focus on the following initiatives: 

  • EU directive on bank recovery and resolution: provisions specific to collateral arrangements and inter-relation with the EU Collateral Directive
  • FSB/BCBS global recommendations on effective resolution regimes: effects on collateral arrangements
  • The collateral opinions ISDA has collected from over 50 jurisdictions and recent updates in relation to WGMR implementation

Tom Roberts, Partner, Allen & Overy LLP

   

 

5:00 PM   Conference Concludes

 


Agenda is subject to change

- REGISTRATION FEE* -
$ 850 U.S. (member) / $ 975 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.

 

Allen & Overy LLP, One Bishops Square, London, E1 6AD. Phone +44 (0) 203 808 9700.
A map to the venue can be found here.
You will be required to provide photo identification in order to enter the venue. Please ensure you present this at the ground floor reception or you may be refused entry.

 

 

 


 


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