ISDA Accounting Symposium: Digital Assets, ESG, DRM, Hedge Accounting and more

2.5 CPE Credit Hours Available (NASBA)

This event will give market participants in derivatives markets an update on the accounting issues that will have an impact due to accounting and regulatory changes. Particular consideration will be given to hot topics such as digital assets including cryptocurrencies, environmental, social and governance (ESG) related transactions and the impact on derivatives, hot topics under U.S. generally accepted accounting principles (U.S. GAAP) and International Financial Reporting Standards (IFRS) with important considerations under Japanese Accounting Standards (J-GAAP), including hedge accounting updates.

Sponsored by EY

Registration for this symposium is complimentary and separate from the AGM registration. Please click below for details and to register.

ISDA CDM-Digital Regulatory Reporting (DRR) Introductory Roundtable

Reducing the Cost of Reporting with CDM-Digital Regulatory Reporting (DRR)
ISDA Digital Regulatory Reporting (DRR) is a global, collaborative industry initiative which leverages the Common Domain Model (CDM). DRR reduces the need for each firm to dedicate significant resources and budget to interpret new or amended rules and build reporting logic from scratch. As new reporting rules come into effect in Europe, the UK, Japan, Singapore and Australia in 2024, DRR provides a reusable and scalable implementation solution by transforming a mutualized industry interpretation of derivatives trade reporting requirements into unambiguous, machine-executable code.

Join this roundtable event to learn more about Digital Regulatory Reporting (DRR), the benefits to be gained, and the different ways market participants are using DRR.

Registration for this roundtable is complimentary and separate from the AGM registration. Please click below for details and to register.

ISDA CDM-Collateral Roundtable

Reducing Risks and Improving Economic Results with CDM-Collateral
Whether you are looking to onboard new counterparties faster and more efficiently via contract lifecycle management, to reduce capital implications due to collateral value disputes, or to optimize collateral inventories, CDM-Collateral can help. Digital documentation and collateral representation open-source code is ready for implementation.

Join collateral management industry experts to discuss the CDM-collateral use cases, and be prepared to leave with resources to build a business case.

Registration for this roundtable is complimentary and separate from the AGM registration. Please click below for details and to register.

ISDA Symposium: “Breaking the Glass”

TRAINING: How to Manage Contract and Operational Risk During a Termination

3.5 CLE Credit Hours Available (New York) / 3 CPD Credit Hours Available (Hong Kong) / 3.5 CPE Credit Hours Available (NASBA)

Managing the standard contractual procedures for termination can be challenging enough given the stress and volatility that often accompany them. But recent bank failures have brought home just how much more complicated it is now that third-party custodian, and clearing relationships and potential interventions by resolution and sanction authorities must be factored in. This symposium will help firms identify what they can do to prepare ahead of time and the critical actions to take at the point of default.

Registration for this symposium is separate from the AGM registration. AGM Attendees receive a $75 discount on registration for this training symposium. Please click below for details and to register.

The Future for Japan’s Financial Markets

This exclusive briefing, supported by the Financial Services Agency of Japan (JFSA), will explore new policy initiatives to develop Japan’s asset management business, as well as opportunities available to global and local buy- and sell-side institutions.

The event will also include a briefing on global regulatory issues, featuring a senior global regulator.

This event is currently full. Thank you for your interest.

Early Registration & Arrival Hospitality Lounge

ISDA AGM Registration desk opens. Meet up with friends and colleagues in a casual setting. Drinks and snacks will be served.

Sponsored by S&P Global

ISDA AGM Welcome Reception

at Zouk Tokyo

Join us at one of Tokyo’s most exciting new venues in the glamorous neighborhood of Ginza. An evening filled with drinks, food and entertainment set the perfect backdrop for the first night of the AGM.

Transportation to and from the venue will be provided. Buses depart the Grand Hyatt Tokyo beginning at 7:00 PM.

Sponsored by LSEG Post Trade

Registration, Networking Breakfast & Exhibition Opens

The Registration Desk  check-in, grab your nametag and ISDA tote bag.

The Exhibition on the 3rd FL of the Grand Hyatt and is open from 7:55 AM until the conclusion of the general sessions. Grab a bite to eat for breakfast and during breaks while exploring innovative solutions from our exhibitors. Check out the list of exhibitors: https://agm.isda.org/sponsors/

Also make sure to visit:

The Café – Serving specialty coffee drinks to order.

ISDA Create Charge n Chat Lounge – Phone or tablet need a little boost? Head over to recharge your electronics and learn a little more about ISDA Create while you wait.

Opening Remarks

Scott O’Malia, Chief Executive Officer, ISDA

Keynote Address

Teruhisa Kurita, Commissioner, Financial Services Agency (FSA), Government of Japan

Remarks in Japanese

The Global Market Outlook

Economies around the world have faced rising inflation, higher interest rates and slowing growth, but the tide looks to be changing in some jurisdictions, with inflation falling from its highs. What’s the outlook for the global economy and what will this mean for derivatives markets and trading strategies?

Moderator: Kana Inagaki, Tokyo Bureau Chief, Financial Times
Kazuo Momma, Executive Economist, Mizuho Research & Technologies
Naomi Muguruma, Chief Fixed Income Strategist, Mitsubishi UFJ Morgan Stanley Securities
Mana Nakazora, Chief Credit Strategist / Chief ESG Strategist, Vice Chairperson of Global Markets, Japan, BNP Paribas

Remarks in Japanese

Navigating Geopolitical Risk

Geopolitical risks have had a big influence on market dynamics and prices – and with conflicts continuing around the world and a number of elections due in 2024, this is likely to continue. How can firms navigate the current environment, and what issues do they need to be aware of?

Moderator: Nick Sawyer, Global Head of Communications, ISDA
Shiro Katsufuji, Managing Director, Deloitte Touche Tohmatsu LLC
Joseph Kraft, Sony Board Member, CEO, Rorschach Advisory Inc.
Kyle Lawless, Senior Manager, EY-Parthenon 
Amane Oshima, President & CEO, Fund Corporation for the Overseas Development of Japan’s ICT and Postal Services (JICT)

Networking Break

Keynote Interview

ISDA CEO Scott O’Malia talks to CFTC Chairman Rostin Behnam about priorities for 2024.

Rostin Behnam, Chairman, U.S. Commodity Futures Trading Commission (CFTC)

Taking Aim at NBFI

Regulators have highlighted non-bank financial intermediation as a sector that warrants closer review and have initiated several workstreams aimed at addressing perceived vulnerabilities. What steps are regulators planning to take and what will this mean?

Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Darcy Bradbury, ISDA Board Member, Managing Director and Head of Public Policy, D. E. Shaw & Co., L.P.
Jeroen Krens, ISDA Board Member, Managing Director, COO, Markets & Securities Services, HSBC
Damien Shanahan, Coordinator of Standards Development, IOSCO General Secretariat
Brad Tully, Managing Director and Global Head of Corporate Derivatives and Private Side Sales, J.P. Morgan

Managing Disruption

0.5 CLE Credit Hours Available (New York)

Recent events like Russia’s invasion of Ukraine have highlighted the difficulty of managing risks during periods of geopolitical upheaval. ISDA is working on two key initiatives in response, including a review of the 1998 FX and Currency Option Definitions and an industry notices hub for the delivery of critical notices to counterparties.

Moderator: Katherine Tew Darras, General Counsel, ISDA
Navin Desor, Regional Head of Legal, Markets and Securities Services, Asia Pacific, HSBC
Doug Donahue, Partner, Linklaters LLP
Lansing Gatrell, Managing Director, Counterparty Manager & Regulatory Solutions, S&P Global Market Intelligence
Steve Milankov, Assistant General Counsel, Pershing Square
Deepak Rangoonwala, Director, Associate General Counsel, Deutsche Bank

Lunch

Keynote Address

Masahiko Kato, President & CEO, Mizuho Bank, Ltd.

The Global Impact of US Treasury Clearing

The US Securities and Exchange Commission has finalized rules that will require increased clearing of cash US Treasury securities and repos. Given the critical role US Treasuries play in global financial system, what impact will this change have on global liquidity and market structure?

Moderator: Scott O’Malia, Chief Executive Officer, ISDA
Jim Hraska, Managing Director, Head of Client Solutions, Clearing and Settlement Services, DTCC
Darren A. Littlejohn, Partner, Clifford Chance LLP
Laide Majiyagbe, Managing Director, Global Head of Financing and Liquidity, BNY Mellon
Agha Mirza, Managing Director and Global Head of Rates and OTC Products, CME Group
Thomas Pluta, President, Tradeweb Markets

Keynote Address

Thomas K. Montag, Chief Executive Officer, Rubicon Carbon

Networking Break

Counting the Cost of Capital Reforms

All major jurisdictions have now published proposed rules to implement the final Basel III measures. The various national rule sets diverge in some areas, but all put greater reliance on standardized approach models. US prudential regulators estimate their proposed measures will result in an estimated 75% increase in capital for market risk. How will these changes impact trading businesses, and how are banks adapting?

Moderator: Mark Gheerbrant, Global Head of Risk and Capital, ISDA
Sebastian “Benny” J. Crapanzano II, ISDA Board Member, Managing Director and Global Head of Fixed Income Business Unit Risk Management, Morgan Stanley
Eduardo Epperlein, Managing Director, Global Head of Risk Methodology, Nomura
John Pucciarelli, Director of Industry Engagement, Acadia, LSEG Post Trade
Tomoki Tanemura, Deputy Director-General, Bank of Japan
Jacques Vigner, ISDA Board Member, Chief Strategic Oversight Officer for Global Markets, BNP Paribas

Keynote Address

Marco Casalaina, Vice President of Products, Azure AI, Microsoft

Future of Derivatives Markets: Shaken or Stirred? ISDA & WIFM Panel Discussion & Reception

Supported by Women in Financial Markets female leaders will explore emerging trends, technological advancements, and regulatory shifts that are shaping the landscape of the derivatives markets.

This panel will take place over drinks followed by a networking reception.

Sponsored by ICE

Moderator: Tara Kruse, Global Head, Derivative Products & Infrastructure, ISDA
Priya Kundamal, General Manager and Head of DTCC Data Repository (Singapore), DTCC
Joanne Rowe, Corporate Risk Officer, Intercontinental Exchange, Inc. (NYSE: ICE)
Ferdisha Snagg, Counsel, Cleary Gottlieb Steen & Hamilton LLP
Esra Turk, ISDA Board Member, Co-Head of EMEA Institutional Client Group, Co-Head of LATAM Investment Bank Coverage, Co-Head of Global Emerging Market Sales, Deutsche Bank AG

ISDA AGM Reception

at Happo-en

Celebrate the rich cultural traditions of Japan in a lush garden dating back to the Edo period. Food and drinks will be served alongside captivating entertainment.

Transportation to and from the venue will be provided. Buses depart the Grand Hyatt Tokyo beginning at 7:00 PM.

Sponsored by Mitsubishi UFJ Financial Group, Mizuho and Nomura

Registration, Networking Breakfast & Exhibition Continues

Welcoming Remarks

Scott O’Malia, Chief Executive Officer, ISDA

Chairman’s Remarks

Eric Litvack, ISDA Chairman, Managing Director, Group Director of Public Affairs, Société Générale

Keynote Address

Seiichi Shimizu, Executive Director, Bank of Japan

Keynote Address

Eiji Ueda, Executive Managing Director and Chief Investment Officer, Government Pension Investment Fund (GPIF), Japan

View from the Trading Desk

What’s shaping trading strategies in 2024? How are firms responding to the current macroeconomic and market environment?

Moderator: Jack Hattem, ISDA Board Member, Managing Director, Global Fixed Income, BlackRock
Jared Noering, Global Head of Fixed Income Trading, NatWest Markets
Andrew Ng, ISDA Board Member, Group Executive, Group Head of Global Financial Markets, DBS Bank
Shigeki Morita, Managing Director, Head of FIC Japan, Deutsche Securities Inc.
Shigeru Nonomura, ISDA Board Member, Managing Director, Global Markets Japan, Nomura Securities Co., Ltd.
Thomas Reich, Managing Director, Head of Rates, Citigroup Global Markets Japan Inc.

Networking Break

Implementing Digital Transformation

0.5 CLE Credit Hours Available (New York)

Implementing digital solutions can bring significant efficiencies to legal and post-trade processes, helping to reduce costs, but overcoming internal inertia and making a compelling case for the switch can slow implementation. This session will look at how firms have approached digital adoption and the benefits it has brought.

Moderator: Mark New, Co-Head of Digital Transformation and Senior Counsel, ISDA
Gesa Johannsen, ISDA Board Member, Head of International Clearance & Collateral Management Business, BNY Mellon
Rallie Shiderova, Client Director, DRS
Shilpi Singh, Global co-head, Data Models and Governance, Goldman Sachs
Brian Yeager, Senior Counsel and Director, Mizuho

Keynote Address

Yutaka Nakajima, Deputy President Director, Representative Executive Officer, Nomura Holdings, Inc.

Clearing and Margin Practices

Regulators are looking closely at margin practices, procyclicality, transparency and margin collection processes. What changes might be on the agenda, and what steps will central counterparties take in response?

Sponsored by JSCC

Moderator: Ulrich Karl, Head of Clearing Services, ISDA
Stéphane Marot, Head of Derivatives, Asia, AXA Investment Managers
Jeffrey Ollada, Managing Director, Futures + Options, Mizuho Americas
Tetsuo Otashiro, Director, Global Policy and Regulation, OTC Derivative Clearing Service, Japan Securities Clearing Corporation
Yuji Yamashita, Deputy Commissioner for International Affairs, Japan’s Financial Services Agency (JFSA)

Board of Directors Election/Financial Report

Lunch

Session A

The Future for CDS

0.5 CLE Credit Hours Available (New York)

Credit derivatives gross market value is well below its 2008 peak, but credit default swaps continue to serve as an important hedging tool for lenders and investors. What changes could be made to ensure this market remains robust in the face of changing economic and market conditions?

Moderator: Jing Gu, Head of Legal, Asia Pacific, ISDA
Fabien Carruzzo, Partner, Kramer Levin Naftalis & Frankel LLP
Simon Firth, Partner, Linklaters LLP
David G. Lucking, Partner, Allen & Overy LLP
Akash Mohapatra, Managing Director and Associate General Counsel, Deutsche Bank AG
Hiroki Tomiyasu, Managing Director, Head of FID Risk, APAC, Fixed Income Division, Morgan Stanley MUFG Securities Co., Ltd.

Session B

The Asia-Pacific Legal and Regulatory Agenda

0.5 CLE Credit Hours Available (New York)

This panel will discuss significant legal, public policy and regulatory objectives in Asia-Pacific. Panelists will also explore the legal and regulatory steps that emerging market and developing economies globally and in the region are taking to promote the development of safe and efficient local capital and derivatives markets.

Moderator: Benoît Gourisse, Head of Public Policy, Asia Pacific, ISDA
Maryam Alexander, Principal Counsel, International Finance Corporation
John Laws, Managing Director, Head of APAC Regulatory and Government Relations and Policy, Barclays
Debbie Toennies, Managing Director, Global Head of Regulatory Affairs, Commercial and Investment Bank, J. P. Morgan
Peter Werner, Senior Counsel, ISDA

Session A

Initial Margin Resiliency: A Moving Target

Market volatility and the application of initial margin requirements for non-cleared derivatives to smaller counterparties have prompted global regulators to reexamine the robustness of non-cleared initial margin models and their responsiveness to market stress, prompting new global expectations on model design, calibration and validation. This panel will explore these requests, the corresponding evolution of the ISDA Standard Initial Margin Model and the impact on global market participants.

Moderator: Nnamdi Okaeme, Head of SIMM, ISDA
Shinichiro Itozaki, Deputy Chief Manager, Global Markets Engineering Office, Global Markets Planning Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Tomo Kodama, Managing Director, Co-Head, Global Counterparty Portfolio Management, Bank of America Merrill Lynch
David Lynch, Deputy Associate Director, Federal Reserve Board

Session B

Developments in US, EU and UK Public Policy

1 CLE Credit Hour Available (New York)

Regulators in the US, EU and UK have ambitious agendas, ranging from a review of block thresholds in the US to modifications to derivatives trading, clearing, reporting and transparency rules in the EU and UK. Panelists will discuss the most pressing issues, challenges and potential solutions.

Moderators: Roger Cogan, Head of European Public Policy, ISDA and Chris Young, Head of US Public Policy, ISDA
Caroline Dawson, Partner, Clifford Chance
Jeffery L. Steiner, Partner, Gibson, Dunn & Crutcher LLP
Charlie Thornton, Founder and President, T Cap Solutions
Kirston Winters, Head of Legal, Risk, Compliance and Government and Regulatory Affairs, OSTTRA

Session A

Tackling Greenwashing in Carbon Markets

0.5 CLE Credit Hours Available (New York)

Voluntary carbon markets can complement corporate carbon reduction strategies, enabling firms to buy carbon credits to offset those emissions they can’t reduce now, but the threat of greenwashing threatens to hamper this market. This session will explore industry initiatives to set standards for high-quality carbon credits and establish standard definitions and documentation, as well as the steps regulators are taking to clamp down on malpractice in this market.

Moderator: Bella Rozenberg, Senior Counsel & Head of Regulatory and Legal Practice Group, ISDA
Joyce Lai, Executive Director, Group Legal and Compliance, DBS Bank Ltd
Maria Levanti, President & COO, ICE Futures Singapore, ICE Clear Singapore
Amy Merrill, Interim Chief Operating Officer, The Integrity Council for the Voluntary Carbon Market (ICVCM)
Deborah North, Partner, Cleary Gottlieb Steen & Hamilton LLP
Stephen Thompson, Executive Director and Regulatory Counsel, Nomura International plc
Atsuya Watanabe, Director, Markets Planning and Control, Citigroup Global Markets Japan Inc.

Session B

Appetite for Disruption

0.5 CLE Credit Hours Available (New York)

How can generative artificial intelligence improve key functions in derivatives markets, including research and analytics, collateral, risk management, document review and the application of data standards? Members of ISDA’s Future Leaders in Derivatives program will discuss the opportunities and challenges, including some of the ethical dilemmas that might arise.

Moderator: Joel Clark, Senior Director, Communications, ISDA
Phillan Amin, Associate, White & Case LLP
Cole Bloom, Quantitative Analyst, Chatham Financial
Andrew Fei, Partner, King & Wood Mallesons
Sohei Ogino (Ogi), Director, Assurance Innovation & Technology, PwC Japan LLC –

Some Remarks in Japanese

Exhibitor Farewell Drinks

38th ISDA AGM Concludes