All sessions will be conducted in English
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TUESDAY, MAY 13, 2025 |
8:30 – 9:00 AM |
Formal Session of the Annual Meeting of Members (Board Elections & Financial Report)
This session is only available to ISDA Primary Members.
9:00 AM – 4:30 PM |
Symposiums & Specialist Meetings
ISDA will host a number of short sessions on specialized topics all day on Tuesday, May 13 including events on Accounting, Collateral and Digital Transformation. Registration for these sessions will be separate from AGM registration and will be announced once available.
9:30 AM – 12:40 PM |
Creating an Efficient Collateral Ecosystem
Driven by multiple regulations in recent years, firms continue to face increased margin call and settlement volumes in over-the-counter and exchange-traded derivatives, along with higher demand for high-quality liquid assets. Increased standardization and adoption of mutualized solutions that support holistic collateral management across products, including repo and securities lending, could help improve the bottom line for buy- and sell-side institutions.
This year’s ISDA Future Leaders in Derivatives program focuses on collateral and liquidity management and a whitepaper will be published at the AGM. Ahead of its launch, this pre-AGM symposium will feature Future Leaders and other industry experts to discuss optimization, diversification, innovation and technology across collateralized products.
Registration for this event is complimentary and separate from AGM registration. Please click below for details and to register.
1:00 – 4:05 PM |
A Period of Change: Derivatives in the Pensions Sector
This exclusive invite-only event will explore how pension funds in different jurisdictions are adapting to market and regulatory changes and how this is affecting their use of derivatives. Featuring senior market and regulatory speakers, the event will provide attendees with an opportunity to meet and debate with those shaping the industry.
Registration for this event is separate from AGM registration, limited and subject to approval. Please click below for details and to request to join.
4:00 – 7:00 PM |
Early Registration & Arrival Hospitality Lounge
ISDA AGM Registration desk opens. Attendees can pick up their name badge and meet up with friends and colleagues in a casual setting. Drinks and snacks will be served.
7:30 – 10:00 PM |
ISDA AGM Welcome Reception
Transportation to and from the venue will be provided. Buses depart the Mövenpick Hotel beginning at 7:00 PM.
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WEDNESDAY, MAY 14, 2025 |
8:00 AM |
Registration, Networking Breakfast & Exhibition Opens
9:00 AM |
Opening Remarks
Scott O’Malia, Chief Executive Officer, ISDA
9:15 AM |
Keynote Address
A senior policymaker will address the AGM.
9:30 AM |
Economic and Market Outlook
Central banks in the EU, UK, US and elsewhere have cut interest rates as inflation has eased, but slow growth and the prospect of tariffs have created an uncertain outlook for 2025. What will this mean for financial markets and trading strategies?
10:10 AM |
Geopolitical Risks in 2025
ISDA talks to an expert analyst about geopolitical opportunities and challenges in 2025.
10:30 AM |
Networking Break
11:00 AM |
Keynote Address
A senior policymaker will discuss key priorities for 2025.
11:15 AM |
The Value of OTC Derivatives
Based on new research published by ISDA, 87.1% of 1,187 entities referenced in seven major stock indices use derivatives to transfer risk, create certainty and stability and enhance returns. This panel explores how and why derivatives are used by a variety of users, as well as the importance of deep, liquid markets and what is needed to maintain that.
12:00 PM |
The Pension Sector and Derivatives
Pension funds are big users of derivatives to hedge the risks from changes in interest rates, inflation, FX and equity prices and to manage and enhance investments. In this session, leading pension funds discuss their use of derivatives and how that is changing in the wake of regulatory, market and geopolitical change.
12:30 PM |
Keynote Address
A senior regulator will discuss key objectives for the year ahead.
12:45 PM |
Lunch
2:00 PM |
Ensuring Deep, Liquid Markets
Divergences have emerged in the timing and substance of Basel III implementation across jurisdictions, with US prudential regulators yet to publish final rules. What steps need to occur to ensure deep, liquid markets and avoid fragmentation? Should action be taken to make internal models more attractive and how might other rules, including the US G-SIB surcharge, the US supplementary leverage ratio and cross-product netting requirements, be adapted to further enhance liquidity?
2:45 PM |
Keynote Address
A senior market practitioner talks about priorities for 2025.
3:00 PM |
Elections have Consequences: Implications for the EU Sustainability Agenda
The European Commission is currently reviewing its sustainability commitments and transition plans. What are the options under consideration and what impact will they have on net zero objectives? What effect will the UN Article 6 rules have on this strategy and on voluntary carbon markets? Will geopolitical events influence the agenda?
3:45 PM |
Networking Break
4:15 PM |
Financial Stability and Liquidity Risk
Regulatory developments since the financial crisis have reduced counterparty risk and enhanced the stability and resilience of the global financial system, but concerns have been raised that the reforms have created a system that is potentially destabilizing during periods of severe market stress. Regulators have been working to square the circle – to make the market more resilient to liquidity stresses, without compromising on the post-crisis initiatives to mitigate counterparty credit risk. A focus of those efforts has been to shore up perceived vulnerabilities in non-bank finance amid regulatory concerns about the growth of private credit and private equity. What are the implications?
5:00 – 6:30 PM |
ISDA 40th Anniversary Panel and Cocktail Reception
This panel will take place over drinks followed by a networking reception.
7:30 – 10:00 PM |
ISDA AGM Reception
Transportation to and from the venue will be provided. Buses depart the Mövenpick Hotel beginning at 7:00 PM.
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THURSDAY, MAY 15, 2025 |
8:00 AM |
Registration, Networking Breakfast & Exhibition Continues
9:00 AM |
Welcome
Scott O’Malia, Chief Executive Officer, ISDA
9:10 AM |
Chairman’s Remarks
Jeroen Krens, ISDA Chairman, Managing Director, COO, Markets & Securities Services, HSBC Bank Plc.
9:25 AM |
Keynote Address
A senior policymaker will address the AGM.
9:40 AM |
Trading Views
How do trading desks expect markets to evolve over the course of 2025 and what derivatives trading strategies are being adopted in response?
10:25 AM |
Countdown to Treasury Clearing
The first phase of the Securities and Exchange Commission’s Treasury clearing mandate will come into effect in December – a requirement that will have a significant impact on both US and non-US market participants. This session will consider the various issues firms will need to consider during implementation, including documentation, cross-netting capital issues and operational integration.
11:05 AM |
Networking Break
11:35 AM |
Managing Derivatives Terminations
0.5 CLE Credit Hours Available (New York)
The landscape for terminating derivatives is significantly more complex because of post-financial crisis regulatory reforms. ISDA has published a close-out framework identifying the various complexities and is curating other initiatives designed to facilitate market preparedness for terminations. Meanwhile, practical challenges with delivering termination-related notices were identified during the COVID-19 lockdowns and the Russian invasion of Ukraine. The ISDA Notices Hub will streamline the process of maintaining address details and delivering notices. ISDA and industry experts will discuss these separate but very related initiatives.
12:15 PM |
Keynote Address
A senior policymaker will discuss challenges and opportunities in 2025.
12:30 PM |
Efficiency in Regulatory Reporting
Five jurisdictions went live with revised derivatives reporting rules in 2024, with more to follow in 2025 and beyond, putting reporting teams under extreme pressure to implement accurately and on time to avoid regulatory penalties. Some regulators are exploring how to reduce the burden and cost of reporting on industry participants, but how can firms actively engage in these initiatives and what else can be done in the meantime to minimize the costs and burden of implementation and ongoing maintenance?
1:10 PM |
Lunch
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POLICY SPOTLIGHT SESSIONS |
2:15 PM |
Session A
Seeking Efficiency in the Collateral Ecosystem
The transition to central clearing and margining for non-cleared derivatives has gone a long way to mitigating counterparty credit risk but managing the timely and efficient flow of collateral is an ongoing challenge. Delays and inefficiencies in sourcing and posting collateral can quickly lead to an escalation of liquidity risk, particularly during periods of stress. This session will explore the issues and solutions identified in a new paper by ISDA’s Future Leaders in Derivatives cohort, as well as explore industry initiatives to bring greater efficiency and automation to collateral management.
Session B
Updating the ISDA FX Definitions
The FX market is the largest in the world, with about $7.5 trillion in average daily notional turnover, of which approximately 51% comprises FX swaps, according to the Bank for International Settlements. Given the importance of this market, ISDA has begun an initiative to update the 1998 FX and Currency Option Definitions. This panel will describe the main areas of focus and the progress so far.
3:05 PM |
Session A
Building Derivatives Markets in EMDEs
Derivatives play an important role in helping to develop capital markets in emerging market and developing economies (EMDEs), improving the availability of financing and enabling firms to hedge their risks. But building a robust derivatives market involves several foundational steps, including legislation to ensure the enforceability of close-out netting. This panel will explore recent law reform developments in key markets, including Saudi Arabia, and will consider additional steps that are needed to achieve safe and efficient markets.
Session B
Understanding Active Accounts
European regulators are putting flesh on the bones of the active account framework, which requires EU entities active in certain derivatives to hold a representative active account and clear a minimum number of representative transactions at an EU CCP. What do firms need to do to comply and what are the implications of the change? What other changes will EMIR 3.0 bring?
3:55 PM |
Session A
ISDA SIMM – Preparing for Semiannual Calibration and EU Model Approval
The ISDA Standard Initial Margin Model will shift to semiannual calibration from 2025, ensuring the model remains risk appropriate and is updated in a predictable and efficient manner. Meanwhile, the adoption of EMIR 3.0 has introduced an approval requirement for initial margin models, including the ISDA SIMM. This panel will describe the drivers and approach for semiannual calibration, the expectations regarding EU model approval and the implications for market participants.
Session B
Transforming the DCs
A 2024 consultation on proposed changes to the structure and governance of the Credit Derivatives Determinations Committees (DCs) showed there is broad market support to implement many of the enhancements, including establishing a separate governance body, implementing certain transparency proposals relating to publication and information disclosure requirements and appointing up to three independent members of the DCs. This panel will look at what the changes will entail and describe progress so far.
4:40 PM |
Farewell Drinks
5:45 PM |
39th ISDA AGM Concludes