A revolution in financial markets is underway. Artificial intelligence is driving a boom in stock markets and has the potential to transform jobs in the financial sector, including legal, operational, risk and trading. Tokenization has the potential to bring greater efficiency to liquidity management and collateral workflows, but will it come with the safety and security that we have today? Regulators are looking at the private credit and equity markets and the perceived systemic threat posed by non-bank financial institutions. On top of this, bank capital rules are set to change following expected publication of the final US Basel III endgame rules.
The 40th AGM will explore this revolution in financial markets and will do so in Boston, which was central to the American Revolution – a fitting location as the US celebrates its 250th anniversary.
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TUESDAY, APRIL 28, 2026 |
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.
10:00 AM – 1:00 PM |
ISDA Accounting Symposium
Derivatives, Hedge Accounting, Digital assets, ESG, and more!
This event will provide derivatives market participants with an update on recent accounting and regulatory developments. Key topics will include hedge accounting—featuring recent updates from the FASB on Hedge Accounting Improvements and the Definition of a Derivative and proposals (including recent feedback submitted to the FASB through an Invitation to Comment) from our members aimed at revising the current model to enhance risk management practices—as well as the IASB’s Risk Mitigation Accounting (RMA) initiative, which seeks to improve institutional management of portfolio interest rate risk connected with the use of the Common Domain Model (CDM) for reporting and compliance, which aims to standardize data and processes across firms and jurisdictions. In addition, attendees will receive the latest insights into how both the IASB and FASB are considering changes to accounting for digital assets such as cryptocurrencies, and the way that are our members think how they should work reflecting their growing significance in today’s dynamic financial environment. The agenda further encompasses ESG-related transactions, examining how environmental, social, and governance considerations are being incorporated within derivatives markets, alongside new requirements and evolving approaches under pertinent standards. Case studies, regulatory perspectives, and networking opportunities with industry experts will also be featured, equipping participants with valuable knowledge to navigate these complex and rapidly changing areas.
Sponsored by EY
Registration for the ISDA Accounting Symposium is complimentary and separate from the ISDA AGM.
11:45 AM – 4:35 PM |
The Trilogy of Derivatives Lifecycle Automation
Three part symposium: Legal, Regulatory Reporting and Collateral
Join industry leaders for a focused afternoon exploring how technology and automation are transforming the derivatives ecosystem. From streamlining documentation and unlocking structured data to enhancing regulatory reporting accuracy through ISDA Digital Regulatory Reporting, this three-part program highlights practical solutions to today’s operational challenges. The event will also examine innovations in collateral optimization, tokenization and data standardization—offering actionable insights to help firms build more efficient, resilient and future-ready derivatives operations. Attend one, two or all three parts.
Registration for The Trilogy of Derivatives Lifecycle Automation is complimentary and separate from the ISDA AGM.
2:00 – 4:45 PM |
Managing Assets in an Uncertain World
This exclusive invite-only event will explore how asset owners are responding to uncertainties in the economic, market and geopolitical outlook, and how they are using derivatives to achieve their objectives. Featuring senior market speakers, the event will provide attendees with an opportunity to meet and debate with those leading the industry.
Space for this event is strictly limited and will be allocated on a first-come-first-served basis. The event is open to C-suite-level executives at asset owners and sell-side institutions, as well as heads of markets, trading, derivatives, risk and FICC.
Registration for Managing Assets in an Uncertain World is separate from the ISDA AGM and subject to approval.
4:00 – 7:00 PM |
Early Registration & Arrival Hospitality Lounge
ISDA AGM Registration desk opens. Attendees can pick up their name badge, event collateral and meet up with friends and colleagues in a casual setting. Drinks and snacks will be served.
Sponsored by Haynes Boone
7:30 – 10:00 PM |
ISDA AGM Welcome Reception
Transportation to and from the venue will be provided. Buses depart the Omni Boston Hotel at the Seaport beginning at 7:00 PM.
Sponsored by LSEG
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WEDNESDAY, APRIL 29, 2026 |
8:00 AM |
Registration, Networking Breakfast & Exhibition Opens
8:45 AM |
Opening Remarks
Scott O’Malia, Chief Executive Officer, ISDA
9:00 AM |
Keynote Address
A senior policymaker will discuss key priorities for 2026.
9:20 AM |
Basel IIII Endgame – Worth the Wait?
US regulators published the long-awaited and significantly revised Basel III endgame proposals in March 2026. Do the changes achieve the desired modern, risk-sensitive market risk capital framework that will reinvigorate internal models and preserve deep liquid markets? How will other jurisdictions react to preserve competitiveness, and will the dormant Basel Committee awaken to address fragmentation?
Moderator: Mark Gheerbrant, Global Head of Risk and Capital, ISDA
Sebastian ‘Benny’ Crapanzano II, ISDA Board Member, Managing Director and Global Head of Fixed Income Business Unit Risk Management, Morgan Stanley
Joe Hwang, Head of Regulatory Policy, Goldman Sachs
David K. Lynch, Deputy Associate Director, Board of Governors of the Federal Reserve System
Jacques Vigner, ISDA Board Member, Chief Strategic Oversight Officer for Global Markets, BNP Paribas
10:05 PM |
Interview: Geopolitical Risks in 2026
ISDA talks to an expert analyst about geopolitical opportunities and challenges in 2026.
10:30 AM |
Networking Break
11:00 AM |
Keynote Fireside Chat
Dan Gallagher, Chief Legal, Compliance and Corporate Affairs Officer, Robinhood Markets
11:20 AM |
Navigating the Clarity and Genius Acts
The Clarity and Genius Acts look set to rewire US capital markets, including derivatives, by encouraging use of stablecoins, tokenized securities and other digital assets in core workflows like collateral exchange, settlement and cross‑border payments. In addition, the Commodity Futures Trading Commission recently launched guidance for tokenized collateral in derivatives markets. What will this mean for financial institutions, existing infrastructure and the financial system as a whole? What regulatory guardrails need to be in place to allow the digital assets market to grow safely and at scale? As we move to 24/7 trading, what needs to be in place to ensure 24/7 risk management?
Moderator: Ann Battle, Senior Counsel, Market Transitions, ISDA
Julia Hueckel, Director of Global Regulatory Policy, Coinbase
Steve Humenik, SVP, Global Head of Capital Markets, Legal & Head of Clearing, Crypto.com
Emma Lovett, Executive Director, Head of Markets DLT, JPMorgan Chase & Co.
Chris Zuehlke, Partner at DRW and Global Head, Cumberland
12:05 PM |
Keynote Fireside Chat
Heath Tarbert, President, Circle
12:25 PM |
Ready for Tokenization
Tokenization could help transform derivatives markets. In particular, it could help improve collateral management by broadening the potential universe of eligible collateral, improving liquidity management, reducing the cost of funding and cutting operational errors. What progress has been made and what legal, regulatory and operational issues need to be addressed to ensure widespread adoption?
Moderator: Scott O’Malia, CEO, ISDA
Frank La Salla, CEO, DTCC
Mathew McDermott, Global Head of Digital Assets, Goldman Sachs
Yuval Rooz, Co-Founder & CEO, Digital Asset
Don Wilson, Founder and CEO, DRW
1:10 PM |
Lunch
2:15 PM |
NBFI: What’s the Target – and What’s the Remedy?
The growth of private credit and non-bank financial intermediation (NBFI) has raised concerns among policymakers that the potential build-up of leverage and interconnectedness across borders and economic sectors may become a source of systemic risk. What specifically is the threat regulators are responding to, which institutions pose the greatest perceived risk and what is the appropriate remedy? Is more information needed by regulators on exposures or, given the vast amounts of derivatives and financial data already reported, could and should regulators make better use of the information that is currently available?
Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Dan Berkowitz, Vice Chairman, External and Regulatory Affairs, Millennium
Hal Scott, Emeritus Nomura Professor of International Financial Systems, Harvard
3:00 PM |
Modernizing the Regulatory Framework
The pace of change in derivatives markets is accelerating, with the rapid emergence of new products, participants and processes. What adjustments to the regulatory framework might be needed to fully support and enable the modernization of markets and open a path to greater innovation, competition and efficiency?
Moderator: Chris Young, Head of US Public Policy, ISDA
Nathan Anonick, Professional Staff & Counsel, United States Senate Committee on Agriculture, Nutrition and Forestry
Ryan Jachym, Global Head of Markets Policy in the Office of Government and Regulatory Affairs, Goldman Sachs
Matt MacKenzie, Head of US Advocacy & Regulatory Affairs, Optiver
Tyler Wellensiek, Managing Director, Global Head of Market Structure, BlackRock
3:45 PM |
Networking Break
4:15 PM |
View from the Trading Floor
In conjunction with Women in Financial Markets (WIFM)
How have derivatives trading desks navigated the challenges of 2026 so far, and what strategies are they adopting? What do traders see as the main risks and opportunities ahead this year?
Moderator: Harleen Bains, ISDA Board Member, Head of Global Markets Sales, Canada, RBC Capital Markets
Sonali Das Theisen, Global Head of FICC E-Trading and Markets Strategic Investments, Bank of America
Marta Poleszczuk, Managing Director, US Fixed Income Product Management, Wellington Management Company
Jenny Xiao, Global Head of Rates Trading & Systematic Execution, Blackrock
5:00 – 7:00 PM |
Promise and Precaution – AI in Financial Markets Panel and Reception
Sponsored by GenerativeX
This panel will take place over drinks followed by a networking reception.
Artificial intelligence has the potential to completely reshape trading and risk management, eliminating cumbersome manual processes, but robust guardrails are needed to ensure the technology doesn’t compromise safe and efficient market functioning. How is AI already being used among financial institutions, and what does the future hold?
Moderator: Mark New, Co-Head Digital Transformation & Senior Counsel, ISDA
Sid Nadella, Director, Global Strategic Industries – Capital Markets, Google Cloud
Koto Ueda, Head of US Operations, GenerativeX
7:30 – 10:00 PM |
ISDA AGM Reception
Transportation to and from the venue will be provided. Buses depart the Omni Boston Hotel at the Seaport beginning at 7:00 PM.
Sponsored by Intercontinental Exchange, Inc. (ICE)
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THURSDAY, APRIL 30, 2026 |
8:00 AM |
Registration, Networking Breakfast & Exhibition Continues
9:00 AM |
Welcoming Remarks
Scott O’Malia, Chief Executive Officer, ISDA
9:10 AM |
Chairman’s Remarks
Amy Hong, ISDA Chair, Head of Strategy, Investments and Partnerships, Global Banking & Markets, Goldman Sachs & Co. LLC
9:25 AM |
Keynote Address
David Bailey, Executive Director, Prudential Policy, Bank of England
9:40 AM |
Fireside Chat
A senior asset manager will talk about how asset owners are adapting their strategies in the wake of regulatory, market and geopolitical change
10:10 AM |
Aligning Derivatives and SFTs
Securities financing transactions – especially repo – are essential for market liquidity and efficient collateral management, but misalignment between derivatives and SFTs and fragmented regulatory treatment can reduce efficiency, increase costs and amplify disruption during periods of stress. What steps have been taken to create a more holistic legal, regulatory and capital environment for derivatives and SFTs and what more needs to be done? How important are changes to the capital framework to recognize cross-product netting arrangements under a legally enforceable master netting agreement?
Moderator: Panayiotis Dionysopoulos, Global Head of Financial and Enterprise Risk, ISDA
Tim Brown, Managing Director, Head of Financial and Enterprise Risk, Markets & Securities Services, HSBC
Joana Schlenczek, Head of FI Rates Structuring & Client Solutions, Santander Corporate & Investment Banking
Nate Wuerffel, Global Head of Market Structure and Head of Product, Global Collateral, BNY
10:55 AM |
Networking Break
11:25 AM |
Enhancing Operational Resilience
Stress events can leave legal departments scrambling to understand how a specific counterparty failure should be managed, while operations departments may be stalled by workflow friction and a lack of interoperability with third- and fourth-party providers. What business needs and regulatory requirements are driving the need for improved workflow management? What are financial institutions doing to make these processes more robust, how can firms better manage resiliency risks, and what are the consequences of getting it wrong?
Moderator: Katherine Tew Darras, General Counsel, ISDA
Ruth Arnould, Managing Director & Associate General Counsel, Bank of America
Marjorie Chee, Managing Director and Head of Commercial Transformation for Lending Solutions, S&P Global Market Intelligence
Debbie Ramkerrysingh, Head of Advisory and Contract Execution, TD Securities
12:10 PM |
Keynote Address
Michael Selig, Chairman, Commodity Futures Trading Commission (CFTC)
12:25 PM |
Dealing with Liquidity Shocks
Sponsored by RBC Capital Markets
Market disruption can lead to spikes in margin calls and redemptions, putting pressure on firms to quickly source cash or other high-quality collateral, potentially leading to liquidity squeezes. Various policy responses have been developed to improve market resilience and enhance bank intermediation capacity, including recommendations on margin preparedness and the clearing of government bonds and repos. Meanwhile, some firms have taken steps to broaden their eligible collateral options, improve operational efficiencies and interoperability within the collateral management ecosystem and set up credit facilities with a wider universe of counterparties. Are these steps collectively enough to prevent future liquidity stress events?
Moderator: Tara Kruse, Global Head, Derivative Products & Infrastructure, ISDA
Ivan Bandic, Global Head, Capital Markets Treasury, RBC Capital Markets
Jenny Cosco, Global Corporate Affairs, Government Relations & Regulatory Strategy Leader, Global Head, Government Relations & Regulatory Strategy, LSEG (London Stock Exchange Group)
Jason Granet, Chief Investment Officer, BNY
Duncan Rodgers, ISDA Board Member, Head of ALM Strategy and Regional Treasury UK & FFT, UBS
1:10 PM |
Lunch
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POLICY SPOTLIGHT SESSIONS |
2:15 PM |
Session A
Navigating a Decade of the ISDA SIMM
This year marks the 10th anniversary of the ISDA Standard Initial Margin Model. Over the past decade, the ISDA SIMM has become one of the most widely implemented and rigorously governed industry models – continuously reviewed, assessed and validated by a global community of firms and regulators. As regulatory frameworks evolve – such as the EU’s EMIR 3.0 reform – and additional jurisdictions like China introduce initial margin requirements, the implications for both existing and new SIMM users continue to grow. This session will explore the ISDA SIMM’s role in a rapidly shifting regulatory environment and highlight what firms must do to remain compliant, operationally prepared and strategically positioned for the next decade of the ISDA SIMM’s evolution.
Moderator: Nnamdi Okaeme, Head of SIMM, ISDA
Shinichiro Itozaki, Chief Manager, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Tomo Kodama, Managing Director, Bank of America Merrill Lynch
John Pucciarelli, Head of Partnerships and Director of Industry Engagement, Acadia, LSEG
Session B
Renovating the FX Market
Drafting of revisions to the 1998 FX and Currency Option Definitions are now complete, incorporating important updates to how FX derivatives are traded and managed. What are the key amendments, what will they mean in practice and what do market participants need to know about implementation?
Moderator: Jonathan Martin, Head of Derivative Products Management, ISDA
Deepak Sitlani, Capital Markets Partner, Linklaters
3:05 PM |
Session A
Building Derivatives Capacity
Most derivatives trading continues to be concentrated in the major financial centers, led by London and New York, but average daily turnover in certain emerging markets is rising as their economies grow, with local firms increasingly using derivatives to manage risk and create certainty and stability. What steps can be taken to further nurture and encourage this growth, from legal and regulatory reforms to infrastructure developments?
Moderator: Joel Clark, Senior Director, Communications, ISDA
Beatriz Cordón, Managing Director, Head of Balance Sheet Solutions Sales & Structuring EM, BBVA
Olena Lopantseva, Senior Financial Officer, IFC Treasury Capital Markets & Investments
Axel van Nederveen, Founder and Managing Partner and Chairman of the board of Frontclear, AVNCounsulting Ltd
Peter Werner, Senior Counsel, ISDA
Session B
Global Policy Priorities
This session will delve into the weeds of current US, EU and UK public policy priorities and ISDA’s advocacy work, with the aim of reducing redundancies and unnecessary costs in regulatory requirements and mitigating the negative effect of cross-border inconsistencies.
Moderator: Roger Cogan, Head of European Public Policy, ISDA
Caroline Dawson, Partner, Clifford Chance LLP
Kirston Winters, Head of Legal, Risk, Compliance and Government and Regulatory Affairs, OSTTRA
3:55 PM |
Session A
Digital Assets and Derivatives
Digital assets will undoubtedly have an impact on derivatives markets, but several potentially important matters need to be clarified, including custody, legal, capital and market structure issues. In this session, members of the latest ISDA Future Leaders in Derivatives cohort present the findings of a new whitepaper that explores the intersection of digital assets and derivatives markets and makes recommendations on the path forward.
Moderator: Andrew Bayley, Senior Director, Regulatory Reporting Transformation EMEA, ISDA
Friederike Burckhardt, Head of Digital Assets Capital Markets, LBBW
Nikita Cotton, Fintech & Financial Services Attorney, Morgan, Lewis & Bockius LLP
Claire Gerrand, Senior Research Lead, D2 Legal Technology
Teodor Opasiak, Product Manager, Valuation & Risk, OSTTRA
Session B
Evolution of the DCs
The process to strengthen the structure and governance of the Credit Derivatives Determinations Committees (DCs) is continuing, with the appointment of a governance committee and an invitation to tender for a third-party regulated entity to act as DC administrator. This session will consider what further changes are planned and why, as well as discuss the circumstances behind recent DC credit determinations.
Moderator: Fred Quenzer, Senior Counsel, Americas, ISDA
David Lucking, Partner, Linklaters LLP
Owain Markham, Director, Associate General Counsel, Bank of America
4:40 PM |
40th ISDA AGM Concludes