ISDA Members Only

ISDA 33rd Annual general meeting
PROGRAM AGENDA
 

Tuesday, April 24, 2018

2:00 PM – 5:30 PM

Early Registration and Arrival Hospitality Lounge
Refreshments and light fare
sponsored by

7:30 PM – 10:00 PM

ISDA Members’ Welcome Reception at the Delano South Beach
Cocktails, buffets and entertainment
sponsored by

Wednesday, April 25, 2018
GENERAL SESSIONS

 8:00 AM

Registration and Continental Breakfast

 8:45 AM

Opening Remarks
Scott O’Malia, Chief Executive Officer, ISDA

 9:15 AM

Keynote Address
Bill Coen, Secretary General, Basel Committee on Banking Supervision,
Bank for International Settlements  
9:45 AM Benchmarks: Next Steps
The transition of financial market contracts from interbank rates, or ‘IBORs’, to risk-free rates poses an unprecedented challenge for the entire financial industry. With more than $370 trillion of exposure to the IBORs across the financial industry, the scale of the task is huge. What are the challenges to transition, and what is ISDA and the industry doing to support benchmark transition planning efforts?
Moderator: Tom Wipf, ISDA Board Member, Vice Chairman of Institutional Securities, Morgan Stanley
David Bowman, Advisor, Federal Reserve Board of Governors
Jack Hattem, ISDA Board Member, Managing Director, Global Fixed Income, BlackRock
François Jourdain, Chair of the Bank of England Risk Free Rate (“RFR”) Working Group, Barclays
Jason Manske, ISDA Board Member, Senior Managing Director, Chief Hedging Officer and Head of Derivatives and Liquid Markets, MetLife
Agha Mirza, Managing Director, Global Head of Interest Rate Products,
CME Group Inc.
Edward Ocampo, Senior Advisor – Markets, Bank of England
11:00 AM Networking Morning Break

11:30 AM

How Do We Complete the Cross-border Puzzle?
There has been progress in reaching cross-border equivalence and substituted compliance determinations – most recently, with trading venues in the EU and US – but much more remains to be done. With the final Basel capital measures set to be transposed into local regulations, the issue is likely to come to the fore once again. How can regulators and the industry solve the cross-border puzzle once and for all?
Moderator: Scott O’Malia, Chief Executive Officer, ISDA 
Michael Davie, Global Head of Rates, LCH
Michael Gill, Chief of Staff, Commissioner Giancarlo at U.S. Commodity Futures Trading Commission
Kazunari Mochizuki, Director for International Financial Markets (Settlements), Japan Financial Services Agency 
Dr. Kay Swinburne MEP, Vice Chair of the Economics and Monetary Affairs Committee, European Parliament
Petr Wagner, Finance Counselor, Delegation of the European Union to the United States

Clare Woodman, Global Chief Operating Officer for Institutional Securities,
Morgan Stanley 

12:30 PM

Luncheon
1:45 PM The 21st Century Market Makers
The derivatives market is facing a number of changes. On the one hand, capital requirements are higher, and firms are operating under a demanding regulatory environment. On the other, there have been rapid advances in technology. What does this all mean for the 21st century derivatives business? Will technology herald the start of a new era, new entrants and greater participation? Or will the industry become ever more reliant on a handful of big market-makers? How are derivatives firms positioning themselves for the future?
Moderator: Mark Gheerbrant, Head of Risk and Capital, ISDA 
Biswarup Chatterjee, ISDA Board Member, Global Head Electronic Trading & New Business Development, Credit Markets, Citigroup Global Markets
John Dabbs, ISDA Board Member, Global Head of Prime Derivatives Services, Credit Suisse
Bill De Leon, ISDA Board Member, Managing Director, Global Head of Portfolio Risk Management, PIMCO
Elisabeth Kirby, Managing Director, US Markets Strategy,
Tradeweb Markets LLC
Amir Zaidi, Director, Division of Market Oversight, U.S. Commodity Futures Trading Commission
2:45 PM The Future of the Non-Cleared Derivatives Market
Nowhere is the commitment to derivatives regulatory reform more telling than in the shift to central clearing.  In 2017, for example, nearly 90% of new rates transactions in the US were cleared.  But the success of this reform initiative is raising important questions about the future of derivatives and in particular about the future viability of non-cleared derivatives.  The fundamental question is:  will there – and should there – continue to be a market for non-cleared derivatives?  If so, why?  Are the margin requirements for non-cleared transactions appropriately calibrated or economically punitive?  What was the original basis for determining those requirements and does it continue to make sense today?  Are alternative approaches available that address systemic risk issues while providing a more rational economic approach to margining?
Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Martin Baxter, Consultant, ISDA
Darcy Bradbury, ISDA Board Member, Managing Director, D. E. Shaw & Co., L.P.
Rama Cont, Chair of Mathematical Finance, Imperial College London
Eric Litvack, ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions 

Bruce Tuckman, Chief Economist, U.S. Commodity Futures Trading Commission
3:45 PM Networking Afternoon Break
4:15 PM Legal Issues – The Next Four Years – Writing the Waves of Change
The next four years will be transformative from a documentation and legal infrastructure perspective.  A series of significant events and changes in market structure are already underway and will accelerate, as we will discuss under the following key areas.

  • 2018 onwards: Smart Contracts – how to adapt the current legal infrastructure to support the technology?
  • 2019: March of 2019 will bring the withdrawal of the UK from the EU – how will this impact relationships with EU and UK entities? Will there be any impact to the use of English law and jurisdiction clauses?
  • 2020: Initial Margin “Big Bang” – Large numbers of counterparties will need to start exchanging IM. What needs to happen in preparation?
  • 2021: LIBOR transcended – How will financial markets adapt?

Moderator: Katherine Darras, General Counsel, ISDA
Maria Douvas, Managing Director, Morgan Stanley
Scott Farrell, Partner, King Wood Mallesons, Australia
Emilio Jiménez, Managing Director and Associate General Counsel, JP Morgan
Tracey Jordal, Executive Vice President, Deputy General Counsel, Global Practice Head of Derivatives, PIMCO
Laura Muir, Managing Director, Barclays
Deepak Sitlani, Partner, Linklaters LLP

5:15 PM Wednesday Sessions Conclude
7:30 PM – 10:00 PM ISDA Members’ Reception at the Pérez Art Museum Miami (PAMM)
Cocktails, buffets and entertainment

Thursday, April 26, 2018

GENERAL SESSIONS

  8:15 AM

Continental Breakfast
 8:45 AM Welcoming Remarks
Scott O’Malia,
Chief Executive Officer, ISDA
9:00 AM Chairman’s Remarks
Eric Litvack,
ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions
9:20 AM Keynote Address
Craig S. Phillips,
Counselor to the Secretary, U.S. Department of the Treasury
9:50 AM A Fireside Chat with J. Christopher Giancarlo, Chairman, U.S. Commodity Futures Trading Commission
Hosted by: Scott O’Malia,
Chief Executive Officer, ISDA
10:20 AM Networking Morning Break
10:50 AM Appetite for Disruption
How will new technologies like distributed ledger, cloud and artificial intelligence offer the potential to dramatically increase automation, increase efficiencies and cut costs and contribute to Alpha. How will these technologies really revolutionalize the derivatives market, and when?  What  opportunities will technology provide to transform ISDA’s legal documentation into smart contracts?  Will we ever see bitcoin used for collateral as part of a fully automated digital derivatives ecosystem?
Moderator: Rana Yared, ISDA Board Member, Managing Director, Principal Strategic Investments, Securities Division, Goldman Sachs & Co.
Ashley Fidler, Vice President, Product, Versive
Mary-Catherine Lader, Chief Operating Officer and Director, BlackRock Digital Wealth
Lynn Martin, President and Chief Operating Officer, ICE Data Services
Blythe Masters, Chief Executive Officer, Digital Asset
Jennifer Peve, Managing Director, Solutions Business Development & Co-head Office of Fintech Strategy, The Depository Trust & Clearing Corporation (DTCC)
11:40 AM Developing and Trading in Local Capital Markets – The Role of International Financial Institutions and the Private Sector
This session provides an oversight of local capital market development work undertaken in Latin America and other regions from the perspective of two international financial institutions, a commercial bank as well as a development company.
Moderator: Axel van Nederveen, ISDA Board Member, Managing Director, Treasurer, European Bank for Reconstruction and Development (EBRD) 
Philip Buyskes, Chief Executive Officer, Frontclear Management B.V.
Romina López, Managing Director, Relationship Management LatAm, Global Capital Markets, Scotiabank
Alejandro Reveiz, Head of Middle Office and Banking,
Inter-American Development Bank
Hiro Tsubota, Lead Financial Officer, World Bank
12:30 PM Board of Directors Election/Financial Report
12:45 PM Luncheon
AFTERNOON SPECIALIST SESSIONS
These sessions will feature a choice of two in-depth discussions on the following specialist topics:

 2:00 PM

A. Change Afoot: How will Clearing look in five years’ time?
Over the next years we will see the biggest changes to clearing since Dodd Frank Act and EMIR came in. Whilst these changes are currently focused on European policymaking, in today’s global markets CCPs will be affected across the globe.Other than the review of EMIR regulation, the two most significant changes affecting clearing will be the culmination of international guidance on CCP Resilience, Recovery and Resolution in actual policymaking, and the impact of Brexit on the CCP landscape. Our panelists will discuss  the European draft regulations on CCP supervision and on CCP Recovery & resolution, especially whether these proposals will provide for globally consistent rules that support efficient and safe global markets.
Moderator: Ulrich Karl, Head of Clearing Services, ISDA
Grant Lovett, Head of Sales & Rates Product, ASX Derivative & OTC Markets
Mariam Rafi, Managing Director, Americas Head of OTC Clearing, Citi
Marnie Rosenberg, Global Head of Clearinghouse Risk and Strategy, JPMorgan
Manmohan Singh, Senior Economist, IMF

Bill Stenning, Managing Director – Clearing, Regulatory & Strategic Affairs, Société Générale

 

B. Data and Derivatives
A panel of experts will discuss data standardization, one of the cornerstones of an efficient market infrastructure, and provide their views on the following topics:

  • International data standardization efforts and the increasing role of regulators in data standardization
  • Reflecting on 5 years of regulatory reporting
  • Product identifiers for derivatives: what is next?
  • Data standards and data quality: where are the issues what are the solutions?

Moderator: Karel Engelen, Senior Director and Co-head of Data, Reporting and FpML, ISDA
Dan Bucsa, Deputy Director – Data & Reporting, Division of Market Oversight, Commodity Futures Trading Commission
Anne Faucheux, Head of Capital Market Initiatives, BNP Paribas
Eleanor Hsu, Director, Data and Reporting, ISDA
Richard Young, Industry & Regulatory Affairs, Global Data, Bloomberg LP

 2:50 PM

Networking Afternoon Break

 3:20 PM

A. What’s next for Bank Capital?
The Basel Committee have finalized the capital rules with the exception of the market risk framework. National regulators are starting to transpose the framework into local rules and consistency in the implementation is one of the key challenges along with the implementation timelines.

  • What do the new Basel rules mean for the banks?
  • What issues are likely to come to the fore as part of the implementation process?
  • How do we avoid regulatory fragmentation?
  • Will the new Basel rules prevent the next global financial crisis?

Moderator: Panayiotis Dionysopoulos, Head of Capital, ISDA
David Lynch, Deputy Associate Director, Federal Reserve Board
Jim Mannoia, Managing Director, Regulatory Policy, Goldman, Sachs & Co.
Debbie Toennies, Managing Director – Global Head of Regulatory Affairs – Corporate and Investment Bank, JPMorgan Chase & Co.
Katherine Wolicki, Head of Regulatory Strategy and Liaison, HSBC

 

BLegal and Documentation Update
A number of important documentation and law reform changes will be going into effect in 2018. This panel will provide an overview of key areas of change for market participants to be aware of. Topics to be covered will include the following:

  • The impact of global bank resolution regulations on derivatives and ISDA Protocol developments
  • ISDA’s new model language and guidance on exclusive and non-exclusive jurisdiction clauses
  • Recent global developments in netting/collateral enforceability

Moderator: Mark New, Senior Counsel, Americas, ISDA
Ann Battle, Assistant General Counsel, ISDA
Dominic Cooper, Chair of the ISDA CEE/SEE/CIS Committee; Director, Legal, Citi
Ryan Patino, Partner, Teigland-Hunt LLP
Patrick Robinson, Partner, Linklaters LLP

4:10 PM

A. The Initial Margin Big Bang: Preparing for 2019, 2020
A panel of industry participants will discuss key initiatives and the importance of engaging early to prepare for upcoming phases of regulatory initial margin requirements.  Topics include:

  • Credit and collateral documentation
  • Custodial arrangements
  • Collateral management
  • SIMM adoption

Moderator: Tara Kruse, Global Head of Infrastructure, Data and Non-Cleared Margin, ISDA
Mita Jash, Director, Global Collateral Initiatives, Bank of America Merrill Lynch
Tomo Kodama, Managing Director, Counterparty Portfolio Management,
Bank of America Merrill Lynch
John Pucciarelli, Director, Market Infrastructure and Technology, ISDA
Tamsin Rolls, Executive Director, JPMorgan Chase & Co.

B. Beyond Data: The ISDA Common Domain Model
As financial markets explore the potential of new and emerging technologies there is an opportunity to rebuild from the ground up. ISDA’s CDM extends our established product data and definitions by integrating core events and processes to deliver a standard that facilitates this transformation. This panel will discuss the effect that such a standard can have on shaping the future of derivatives markets transaction and collateral processing.
Moderator: Clive Ansell, Head of Market Infrastructure and Technology, ISDA
Dhiraj Bawadhankar, Executive Director, Clearing Solutions, CME Group Inc.
Sunil Challa, Director, Business Architecture, Barclays

Tara McCloskey,  VP Operations, Met Life
Todd McDonald, Co-Founder and Head of Partnerships, R3
Havell Rodrigues, CEO and Co-Founder, Adjoint Inc.
Gregory Schvey, Chief Executive Officer, Axoni
Valentino Wotton, Managing Director, Deriv/SERV Strategy and Product Development, The Depository Trust & Clearing Corporation (DTCC)

 5:00 PM

Conference Concludes

Agenda is subject to change

– REGISTRATION FEE – 
$ 1300 U.S. (member)

Social

You may also be interested in:

Understanding the New US Stay Regulations and 2018 ISDA Resolution Stay Protocol
Apr 24 | Miami | 12 - 4:15 PM
AGENDA | REGISTER

ISDA Accounting Meeting
Apr 24 | Miami 10 AM - 12:45 PM
AGENDA | REGISTER

ISDA Latin America Working Group Meeting
Apr 25 | Miami 5:30 - 6:30 PM
AGENDA | REGISTER