ISDA Members Only

ISDA 32nd Annual general meeting

Monday, May 8, 2017

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 Pátio da Galé
Cocktails, buffets and entertainment
sponsored by

Tuesday, May 9, 2017

 8:00 AM

Continental Breakfast
sponsored by

 9:00 AM

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

 9:30 AM

Keynote Address
Steven Maijoor,
Chair of the European Securities and Markets Authority (ESMA)
10:00 AM Global Derivatives Markets: A New Policy Agenda?
The financial public policy agenda across major markets is being shaped today by a number of key events (Brexit, the 2016 US elections) and trends (the drive for economic growth). As this agenda is being reset, what are the issues, opportunities and challenges for the global derivatives markets? How do policymakers, the buy-side and the sell-side view and define their key priorities? While key regulatory reform goals in the clearing, capital, margining and reporting areas are largely being achieved – what key areas of reform are being targeted for further improvement? Is the end result likely to be closer integration or greater fragmentation of markets?
Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Darcy Bradbury, ISDA Board Member, Managing Director, D. E. Shaw & Co., L.P.
Karel Lannoo, Chief Executive Officer, Centre for European Policy Studies (CEPS)

Eric Litvack, ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions
Phillip Swagel, Professor, International Economic Policy, University of Maryland School of Public Policy and Co-chairman, Bipartisan Policy Center’s Financial Regulatory Reform Initiative
Dr. Kay Swinburne, Vice Chairman of the Economics and Monetary Affairs Committee, European Parliament
11:00 AM Networking Morning Break
sponsored by CARDIGOS

11:30 AM

Business Roundtable
With all of the changes in trading, clearing and non-cleared margin, how has the market changed? What changes might still be on the horizon?
Moderator: Benjamin Jacquard, ISDA Board Member, Global Co-Head of Primary & Credit Markets, BNP Paribas
Thijs Aaten, Managing Director, Treasury and Trading, APG Asset Management
Daniel J. Maguire, Managing Director, Global Head of Rates & FX Derivatives, LCH
Duncan Rodgers, ISDA Board Member, Managing Director, Global Head of ALEM, UK Head of GALM, UBS AG
Tom Wipf, Vice Chairman of Institutional Securities, Morgan Stanley

12:30 PM

1:45 PM Finalising Basel III: The Future of Bank Capital Reform
The Final Basel reform package has been delayed due to disagreements over the Standardised Floor. Meanwhile, Europe is pressing ahead with Capital Requirements Regulation (CRR) proposals that diverge from Basel and the US awaits the response of the new administration. With such global uncertainty as the backdrop, what is the way forward for global banking reforms?

  • How to reach consensus on the “right level” of capital? How do you balance enough capital with need to invest in economic growth and strengthen capital markets?
  • What principles should guide the approach to implementing the Basel proposals? Should structural market differences be a factor and do we foresee consistency issues in national/regional implementation?
  • Is a floor the right solution to variability in internal model results?
  • What remaining challenges are we looking to tackle for the banking sector?

Moderator: Mark Gheerbrant, Head of Risk and Capital, ISDA
Karin Dohm, Managing Director – Global Head of Regulatory Affairs,
Deutsche Bank AG
Giuseppe Siani, Deputy Director General, European Central Bank
Debbie Toennies, Managing Director – Global Head of Regulatory Affairs – Corporate & Investment Bank, JPMorgan Chase & Co.

2:45 PM Networking Afternoon Break
sponsored by CARDIGOS
3:15 PM 30th Anniversary of the ISDA Master Agreement: Evolution of Key Industry Documentation
A panel will discuss the evolution of standard derivatives documentation, including the factors leading to the success of standard forms, threats to the standard over its life, and future outlook. How has regulation and technology changed the landscape and what is the outlook for the next 30 years?
Moderator: Katherine Darras, General Counsel, ISDA
Scott Farrell, Partner, King & Wood Mallesons, Australia
Diane Genova, ISDA Board Member, General Counsel Corporate and Regulatory Law, JPMorgan Chase & Co.
Paul Lewis, Partner, Linklaters
Jeffrey L. Robins, Partner, Cadwalader, Wickersham & Taft LLP
4:15 PM Tuesday Sessions Conclude
7:30 PM – 10:00 PM ISDA Members’ Reception at KAIS Restaurant
Cocktails, buffets and entertainment
sponsored by

Wednesday, May 10, 2017


  8:15 AM

Continental Breakfast
sponsored by

 8:45 AM Welcoming Remarks
Scott O’Malia,
Chief Executive Officer, ISDA
9:00 AM Keynote Address
J. Christopher Giancarlo, Acting Chairman, U.S. Commodity Futures Trading Commission
9:30 AM Keynote Address
Svein Andresen,
Secretary General, Financial Stability Board
10:00 AM Chairman’s Remarks
Eric Litvack,
ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions
10:30 AM Networking Morning Break
sponsored by CARDIGOS
11:00 AM Market Innovation and Technology: What Can We Expect From the Future?
Financial reforms have driven firms to make both tactical investments in new compliance infrastructures as well as integrate broader services and infrastructures to meet the reporting, trading and clearing mandates. High capital requirements on banks are forcing firms to implement operational solutions to reduce costs, increase automation and drive greater efficiency into their derivatives business. Over the past several years, the buzz around FinTech/RegTech has grown louder and louder and it seems the answer to every RegTech question is based on a solution provided by a Distributed Ledger Technology (DLT). Is DLT the solution to our problems? This panel of market, technology and legal experts will sort the fact from fiction and guide us through the FinTech/RegTech jungle and provide their insight to what we can expect in derivatives markets.
Moderator: Scott O’Malia, Chief Executive Officer, ISDA
Dr. Lee Braine, Investment Bank CTO Office, Barclays
Chris Childs, CEO and President, DTCC Deriv/SERV LLC

Cyril Cottu, Global Head of Electronic Market Making and Commerce,
BNP Paribas

Michael Gill, Chief of Staff, Acting Chairman Giancarlo, U.S. Commodity Futures Trading Commission
Jack Hattem, ISDA Board Member, Managing Director, Global Fixed Income, Blackrock
Ari Studnitzer, Managing Director of Architecture and Product Management,
CME Group 

12:00 PM Board of Directors’ Election/Financial Report
12:30 PM Luncheon
These sessions will feature a choice of two in-depth discussions on the following specialist topics:

 1:45 PM

A. Key Legal and Documentation Developments
This session will provide an overview of the significant legal and documentation initiatives that ISDA is focused on, many of which are driven by regulatory changes. Discussion will include the following:

  • Effects of Brexit on derivatives transactions from an insolvency/collateral/choice of law/regulatory perspective
  • Impact of EU benchmark regulation on ISDA documentation
  • Developments in bank resolution related issues and protocols including Bail-in Article 55 BRRD Protocol
  • Update on WGMR opinions and documentation
  • Developments in legal infrastructure including netting and collateral legislation updates and expansion of legal opinion program

Moderator: Jing Gu, Senior Counsel, ISDA
Mark Brown, Partner, Linklaters LLP
Pedro Cardigos, Partner, CARDIGOS
Doug J. Donahue, Partner, Mayer Brown LLP
Rick Sandilands, Senior Counsel, Europe, ISDA
Richard Tredgett, Partner, Allen & Overy LLP


B. Derivative Counterparty Credit Risk: Why the New Risk Measure Could Have Such a Significant Impact
SA-CCR is the new Standardised Approach for Counterparty Credit Risk that all banks will have to implement in the near future. ISDA’s detailed proprietary study, discussed in this panel, suggests SA-CCR can produce very different results from the Current Exposure Method (CEM) it replaces. But its use is much broader than just risk capital, it also impacts the Leverage Ratio (LR), Large Exposures (LE) and CCP exposure calculations. To understand why SA-CCR matters to you, join this session which will cover:

  • Why is SA-CCR relevant to banks’ regulatory frameworks? Key to measure to LR, CVA, LE, Exposures to CCPs, potentially to Net Stable Funding Ratio (NSFR) and as a capital floor.
  • Is SA-CCR a credible alternative to internal models, can it be used as a floor and could it become more risk-sensitive without becoming too complex?
  • What is SA-CCR’s impact on bank capital, is it reasonable and aligned with the Group of Central Bank Governors and Heads of Supervision (GHOS) mandate not to further increase capital levels?
  • Global consistency and implementation: Will SA-CCR be applied consistently across all jurisdictions? What are key implementation challenges?

Moderator: Olivier Miart, Director, Risk And Capital, ISDA
Jonathan Berryman, Senior Vice President, Risk Strategy, FIS
Stephane Boivin, Policy Expert, Chair of EBA Subgroup on Market Risk (SGMR), EBA
Jacques Debes, Co-head Regulatory Watch & Policies, BNP Paribas
Lukas Popp, Vice President, CRPM – Derivatives Counterparty Risk,
Deutsche Bank AG

 2:35 PM

Networking Afternoon Break
sponsored by CARDIGOS

 3:05 PM

A. Getting Ready for MiFID

  • Finalizing the rules (Packages, Trading Obligation)
  • Can industry and regulators meet the data challenges?
  • Will trade transparency enhance or hurt liquidity?
  • Can regulators preserve a global market?

Moderator: Roger Cogan, Head, European Public Policy, ISDA
Chris Bates, Partner, Clifford Chance LLP
Jamie Brigstock, Director, G10 Rates Trading & Sales Business Manager, Citigroup
Matt Hoffman, Director, Global Regulatory Solutions, Chatham Financial
Mario Muth, Global Head of Rates eTrading Sales, Head of European Fixed Income Market Structure, Deutsche Bank AG


B. Non-Cleared Margin: The Path Forward

  • The aftermath of the Variation Margin Big Bang
  • Lessons learned from Phase 1 Initial Margin and preparation for Phase 2
  • ISDA SIMM: 2017 enhancements and recalibration

Moderator: Tara Kruse, Head, Non-Cleared Margin Initiative, ISDA
Kate Birchall, Head of Capital Optimisation, Clearing and Collateral, FICC, National Australia Bank Limited
Tracey Vallarta Jordal, Executive Vice President, Senior Counsel, PIMCO
Tomo Kodama, Managing Director, Counterparty Portfolio Management,
Bank of America Merrill Lynch

Paulo Peres, Managing Director, Global Head of Collateral Risk Management, J.P.Morgan

3:55 PM

A. Supranationals: Derivatives Supporting Growth in Emerging Markets
A panel of experts will discuss the role of supranational entities in derivatives, the focus on economic growth and the importance of linking capital to where it is needed.
Moderator: Peter Werner, Senior Counsel, ISDA
Claude Brown, Partner, Reed Smith LLP
Andrew Cross, Deputy Treasurer, Asia and Pacific, International Finance Corporation (IFC)
Isabelle Laurent, Deputy Treasurer & Head of Funding, European Bank for Reconstruction and Development (EBRD)

B. The Foundations of an Efficient Derivatives Ecosystem: The Next Generation of Standards in Data and Processing
A panel of industry experts will discuss developments and opportunities for market evolution in the following areas:

  • Where to next on product identifiers?
  • Developing a common language for business processes
  • Navigating the changing industry landscape and opportunities in the innovative era of FinTech
  • Smart Contracts: What are they and what does it mean for derivatives processing?
  • Derivative challenges in collateral management processing

Moderator: Karel Engelen, Senior Director and Co-head of Data, Reporting and FpML, ISDA
Clive Ansell, Head of Market Infrastructure and Technology, ISDA
Lucy Dorr, Managing Director – Business Architect, Barclays International
Ayaz Haji, Head of MiFID II Technical Architecture and Data Strategy,
Goldman Sachs
Mita Jash, Director, Global Collateral Initiatives, Bank of America Merrill Lynch
Bill Stenning, Managing Director, Clearing, Regulatory & Strategic Affairs,
Société Générale Corporate and Investment Banking

 4:45 PM

Conference Concludes

Agenda is subject to change

$ 1300 U.S. (member)

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