MONDAY, MAY 10

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Scott O’Malia, Chief Executive Officer, ISDA

Market participants now have a clear timetable for when all 35 LIBOR settings will cease to exist or become non-representative. What is left for the industry to do, and what milestones need to be met? How will the mid-2023 deadline for most US dollar LIBOR settings affect transition planning?
Moderator: Scott O’Malia, Chief Executive Officer, ISDA
Edwin Schooling Latter, Director, Markets and Wholesale Policy, Financial Conduct Authority 
Tom Wipf, ISDA Board Member, Vice Chairman of Institutional Securities, Morgan Stanley & Chair, Alternative Reference Rates Committee
Arthur Yuen, Deputy Chief Executive, Hong Kong Monetary Authority (HKMA)

Liquidity is increasing in alternative reference rates as the derivatives industry shifts away from LIBOR and other interbank offered rates, but there’s still a long way to go. Will the industry be ready to use alternative rates by end-2021? What needs to happen to further build liquidity in these markets?

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Chirag Dave, Executive Director, Sterling Rates Trading, Goldman Sachs
Jack Hattem, ISDA Board Member, Managing Director, Global Fixed Income, BlackRock
Chris McAlister, Managing Director, Global Head of Derivatives Trading, Prudential Financial
Sonali Theisen, Managing Director – Head of FICC E-Trading & Market Structure, Bank of America
Philip Whitehurst, Head of Service Development, Rates, LCH

Ashley Alder, SBS, JP, Chairman of the Board, IOSCO; Chief Executive Officer, Securities and Futures Commission, Hong Kong

How successful has the derivatives market been in promoting diversity and recognizing leaders from minority groups?

Moderator: Harleen Bains, MD and Head Macro & Spread Institutional Sales, Canada, RBC Capital Markets
Tina Hasenpusch, Managing Director, Global Head of Clearing House Operations, CME Group
Tracey Jordal, Executive Vice President, Head of EMEA Operations and Trade Support, PIMCO
Chinwe Odimba-Chapman, Partner, Clifford Chance LLP
Dawn Stump, Commissioner, US Commodity Futures Trading Commission

Panel presented in association with 

Acting Chairman Rostin Behnam, Commodity Futures Trading Commission sits down with ISDA CEO Scott O’Malia.

A to Z of the revised ISDA Definitions

ISDA will shortly complete the 2021 Interest Rate Derivatives Definitions, a wholesale update to the 2006 ISDA Definitions. What will change, how will the modifications be implemented, and what will this mean for derivatives market participants?

Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Ilene Froom, Partner, Reed Smith LLP 
Guy Gurden, Managing Director, Derivatives Processing, IHS Markit
Jonathan Martin, Director, Market Infrastructure and Technology, ISDA
Deepak Sitlani, Partner, Linklaters LLP

Capital Models Benchmarking  

Basel III trading book capital requirements will see greater use of standardized approaches than ever before. These standardized approaches are much more risk sensitive than previously, involving more advanced calculations. This has prompted some firms to consider the use of benchmarking to ensure accuracy and consistency in their implementations. What does benchmarking involve and how does it work?

Moderator: Panayiotis Dionysopoulos, Head of Capital, ISDA
Patricia Conde, Product Manager FRTB and SIMM, Murex
Sophie Marnhier-Foy, Director of Product Management, Calypso
Holger van Bargen, Head of Theoretical Backtesting and FRTB SA Methodology, Deutsche Bank

12:45 PM

TUESDAY, MAY 11

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4:00 PM JST

Japan, like several other jurisdictions in Asia-Pacific, has opted for a multi-rate approach to benchmark reform, with the alternative risk-free rate co-existing alongside the local IBOR. With the timetable for the end of yen LIBOR now set, will TIBOR, TONA or the forward-looking term rate version of TONA (TORF) gain most traction? What impact will this have on market dynamics and liquidity?

Moderator: Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA
Hajime Horiuchi, Head of Treasury Team, Finance Department, Mitsubishi Corporation
Shinichiro Itozaki, Senior Manager, Global Markets Engineering Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd. 
Toshikazu Nakagawa, Head of Markets Regulation Management Team, Global Markets Coordination Department, Mizuho Bank, Ltd.
Shigeru Nonomura, ISDA Board Member, Managing Director, Deputy Head of Global Markets Planning Dept., Global Markets Japan, Nomura Securities Co., Ltd.
Atsuya Watanabe, Director, Markets and Securities Services, Citigroup Global Markets Japan Inc.

5:00 PM JST

Enforceability of close-out netting has long been number one on the wish list for derivatives participants active in China. What progress has been made – and what’s next on the industry’s wish list?

Moderator: Jing Gu, Head of Legal, Asia Pacific, ISDA
Jennifer Cosco, Managing Director, Co-Head Office of Government Affairs Asia Pacific, Goldman Sachs (Asia) L.L.C 
Minny Siu, Partner, King & Wood Mallesons
George H. Sun, Head of Global Markets, Greater China, BNP Paribas

Eric LItvack, ISDA Chairman, Group Director of Public Affairs, Société Générale

Commissioner Mairead McGuinness, European Commissioner, Financial Services, Financial Stability and Capital Markets Union

Firms have an overwhelming amount of work to prepare for phases five and six of the initial margin requirements for non-cleared derivatives, including getting their documentation in place and establishing custodial relationships. But broader issues also need to be addressed, including the margin calculation and call process, collateral eligibility and optimization, and dispute resolution. How are firms progressing with their preparations for phase five of the margin rules, and how are regulatory requirements driving operational efficiencies and use of digital negotiation tools?

Moderator: Tara Kruse, Global Head, Infrastructure, Data and Non-Cleared Margin, ISDA
Thijs Aaten, ISDA Board Member, Chief Finance and Risk Officer, APG Asset Management Asia
Wayne Forsythe, Global Head of Collateral Operations, State Street Bank & Trust
Tara McCloskey, Managing Director, Global Operations, MetLife

Panel Sponsored by

Environmental, social and governance (ESG) issues are top of mind today, with policymakers, industry groups, market participants and others engaged in initiatives ranging from disclosure to climate risk analysis to carbon trading. What is the current direction of travel for these and related developments? How are different jurisdictions approaching them and what are the prospects for a global consensus? How are derivatives markets affected by and adapting to the transition to sustainable economy and financial system?

Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Dan M. Berkovitz, Commissioner, U.S. Commodity Futures Trading Commission
Sarah Breeden, Executive Director, Bank of England
Sven Gentner, Head of Asset Management Unit, DG FISMA, European Commission 
Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission

Daniel Pinto, Co-President and Chief Operating Officer, JPMorgan Chase and  CEO, Corporate & Investment Bank, JP Morgan talks with ISDA CEO Scott O’Malia about the challenges and opportunities in financial markets.

Taking Action on Collateral Management Transformation

There is significant scope to transform the collateral management process through operational improvements, data standardization and automation. This panel will set out the steps firms can take to realize those improvements, and explore how standards (Common Domain Model) and digital tools (like ISDA Create) can help produce efficiencies.

Moderator: Amy Caruso, Head of Collateral Initiatives, ISDA
Richard Barton, Head of Product Management, AcadiaSoft Inc.
Trevor Negus, Senior Product Manager, SmartStream Technologies Ltd
Beatrix Pole, Managing Legal Counsel, Director, NatWest Markets

CCPs Under Stress: COVID, Auctions and Recovery & Resolution

CCPs passed a stress test in 2020 during the COVID crisis. What did coronavirus tell us about central counterparty risk management frameworks? Are changes necessary? On the regulatory front, where is the discussion on auctions and recovery and resolution?

Moderator: Ulrich Karl, Head of Clearing, ISDA
Tim Cuddihy, Managing Director for Financial and Operational Risk Management, DTCC  
Eileen Kiely, Managing Director, Deputy Head of Counterparty Risk, Blackrock 
Nicholas Lincoln, Group Head of Market Risk & Liquidity Risk, LCH 
Marnie Rosenberg, Managing Director and Global Head of Clearing House Risk and Strategy, JPM

WEDNESDAY, MAY 12

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Scott O’Malia, Chief Executive Officer, ISDA

Governments, central banks and regulators took decisive and critical action in response to the economic and financial turmoil caused by the coronavirus outbreak in March and April 2020. What have regulators and policy-makers learned from that period? To what extent did the post-crisis financial reforms help ensure resiliency of banks and the financial system as a whole? Are further policy responses necessary?

Moderator: Scott O’Malia, Chief Executive Officer, ISDA
Klaus Löber, Chair, CCP Supervisory Committee, European Securities and Markets Authority (ESMA)
Wee Ling Phua, Executive Director, Markets Policy & Infrastructure Department, Monetary Authority of Singapore (MAS)
Tajinder Singh, Acting Secretary General, International Organization of Securities Commissions (IOSCO)

Having been given an additional year to prepare for the final Basel standards because of the coronavirus outbreak, the US, EU and others are working to finalize national rules. What approach will legislators and regulators take in order to balance financial stability and economic development, and to what extent will local rules be consistent with the final Basel framework? What impact will the rules have on banks in those jurisdictions?

Speakers to be Announced

Andrew Bailey, Governor, Bank of England

José Manuel Campa, EBA Chairperson, European Banking Authority (EBA)

The coronavirus pandemic and the shift to remote working has highlighted challenges associated with the existing infrastructure and the reliance on paper documents. Market participants are increasingly looking to technology to provide the answer. According to a recent ISDA survey, 96.6% of respondents said they supported an ISDA objective to develop standards and digital formats for documentation and other services in order to support automation. What steps have been taken, and what else needs to happen to further digitize the derivatives market?

Moderator: Katherine Tew Darras, General Counsel, ISDA
Biswarup Chatterjee, ISDA Board Member, Managing Director, Head of Innovation, Global Markets, Citigroup
Caroline Dawson, Partner, Clifford Chance LLP
Douglas J. Donahue, Partner, Linklaters LLP 

Panel Sponsored by 

Financial institutions are searching for ways to overcome squeezed margins by improving efficiency and reducing costs. Greater alignment and standardization between derivatives and securities financing transaction markets could help achieve that – but what would this entail?

Moderator: Mark New, Senior Counsel, Americas, ISDA
Anjali Asnanee, Legal Counsel, Citi  
Paul Tagliareni, Executive Director, Morgan Stanley
Jacques Vigner, ISDA Board Member, Chief Strategic Oversight Officer for Global Markets, BNP Paribas