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

7:30 PM – 10:00 PM

ISDA Members’ Welcome Reception 
Cocktails, buffets and entertainment
sponsored by

Wednesday, April 25, 2018
GENERAL SESSIONS

 8:00 AM

Registration and Continental Breakfast

 9:00 AM

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

 9:30 AM

Keynote Address
10:00 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?
11:00 AM Networking Morning Break

11:30 AM

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?

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?
2:45 PM 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?
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?
5:15 PM Tuesday Sessions Conclude
7:30 PM – 10:00 PM ISDA Members’ Reception 
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 Keynote Address
9:30 AM Chairman’s Remarks
Eric Litvack,
ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions
10:00 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 is 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?
11:00 AM Networking Morning Break
11:30 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.
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 like 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.

 

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?

 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?

 

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

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
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.

 5:00 PM

Conference Concludes

Agenda is subject to change

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