All sessions will be conducted in English

TUESDAY, MAY 13, 2025

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.

9:00 AM – 12:00 PM

Accounting Meeting

This event will give derivatives markets participants an update on the accounting issues that will have an impact due to accounting and regulatory changes. Particular consideration will be given to hot topics such as hedge accounting and the upcoming IASB’s new model on Dynamic Risk Management (DRM) and the potential application of the Common Domain Model (CDM) to facilitate reporting and compliance, digital assets including cryptocurrencies, Environmental, Social and Governance (ESG) related transactions and the impact on derivatives, topics under International Financial Reporting Standards (IFRS) and U.S. Generally Accepted Accounting Principles (U.S. GAAP).

Sponsored by EY

Registration for this event is complimentary and separate from AGM registration. Please click below for details and to register.

9:30 AM – 12:40 PM

Creating an Efficient Collateral Ecosystem

Driven by multiple regulations in recent years, firms continue to face increased margin call and settlement volumes in over-the-counter and exchange-traded derivatives, along with higher demand for high-quality liquid assets. Increased standardization and adoption of mutualized solutions that support holistic collateral management across products, including repo and securities lending, could help improve the bottom line for buy- and sell-side institutions.

This year’s ISDA Future Leaders in Derivatives program focuses on collateral and liquidity management and a whitepaper will be published at the AGM. Ahead of its launch, this pre-AGM symposium will feature Future Leaders and other industry experts to discuss optimization, diversification, innovation and technology across collateralized products.

Registration for this event is complimentary and separate from AGM registration. Please click below for details and to register.

12:45 – 2:30 PM

Reporting Symposium: Future-Ready OTC Reporting

With the industry in a critical transition phase between major regulatory rewrites prompted by regulators emphasis on data accuracy and quality, the first half of this symposium will explore key takeaways from the implementation of updated and upcoming reporting requirements in the EU, UK, Canada, and Hong Kong. The second half of this symposium will look at how the ISDA Digital Regulatory Reporting solution helps firms like J.P. Morgan and BNP Paribas meet compliance objectives.

Registration for this event is complimentary and separate from AGM registration. Please click below for details and to register.

1:00 – 4:05 PM

A Period of Change: Derivatives in the Pensions Sector

This exclusive invite-only event will explore how pension funds in different jurisdictions are adapting to market and regulatory changes and how this is affecting their use of derivatives. Featuring senior market and regulatory speakers, the event will provide attendees with an opportunity to meet and debate with those shaping the industry.  

Registration for this event is separate from AGM registration, limited and subject to approval. Please click below for details and to request to join.

2:30 – 4:15 PM

Legal Solutions Symposium: Safer and More Efficient Derivatives Documentation

The derivatives industry relies on robust legal documentation, but the manual negotiation and execution of derivatives documentation across large complex organizations and delivery of physical notices can lead to bottlenecks and delays. The first half of this symposium will focus on technology solutions that are reshaping the way entities handle derivatives documentation as well as the growth of AI for legacy contract data extraction. The second half will examine the issues with the current processes for delivery of notices and explore how the ISDA Notices Hub is solving those issues.

Registration for this event is complimentary and separate from AGM registration. Please click below for details and to register.

4:00 – 7:00 PM

Early Registration & Arrival Hospitality Lounge

ISDA AGM Registration desk opens. Attendees can pick up their name badge 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

at Fabrique des Lumières

Join us for an unforgettable evening with a unique and immersive art experience coupled with great food, drinks and entertainment to kick off the ISDA AGM in style.

Transportation to and from the venue will be provided. Buses depart the Mövenpick Hotel beginning at 7:00 PM.

Sponsored by LSEG

WEDNESDAY, MAY 14, 2025

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

Steven Maijoor, Executive Board Member and Chair of Supervision, De Nederlandsche Bank (DNB)

9:15 AM

Keynote Address

Sarah Breeden, Deputy Governor for Financial Stability, Term of appointment: 1 November 2023 – 31 October 2028, Bank of England

9:30 AM

Economic and Market Outlook

Central banks in the EU, UK, US and elsewhere have cut interest rates as inflation has eased, but slow growth and the prospect of tariffs have created an uncertain outlook for 2025. What will this mean for financial markets and trading strategies? Panel presented in partnership with Women in Financial Markets.

Laura Cooper, Managing Director, Global Investment Strategist / Head of Macro Credit, Nuveen  

Caroline Dawson, Partner, Clifford Chance  

Giada Giani, Senior Economist, Citi  

Christy Goldsmith Romero, Commissioner, CFTC  

10:10 AM

Geopolitical Risks in 2025

ISDA talks to an expert analyst about geopolitical opportunities and challenges in 2025.

ISDA CEO Scott O’Malia interviews:

Jens Larsen, Head of Geoeconomics, Eurasia Group

10:30 AM

Networking Break

11:00 AM

Keynote Address

A senior policymaker will discuss key priorities for 2025. 

Martin Moloney, Deputy Secretary General, The Financial Stability Board

11:15 AM

The Value of OTC Derivatives

Based on new research published by ISDA, 87.1% of 1,187 entities referenced in seven major stock indices use derivatives to transfer risk, create certainty and stability and enhance returns. This panel explores how and why derivatives are used by a variety of users, as well as the importance of deep, liquid markets and what is needed to maintain that.

Moderator: Nick Sawyer, Global Head of Communications, ISDA 

Kate Birchall, Head of Post Trade Sales and Relationship Management, LSEG 

Darcy Bradbury, Managing Director, D. E. Shaw & Co., L.P 

Roy Choudhury, Managing Director & Senior Partner, Boston Consulting Group 

Ido de Geus, Head of Fixed Income, PGGM Investments

12:00 PM

The Pension Sector and Derivatives

Pension funds are big users of derivatives to hedge the risks from changes in interest rates, inflation, FX and equity prices and to manage and enhance investments. In this session, leading pension funds discuss their use of derivatives and how that is changing in the wake of regulatory, market and geopolitical change.

ISDA CEO Scott O’Malia interviews:

Ronald Wuijster, CEO, APG Asset Management

12:30 PM

Lunch

1:45 PM

Ensuring Deep, Liquid Markets

Divergences have emerged in the timing and substance of Basel III implementation across jurisdictions, with US prudential regulators yet to publish final rules. What steps need to occur to ensure deep, liquid markets and avoid fragmentation? Should action be taken to make internal models more attractive and how might other rules, including the US G-SIB surcharge, the US supplementary leverage ratio and cross-product netting requirements, be adapted to further enhance liquidity?

Moderator: Mark Gheerbrant, Global Head of Risk and Capital, ISDA 

Sebastian “Benny” J. Crapanzano II, ISDA Board Member, Managing Director and Global Head of Fixed Income Business Unit Risk Management, Morgan Stanley 

Alexandra Gebauer, Head of Division International Policy/Regulation – Banking Supervision, BaFin 

David K. Lynch, Deputy Associate Director, Board of Governors of the Federal Reserve System   

Almoro Rubin de Cervin, Head of Unit for Banking Regulation and Supervision, DG FISMA, European Commission 

Jacques Vigner, ISDA Board Member, Chief Strategic Oversight Officer for Global Markets, BNP Paribas

2:30 PM

Keynote Address

A senior market practitioner talks about priorities for 2025.

Sid Nadella, Director, Global Head of Capital Markets Solutions, Google Cloud

2:45 PM

Elections have Consequences: Implications for the EU Sustainability Agenda

The European Commission is currently reviewing its sustainability commitments and transition plans. What are the options under consideration and what impact will they have on net zero objectives? What effect will the UN Article 6 rules have on this strategy and on voluntary carbon markets? Will geopolitical events influence the agenda?

Moderator: Donald Ricketts, Fleishman Hillard  

Amy Merrill, CEO, ICVCM  

Niccolo Pagani, Director EU Regulatory engagement & Advocacy & Representative to Brussels, Standard Charted  

3:30 PM

Fireside Chat

ISDA CEO Scott O’Malia sits down with:

Francis (Frank) La Salla, President, CEO and Director, DTCC

3:45 PM

Networking Break

4:15 PM

Keynote Address

Jamie Woodruff, Ethical Hacker and Cybersecurity expert

4:30 PM

Financial Stability and Liquidity Risk

Regulatory developments since the financial crisis have reduced counterparty risk and enhanced the stability and resilience of the global financial system, but concerns have been raised that the reforms have created a system that is potentially destabilizing during periods of severe market stress. Regulators have been working to square the circle – to make the market more resilient to liquidity stresses, without compromising on the post-crisis initiatives to mitigate counterparty credit risk. A focus of those efforts has been to shore up perceived vulnerabilities in non-bank finance amid regulatory concerns about the growth of private credit and private equity. What are the implications?

Moderator: Steven Kennedy, Global Head of Public Policy, ISDA  

Nathanaël Benjamin, Executive Director, Financial Stability Strategy and Risk, Bank of England 

Dan M. Berkovitz, Vice Chairman, External and Regulatory Affairs, Millennium Management  

Stéphane Janin, Head of Global Regulatory Developments and Public Affairs, AXA Investment Managers 

Emiliano Tornese, Head of Unit for Macroprudential Policy, DG FISMA  

Jan Mark van Mill, ISDA Board Member, Managing Director of Multi Asset, APG Asset Management 

5:15 – 7:00 PM

ISDA 40th Anniversary Panel and Cocktail Reception

This panel will take place over drinks followed by a networking reception.

Moderator: Eric Litvack, ISDA Board Member, Managing Director and Group Head of Public Affairs, Société Générale 

Mark Brickell 

Carolyn Jackson, Partner, Katten 

Thomas Jasper, Managing Partner, Manursing Partners, LLC 

TJ Lim, Group Chief Risk Officer, UniCredit

Sir Edward Murray, High Court Judge, England and Wales 

7:30 – 10:00 PM

ISDA AGM Reception

The National Maritime Museum (Het Scheepvaartmuseum)

Join us by the water in an exploration of the rich Dutch maritime history. With exhibits to view, performances, food and drinks, the ISDA AGM Reception promises to be as memorable as ever.

Transportation to and from the venue will be provided. Buses depart the Mövenpick Hotel beginning at 7:00 PM.

Sponsored by S&P Global

THURSDAY, MAY 15, 2025

7:25 – 8:40 AM

Connected Markets, Smarter Solutions: A Global Outlook

We invite you to a breakfast briefing to learn more about the future of post-trade across global markets. Topics include:

  • Driving innovation to enhance capital and liquidity efficiency
  • The role of Central Clearing in times of volatility and market stress
  • Supporting the transition to accelerated settlement cycles, including European T+1
  • Clearing and settlement of digital and tokenized assets
  • The evolving regulatory agenda for trade reporting

Sponsored by DTCC

Breakfast will be served. Attendance is open to all registered AGM attendees. Seating is limited, please use the RSVP link below to reserve your seat.

8:00 AM

Registration, Networking Breakfast & Exhibition Continues

8:50 AM

Welcome

Scott O’Malia, Chief Executive Officer, ISDA

9:00 AM

Chairman’s Remarks

Jeroen Krens, ISDA Chairman, Managing Director, COO, Markets & Securities Services, HSBC Bank Plc.

9:15 AM

Keynote Address

A senior policymaker will address the AGM.

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

9:30 AM

Trading Views

How do trading desks expect markets to evolve over the course of 2025 and what derivatives trading strategies are being adopted in response?

Moderator: Jack Hattem, ISDA Board Member, Managing Director, Global Fixed Income, BlackRock 

Thomas Fielden, Head of European Single Stock Options, Optiver 

Andrew Ng, ISDA Board Member, Group Executive & Group Head of Global Financial Markets, DBS Bank 

Jared Noering, ISDA Board Member, Global Head of Fixed Income Trading, Natwest Markets

10:10 AM

Keynote Address

A senior policymaker will address the AGM.

The Honorable Caroline D. Pham, Acting Chairman, U.S. Commodity Futures Trading Commission

10:25 AM

Countdown to Treasury Clearing

The first phase of the Securities and Exchange Commission’s Treasury clearing mandate will come into effect in December – a requirement that will have a significant impact on both US and non-US market participants. This session will consider the various issues firms will need to consider during implementation, including documentation, cross-netting capital issues and operational integration.

Moderator: Tyler Wellensiek, ISDA Board Member, Managing Director, Head of Fixed Income Market Structure, Barclays 

Stephen Berger, Managing Director and Global Head of Government & Regulatory Policy, Citadel 

Paul Hamill, Chief Commercial Officer, ICE Clear Credit, ICE  

Udesh Jha, Managing Director, Post Trade and Clearing Services, CME Group 

Nathaniel Wuerffel, Head of Product, Global Collateral and Head of Market Structure, BNY Mellon  

Nafisa Yusuf, Head of EMEA Market Structure, BlackRock

11:05 AM

Networking Break

11:35 AM

Managing Derivatives Terminations

0.5 CLE Credit Hours Available (New York)

The landscape for terminating derivatives is significantly more complex because of post-financial crisis regulatory reforms. ISDA has published a close-out framework identifying the various complexities and is curating other initiatives designed to facilitate market preparedness for terminations. Meanwhile, practical challenges with delivering termination-related notices were identified during the COVID-19 lockdowns and the Russian invasion of Ukraine. The ISDA Notices Hub will streamline the process of maintaining address details and delivering notices. ISDA and industry experts will discuss these separate but very related initiatives.

Moderator: Katherine Tew Darras, General Counsel, ISDA 

Douglas J. Donahue, Partner, Linklaters LLP 

Oliver Maxwell, EMEA Head, Regulatory & Compliance, S&P Global Market Intelligence  

Janet Wood, Managing Director and Associate General Counsel, Bank of America

12:15 PM

Keynote Address

A senior policymaker will discuss challenges and opportunities in 2025.

Luis de Guindos, Vice-President, European Central Bank

12:30 PM

Efficiency in Regulatory Reporting

Five jurisdictions went live with revised derivatives reporting rules in 2024, with more to follow in 2025 and beyond, putting reporting teams under extreme pressure to implement accurately and on time to avoid regulatory penalties. Some regulators are exploring how to reduce the burden and cost of reporting on industry participants, but how can firms actively engage in these initiatives and what else can be done in the meantime to minimize the costs and burden of implementation and ongoing maintenance?

Moderator: Tara Kruse  

Emmanuel Geinoz, Market Infrastructure & Derivatives Expert, Pictet Group  

Eleanor Kelly, Executive Director, Global Regulatory Change and Control, J.P.Morgan  

Gen Nakajima, Director, Strategic Planning for Clearing IT Innovation, Japan 

Securities Clearing Corporation 

Stephanie Rubizhevsky, Head of Product Novatus Global  

1:10 PM

Lunch

POLICY SPOTLIGHT SESSIONS

2:15 PM

Session A

Seeking Efficiency in the Collateral Ecosystem

The transition to central clearing and margining for non-cleared derivatives has gone a long way to mitigating counterparty credit risk but managing the timely and efficient flow of collateral is an ongoing challenge. Delays and inefficiencies in sourcing and posting collateral can quickly lead to an escalation of liquidity risk, particularly during periods of stress. This session will explore the issues and solutions identified in a new paper by ISDA’s Future Leaders in Derivatives cohort, as well as explore industry initiatives to bring greater efficiency and automation to collateral management.

Greta Graziani, Director, Valuation & Risk – Product Design, OSTTRA

Sebastian Kiris, Financial Risk Management Expert, RWE  

Namrata Praveen, Senior Vice President, Legal Counsel, Citigroup

Cairistiona Simmonds, Assistant General Counsel & Director, Bank of America  

Session B

Updating the ISDA FX Definitions

The FX market is the largest in the world, with about $7.5 trillion in average daily notional turnover, of which approximately 51% comprises FX swaps, according to the Bank for International Settlements. Given the importance of this market, ISDA has begun an initiative to update the 1998 FX and Currency Option Definitions. This panel will describe the main areas of focus and the progress so far.

Moderator: Ann Battle, Senior Counsel, Market Transitions, ISDA 

Renee Atema, Senior Product Manager, ING  

Harkamal Atwal, Managing Associate General Counsel, HSBC

Andrew Batchelor, Head of LCH ForexClear, LSE

3:05 PM

Session A

Building Derivatives Markets in EMDEs

Derivatives play an important role in helping to develop capital markets in emerging market and developing economies (EMDEs), improving the availability of financing and enabling firms to hedge their risks. But building a robust derivatives market involves several foundational steps, including legislation to ensure the enforceability of close-out netting. This panel will explore recent law reform developments in key markets, including Saudi Arabia, and will consider additional steps that are needed to achieve safe and efficient markets.

Moderator: Peter Werner, Senior Counsel, ISDA 

Emmanuel Ramambason, Global co-Head of Credit Portfolio Management, Standard Chartered

Axel van Nederveen, ISDA Board Member, Managing Director, Treasurer, European Bank for Reconstruction and Development

Romina Lopez, Senior Vice President, Frontclear and Chair Latin America Committee ISDA

Session B

Understanding Active Accounts

European regulators are putting flesh on the bones of the active account framework, which requires EU entities active in certain derivatives to hold a representative active account and clear a minimum number of representative transactions at an EU CCP. What do firms need to do to comply and what are the implications of the change? What other changes will EMIR 3.0 bring?

Moderator: Ulrich Karl, Head of Clearing Services, Risk and Capital, ISDA  

Isabelle Drinkuth, Head of Legal Capital Markets, Amundi Investment Solutions 

Andy Jackson, Executive Director and Senior Counsel, Goldman Sachs Asset Management  

Sanne Wijnholts, Director Regulatory & Regulatory Affairs Specialist, ING Financial Markets  

Kirston Winters, Head of Legal, Risk, Compliance and Government and Regulatory Affairs, OSTTRA

3:55 PM

Session A

ISDA SIMM – Preparing for Semiannual Calibration and EU Model Approval

The ISDA Standard Initial Margin Model will shift to semiannual calibration from 2025, ensuring the model remains risk appropriate and is updated in a predictable and efficient manner. Meanwhile, the adoption of EMIR 3.0 has introduced an approval requirement for initial margin models, including the ISDA SIMM. This panel will describe the drivers and approach for semiannual calibration, the expectations regarding EU model approval and the implications for market participants.

Moderator: Nnamdi Okaeme, Head of SIMM, ISDA  

Stéphane Boivin, Acting Head of ESG Risks Unit, European Banking Authority  

Dr. Milan Dragaš, Head of SIMM Analytics, Modelling and Analytics Group (MAG), Standard Chartered Bank 

Frédéric Hervo, Deputy Secretary General, French Autorité de Contrôle Prudentiel et de Résolution (ACPR)  

Tara Kruse, Global Head, Derivative Products and Infrastructure, ISDA

Session B

Transforming the DCs

A 2024 consultation on proposed changes to the structure and governance of the Credit Derivatives Determinations Committees (DCs) showed there is broad market support to implement many of the enhancements, including establishing a separate governance body, implementing certain transparency proposals relating to publication and information disclosure requirements and appointing up to three independent members of the DCs. This panel will look at what the changes will entail and describe progress so far.

Moderator: Fred Quenzer, Senior Counsel, Americas, ISDA

Fabien Carruzzo, Partner, Kramer Levin Naftalis & Frankel LLP

Simon Firth, Partner, Linklaters LLP

Paul Glasgow, Managing Director Credit Trading, JPMorgan Chase Bank 

Charles Palmer, Executive Director, Fixed Income Product Development, S&P Global

4:40 PM

Exhibitor Farewell Drinks

5:45 PM

39th ISDA AGM Concludes