European Margin Rules for Non-Cleared OTC Derivatives, the ISDA SIMM 2.1, and Negotiating and Documenting ISDA 2018 Credit Support Annexes and Credit Support Deeds for Initial Margin.


The global Uncleared Margin Rules (UMR) for non-centrally cleared over-the-counter (OTC) derivatives represent one of the biggest challenges to banks and financial services firms around the world. In place since 2016, the first five phases have affected only the world's largest firms dealing in OTC derivatives. However, it is the next two phases, Phase 4 scheduled to go live in September 2019 and Phase 5 scheduled to go live in September 2020 that will usher in the most challenging frameworks for Newly In-Scope Counterparties (NISCs) across the European Union (EU). As the frameworks are based on Aggregate Average Notional Amount (AANA) of non-centrally cleared OTC derivatives, firms are required to prepare AANA estimates well in advance of these deadlines and must put in place a plethora of compliance frameworks. These include negotiating and documenting a host of Initial Margin (IM) Credit Support Annexes (CSAs) and Credit Support Deeds (CSDs), as well as negotiating Third-Party Custodian agreements and Collateral Transfer Agreements (CTAs).


This highly comprehensive and unique one day training course has been specifically designed to train attendees in all relevant aspects of the global UMR as applicable within the EU. The training course will guide attendees through all the relevant requirements for IM requirements under the European Market Infrastructure Regulation (EMIR) and Commission Delegated Regulation (EU) 2016/2251 (Delegated Regulation). The training course will also cover operational requirements relating to how to calculate IM, either through implementation of the Table-Based Methodology or the Standard Initial Margin Method (SIMM), and the practical advantages and disadvantages of both. Attendees will also be guided through key aspects of negotiating and documenting IM CSAs, CSDs, and CTAs, as well as negotiating and executing a range of Third-Party Custodian agreements. In addition, attendees will also be instructed on the ISDA SIMM™ operational framework as well as key SIMM Tool requirements.

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ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc., and Storm-7 Consulting Limited is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc. (ISDA), and the public is hereby informed that Storm-7 Consulting Limited holds no commercial, private, or other relationship with ISDA.