Learning outcomes

Course Introduction

This highly comprehensive and unique two-day training course has been specifically designed to train attendees in all relevant aspects of the global UMR and IM requirements 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). It 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 an evaluation and review of the practical advantages and disadvantages of both.

Attendees will 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. Attendees will also be instructed on the ISDA SIMM™ operational framework as well as key SIMM Tool requirements. The training course will provide in depth coverage of a range of legal and operational challenges pertaining to the new IM requirements, including a highly comprehensive review of new IM technologies and offerings that are currently available on
the market.

“Like NISCs, dealers will also need to adapt existing or negotiate and execute new credit support annexes, custodial arrangements, eligible collateral schedules and account control agreements with counterparties and custodians. Given the anticipated number of NISCs associated with the final phases of UMR, the amount of time, resources and bandwidth necessary for these documentation efforts will be immense.” ISDA (2018)


About the Global Uncleared Margin Rules

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 phases have affected only the world’s largest firms dealing in OTC derivatives. However, it is the next phases, Phase 5 scheduled to go live in September 2020 and Phase 6 scheduled to go live in September 2021 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 ThirdParty Custodian agreements and English Law, New York
Law, or MultiJurisdictional Collateral Transfer Agreements (CTAs).

“Larger institutions brought into scope for IM in earlier phases were able to absorb the implementation timeline, build and costs of compliance in a manner that NISCs for the final phase may not. The fundamental challenges for market participants during the final phases of IM implementation are distinct from and more intense than those experienced in previous phases, and thus likely to result in broader systemic impact.”

ISDA (2018) Initial Margin for Non-Centrally Cleared Derivatives: Issues for 2019 and 2020. International Swaps and Derivatives Association, (July)


Training Schedule

Day one

  • 08:30 Registration with Welcome Coffee


  • 11:00 Tea, Coffee, Refreshments&Networking


  • 13:00 Luncheon


  • 15:30 Tea, Coffee, Refreshments & Networking


  • 17:00 End of Day 1

Day two

  • 08:45  Welcome Coffee


  • 11:00 Tea, Coffee, Networking


  • 13:00 Luncheon


  • 15:30 Tea, Coffee, Networking


  • 17:00 End of Day 2

Training Program

Download detailed Agenda - Initial Margin Regulation MasterClass

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Get to know the Expert Trainer

Rodrigo ZepedaCo-Founder and Managing Director
Storm-7 Consulting

Rodrigo Zepeda is an expert consultant who specializes in derivatives and banking and financial services law, regulation, and compliance. He is an expert in a very broad range of regulatory compliance frameworks such as FATCA, the OECD CRS, MiFID II, MAD 2 MAR, PSD2, CRD IV, Solvency II, OTC Derivatives, CCP Clearing, PRIIPs, BRRD, AML4, and the GDPR. He holds a LLB degree, a LLM master’s degree in international and Comparative Business Law and has passed the New York Bar Examination. He was an Associate (ACSI) of the Chartered Institute for Securities & Investment from 2004 to 2014 and is now a Chartered Member (MCSI). He has created and delivered numerous conferences and training courses around the world such as ‘FATCA for Latin American Firms’ (Santo Domingo, Dominican Republic, Panama City, Panama), ‘MiFID II: Regulatory, Risk, and Compliance (London), and ‘Market Abuse: Operational Compliance’ (London), ‘AEOI (FATCA & CRS)’ (Manama, Bahrain). He has also delivered numerous In-House Training Courses around the world to major international financial institutions such as The Abu Dhabi Investment Authority (MiFID II: Operational Compliance, Abu Dhabi, the United Arab Emirates), the United Nations Principles of Responsible Investment (MiFID II: Final Review, London), CAF, the Development Bank of Latin America
(Swaps and Over-the-counter Derivatives, Lima, Peru), Rothschild Investment Management (UK) Limited (AEOI (FATCA & CRS), London) and Bethmann Bank AG (MAD 2 MAR, Frankfurt). He is a Reviewer for the Journal of Financial Regulation and Compliance and has also published widely in leading industry journals such as the Capco Institute’s Journal of Financial Transformation, the Journal of International Banking Law and Regulation, as well as e-books on derivatives law. Noted publications include “Optimizing Risk Allocation for CCPs under the European Market Infrastructure Regulation”; “The ISDA Master Agreement 2012: A Missed Opportunity”; “The ISDA Master Agreement: The Derivatives Risk Management Tool of the 21st Century?”; “To EU, or not to EU: that is the AIFMD question”; and “The Industrialization Blueprint: Re-Engineering the Future of Banking and Financial Services?”.

Who should attend?

• People working within banks and institutional investment companies, e.g. pension funds, mutual funds, hedge funds, insurance companies, asset managers, in the role of: » traders, portfolio managers, salespeople, middle-office personnel, operations (back-office) personnel including those from derivative trade processing/ derivative collateral management/reconciliation/static data, compliance, risk management, legal
• Personnel working within central securities depositories or custodian organisations
• Personnel working for central counterparties and trade repositories
• Advisors or consultants working for management consulting firms.
• Business analysts and programmers

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