Note: Remarks of all speakers will be simultaneously transmitted in Japanese and English. | 当日は日⇔英の同時通訳が入ります。

8:00 AM

Registration and Continental Breakfast | 受付および朝食

8:45 AM

Welcoming Remarks | 開会の挨拶
Scott O’Malia,
Chief Executive Officer, ISDA

9:00 AM

Keynote Address | 基調講演
Ryozo Himino, Vice Minister for International Affairs, Financial Services Agency (FSA), Japan

9:30 AM

Keynote Address | 基調講演
Rostin Behnam,
 Commissioner, U.S. Commodity Futures Trading Commission

10:00 AM

The Next Steps to Benchmark Reform
Work is progressing on initiatives to transition from interbank offered rates to alternative risk-free rates, but implementation initiatives across the industry are at an early stage. What steps should firms take to plan for benchmark reform, and what should they be doing now?

  • Adoption of alternative risk-free rates – where are we now and where do we need to go?
  • Progress on identification and implementation of robust fallbacks

金融指標改革の今後

現在、銀行間取引金利、いわゆる”IBOR”から、リスク・フリー・レートへの移行に向けた作業が進められていますが、業界全体での導入に向けた検討はまだ初期段階です。本パネルでは、以下の論点を含め、金融指標改革に関連して各市場参加者が現在行っている作業、そして今後予定される作業について検討を行います。

  • 代替リスク・フリー・レートの適用に向けて- 現状と今後
  • 頑健なフォールバック策定に向けた検討状況

Moderator: Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA
Masanobu Ichiya, ISDA Board Member, Managing Director and Head of the Derivative Trading Department, Mizuho Securities Co., Ltd.
Shinichiro Itozaki, Senior Manager, Financial Engineering Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Taro Matsuura, Chair, Cross-Industry Committee on Japanese Yen Interest Rate Benchmarks, Managing Director, Global Markets Planning Division, MUFG Bank, Ltd.
Hiroki Ootake, Head of Market Infrastructure Division, Financial Markets Department, Bank of Japan
Atsuya Watanabe, Director, Markets and Securities Services, Citigroup Global Markets Japan Inc.

11:00 AM

Morning Break | 休憩

11:30 AM

Chairman's Remarks | 会長挨拶
Eric Litvack,
ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions

11:45 AM

Clearing Incentives, Systemic Risk and Margining

The margin rules for non-cleared derivatives were explicitly designed to promote central clearing and reduce systemic risk. But the run-up to their full implementation in September 2020 is raising questions about whether the rules are appropriately aligned with these goals. What are the major incentives to clearing? How does margining of non-cleared swaps factor in? What are the key challenges facing market participants as the Phase 5 deadline gets closer? Is the current threshold for inclusion in the rules risk-appropriate? What solutions should policy-makers consider?

清算店頭デリバティブ 非清算店頭デリバティブ

非清算店頭デリバティブの証拠金規制は、クリアリングへの移行を促し、システミックリスクを軽減するという規制当局の意図が明確に反映されています。しかしながら、2020年9月のIMビッグバンが近づく中、証拠金規制等の導入がクリアリングへの適切なインセンティブになっているか懸念が上げられています。本パネルでは以下の論点について検討を行います。

  • クリアリングに移行するための主なインセンティブは何か
  • 非清算集中の証拠金規制とクリアリングのインセンティブの関係
  • 当初証拠金規制のフェーズ5対象者が直面する課題
  • 当初証拠金規制の閾値は適切か

Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Rick Grove, Partner and Chief Executive Officer, Rutter Associates LLC
Hideyuki Kudo, Deputy General Manager, Markets & Products Business Administration Department, Mizuho Securities Co., Ltd.
Eric Litvack, ISDA Chairman, Managing Director, Head of Regulatory Strategy, Société Générale Global Banking and Investor Solutions
Shun Yanagisawa, Director, Japan Head of Futures, Clearing and Collateral, Citigroup Global Markets Japan Inc. 

12:30 PM

Luncheon | 昼食

1:30 PM

Guest Speaker | ゲストスピーカー
Yoshihiko Uchida, Professor, Graduate School of Public Policy, The University of Tokyo

2:00 PM

A Cross-border Capital Framework
While the industry waits for the revised set of final rules for market risk from the Basel Committee, national regulators are working to implement the latest set of capital measures into local rules. How are national authorities approaching this, and to what extent will the rules be consistent, appropriate and risk sensitive? Is a truly harmonized capital framework achievable – and even desirable?

  • Progress in the implementation timetable
  • Where might divergences emerge?
  • Results of the industry’s capital impact study
  • The industry’s view on the Fundamental Review of the Trading Book (FRTB)

クロス・ボーダーにおける自己資本規制の枠組み

現在バーゼル委員会では市場リスク規制改正の最終化に向けた議論が行われていますが、同時に各国の規制当局において国内施行に向けた検討が進められています。本パネルでは、各国における検討状況についてご説明するとともに、各国で検討されている規制が整合的で適切なものであるかについて議論を行います。また、自己規制資本における真のハーモニゼーションの実現性についても検討します。

  • 国内施行に向けたスケジュール
  • 各国規制における相違点の方向性と可能性
  • 業界実施の影響度調査の結果
  • トレーディング勘定の抜本的改定(FRTB)に対する市場参加者の見解

Moderator: Mark Gheerbrant, Global Head of Risk and Capital, ISDA
Satoru Horibe, Managing Director, Head of Government & Regulatory Affairs Office, MUFG Bank, Ltd.
Shiro Katsufuji, Director, Deloitte Touche Tohmatsu
Shunsuke Shirakawa, Vice Commissioner for International Affairs, Financial Services Agency (FSA), Japan
Yoshihiko Sunaga, Senior Managing Director, Deputy Head of Group Entity Structure, Nomura Holdings Inc.

2:40 PM

Brexit – What Will Happen to My Contracts?
Cross-border contracts may need to adapt post-Brexit, while existing contracts may face their own challenges until maturity. Operational complexities will be created for firms in both the UK and EU, in both cleared and uncleared products. How is the industry responding?

  • How will cross-border contracts be affected?
  • Possible contractual and legislative solutions
  • Impact on the ISDA Documentation
  • Impact on cleared trades

Brexit-デリバティブ契約への影響

Brexit後に満期を迎える既存のクロス・ボーダー契約については様々な課題が挙げられていますが、特に、イギリスと欧州の市場参加者が関係する清算取引および非清算取引については、実務上の複雑さが懸念されています。本パネルでは、これらの論点について検討を行います。

  • クロス・ボーダー契約への影響
  • 契約上および規制上の観点からの解決策の検討
  •  ISDAドキュメンテーションへの影響
  • 清算取引への影響

Moderator: Scott O’Malia, Chief Executive Officer, ISDA
Takashi Akiyama, Director, Deutsche Securities Inc.
Tomohiro (Tomo) Ishikawa, Managing Director, Head of Global Regulatory Affairs Department, Corporate Planning Division, Mitsubishi UFJ Financial Group, Inc. (MUFG)

Leng-Fong Lai, Partner, Clifford Chance
Kenneth Lam, Counsel, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Kaori Takao, Executive Director, Global Markets Planning Department, Nomura Securities Co., Ltd.

3:20 PM

Afternoon Break | 休憩

3:50 PM

The Documentation Revolution
Derivatives processes are increasingly shifting to automated solutions, but legal documentation remains largely paper-based. A number of industry solutions are now under way to digitize the process of negotiating, executing and storing legal agreements, starting with collateral documentation.

ドキュメンテーション革命
昨今、デリバティブのオペレーション・プロセスの自動化は加速的に進められています。一方、ドキュメンテーションに関するプロセスはまだ多くが紙面上で行われておりますが、現在、担保取引関連の契約書を中心に、ドキュメンテーションの交渉や執行プロセスのデジタル化に向けた取組みが行われています。本セッションでは、これらの取組みについてご説明いたします。

Motoyasu Fujita, Partner, Capital Markets Group (Structured Finance & Derivatives), Linklaters
Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

4:10 PM

Let’s Get Digital…
How are derivatives market participants using new technologies in their business and what does the future look like? What areas are most susceptible to disruption and where is the biggest need for a technology transformation? How important are initiatives like the ISDA Common Domain Model to develop a standard for product data, events and processes, and how might it be employed in practice?

更なるデジタル化に向けて

本パネルでは、デリバティブ市場におけるデジタル化の取組みについて、以下の論点を中心に議論いたします。

  • 新しいテクノロジーのビジネスへの活用方法と今後の展望
  • 市場の混乱に影響を受けやすい分野は何か。また、テクノロジーへの移行が最も必要とされている分野は何か。
  • ISDA Common Domain Model (CDM) 等、商品データ、事象、プロセスの標準化に向けた業界の取組みの重要性と導入方法

Moderator: Nick Sawyer, Head of Communications & Strategy, ISDA
Yutaka Amagi, ISDA Board Member, Managing Director, Head of Global Markets Planning Division, MUFG Bank, Ltd.
Toru Nagamiya, Executive Director, Transaction Legal Department, Nomura Securities Co., Ltd.   
Seiji Ryusekido, Representative Director & President, DTCC Data Repository Japan K.K.
Munetoshi Yamada, Head of Partner Management Japan, R3

4:50 PM

Conference Concludes | 閉会

Agenda is subject to change | アジェンダは変更することがございます

- REGISTRATION FEE* | 参加費 -
Member Non-Member
Early (ends Sept 28)

早期割引(9/28まで)

$350 U.S. $450 U.S.
Regular

通常価格(9/29以降)

$450 U.S. $550 U.S.

 

Registration fee is for one person to attend the entire event. Pass may not be split between multiple attendees.

GROUP DISCOUNT | 団体割引
Groups of three or more attendees from the same firm can receive a 20% discount on event registrations. To register your group, please email conferences@isda.org

REGISTER NOW

- CONFERENCE VENUE | 会場 -

Shangri-La Hotel, Tokyo
Marunouchi Trust Tower Main
1-8-3 Marunouchi Chiyoda-ku
Tokyo, 100-8283, Japan
+81 (3) 6739 7888

 

シャングリ・ラ ホテル東京
東京都千代田区丸の内1-8-3
丸の内トラストタワー本館
Tel: 03-6739-7888

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