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



  • 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


  • 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)



  • 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



  • 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.


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?



  • 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

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シャングリ・ラ ホテル東京
Tel: 03-6739-7888

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