Programme

08:00   

Registration

08:55

Welcome remarks

09:00

Keynote address: Overview on the new regulations concerning margin requirements on uncleared OTC derivatives

Tomohiro Miura, Director, Prudential Standards Office, Supervisory Bureau, JAPAN FINANCIAL SERVICES AGENCY

09:30

Panel discussion: Collateral management in a cross-border context

  • How are different regimes meeting increased margin workloads and new requirements?
  • Cross border mobilisation of collateral: Legal collateral structures needed and recommendations for industry best practices
  • Efforts in promoting a smooth and efficient cross-border flow of collateral
  • Managing the capital and funding requirements under latest regulatory changes and market development
  • Strategies to maximise capital efficiency, reduce complexity and promote collateral mobility

Moderator:
Hiromu Chuma,
Representative Director, President and CEO, THE BANK OF NEW YORK MELLON TRUST (JAPAN)

Speaker:
Shinya Kato,
Director, BNY MELLON MARKETS/ Senior Sales and Relationship Manager, THE BANK OF NEW YORK MELLON SECURITIES COMPANY JAPAN LIMITED, TOKYO

10:30

Coffee break

11:00

Presentation: Preparing for the next phase-in of initial margin

  • Lessons learnt from larger market participants and best practices
  • Increased complexity of segregation models and ways of implementations
  • How to provide transparency through segregation?
  • Addressing the infrastructure changes needed to comply with the new initial margin rules

11:30

Panel discussion: Post variation margin big bang – what’s next?

  • The aftermath of the March 2017 implementation
  • How are banks coping with the changing margin agreements?
  • Best practices on documentation process, entity set-up, operational efficiency, collateral optimisation etc.
  • Addressing the concerns around settlement timings, treatment of counterparties and segregation requirements
  • Balancing the policy requirement of reducing risk in the market given the realities of market situation

Speakers:
Teruhiko Kuniyasu,
Head of Margin Call and Reconciliation Operations, MIZUHO BANK
Chiharu Yamagami, Asia Head of Liquidity and Collateral Operations, and Operations Data Quality Management, GOLDMAN SACHS JAPAN
Hiroaki Usui, Executive Director, Transaction Legal Department, NOMURA SECURITIES
Yuichiro Terui, Managing Director, Head of Japan Investor Services Sales, J.P. MORGAN SECURITIES JAPAN

12:20

Lunch

13:20

Panel discussion: Building a margin framework within buy-side institutions

  • How are buy-side firms coping with the new swap margin rules?
  • Understanding the margin processing workflow
  • Lessons learnt: Issues to consider when considering VM CSA documentation
  • Buy side vs. sell side: How effective is the 6 months transition period?
  • Tackling the documentation requirements and operational capabilities needed for margin rules

14:10

Presentation: Liquidity in high-quality collateral Instruments

  • Regulatory updates and challenges for banks and buy-sides
  • Fine tuning new models for risk mitigation
  • Developing a margin segregation mechanism
  • Exploring the liquidity market for high-quality collateral instruments
  • How has the demand artificially increased the price and how to keep the interest rate low?
  • What eligible collateral do people want and how does this shape the competitive behaviour?
  • Efficiently mobilising pools of eligible collateral
  • The main trends and their impacts - counterparties across product silos and geographies

Toru Hanakawa, Managing Director, BNY Mellon Markets, THE BANK OF NEW YORK MELLON SECURITIES COMPANY JAPAN

14:40

Coffee break

15:10

Panel discussion: The introduction of CVA in a Japanese context

  • Are Japanese banks ready for pricing CVA into their trades?
  • Given the predominance of commercial banking in Japan, does introducing CVA make sense?
  • What does a Japanese CVA charge mean for the competitive landscape?
  • Why has Japan lagged so far behind the rest of the world when it comes to CVA?
  • Impact of CVA on Japanese banks and their business

16:00

Panel discussion: The evolution of collateral management: standardisation and automation

  • Moving from traditional product silos and manual solutions to automation
  • Standardising collateral management practices across legal, sales, middle and back offices
  • Drivers of successful margin communications
  • Improved data architecture to facilitate more exotic and complicated trades
  • Prevalence of multi-instrument collateral management platforms

Moderator:
Michael Steinbeck-Reeves,
OTC and collateral management expert
Speakers:
Seiichi Tanaka,
General Manager, Wholesale Operations and Procedures Planning Office, MITSUBISHI UFJ MORGAN STANLEY SECURITIES
Tetsuro Sengoku, Senior Manager, Trust Asset Planning Division, THE MITSUBISHI UFJ TRUST AND BANKING CORPORATION
Masahiro Ehara, Managing Director, Co-head of Asia Pacific Derivatives & Clearing Operations, GOLDMAN SACHS JAPAN

16:50

Closing remarks and end of forum

 

Asia Risk reserves the right to change the programme where necessary.

 

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