2020 Programme

2019 Programme

Collateral Management Japan Forum Virtual: 2020 Programme

09:0009:25

Online registration and virtual log-in

09:00 - 09:25

09:2509:30

Chairperson's opening remarks

08:45 - 08:50

09:3009:50

Keynote address:

08:50 - 09:20

09:5010:30

A look at Japan’s current collateral management regulatory and documentation landscape

09:20 - 10:10

  • How prepared are the local banks and buy side firms to implement Phase 5 and 6 of the Initial Margin big bang?
  • What are recent regulatory developments impacting Japanese firms implementing IM Phase 5 and 6?
  • What are key focus points in margin documentation and custodian arrangements for IM Phase 5 and 6?
  • What are useful strategic tips and tactics on project management in the final stretch of IM Phase 5 implementation?
  • Securities Financing Transactions and its impact on the market participants
Shinichi Yoshiya

Executive Director, Legal & Compliance

Morgan Stanley MUFG Securities

Shinichi Yoshiya is an Executive Director in the Legal Division of Morgan Stanley. Mr. Yoshiya covers a broad range of complex cross-border financial regulatory matters and transactions for Morgan Stanley’s Japan and Asia Pacific region including OTC derivatives regulations of Japan, U.S. and EU, the Volcker Rule, Resolution Stay, MiFID2, Brexit, LIBOR and Basel 3 capital rules. Prior to joining Morgan Stanley, Mr. Yoshiya was an attorney at Davis Polk & Wardwell LLP advising on financial regulatory matters. Mr. Yoshiya has held academic appointments at Duke University Law School as Visiting Professor and currently teaches global financial regulations at Meiji University Law School. Duke University, Law School (LL.M.), Aoyama Gakuin University, Business School (M.B.A.), Sophia University (LL.B.). Mr. Yoshiya is admitted to the bar of the state of New York.

Yoshio Ogawa

Deputy General Manager

Nippon Life Insurance Company

Yoshio Ogawa is Deputy General Manager Legal Department and Securities Operations Department at Nippon Life Insurance Company. He is responsible for legal and regulatory issues relating to security transactions including OTC derivatives. 

Akiko Tsuji

Vice President, Global Markets Planning Division

MUFG Bank

Akiko Tsuji is the Vice President, Global Markets Planning Division of MUFG Bank, Ltd. and has worked at MUFG Bank since 2011. Previously, Akiko Tsuji was at Morgan Stanley MUFG Securities and worked in Transaction Management Group (FID) where she worked on documentation of market contracts.

10:3011:00

Networking Break

10:10 - 10:40

11:0011:40

The IBOR transition – what you need to know

10:40 - 11:30

  • With IBOR scheduled to be officially phased out by the end of 2021, what does this mean for Japan’s collateral management sector?
  • IBOR impact on the derivatives and cash markets – what can we expect?
  • Moving towards alternative reference rates, how can Japan and the rest of the Asian market ensure a smooth transition?
  • Buy side and local bank readiness - what internal company measures are being taken?
  • Dealing with legacy contracts and processes – what are the oncoming hurdles?
Shinichi Yoshiya

Executive Director, Legal & Compliance

Morgan Stanley MUFG Securities

Shinichi Yoshiya is an Executive Director in the Legal Division of Morgan Stanley. Mr. Yoshiya covers a broad range of complex cross-border financial regulatory matters and transactions for Morgan Stanley’s Japan and Asia Pacific region including OTC derivatives regulations of Japan, U.S. and EU, the Volcker Rule, Resolution Stay, MiFID2, Brexit, LIBOR and Basel 3 capital rules. Prior to joining Morgan Stanley, Mr. Yoshiya was an attorney at Davis Polk & Wardwell LLP advising on financial regulatory matters. Mr. Yoshiya has held academic appointments at Duke University Law School as Visiting Professor and currently teaches global financial regulations at Meiji University Law School. Duke University, Law School (LL.M.), Aoyama Gakuin University, Business School (M.B.A.), Sophia University (LL.B.). Mr. Yoshiya is admitted to the bar of the state of New York.

Ehara Masahiro

Managing director

Goldman Sachs

Shinichiro Itozaki

Senior Manager

MITSUBISHI UFJ MORGAN STANLEY SECURITIES Co. Ltd.

Dr. Shinichiro Itozaki is a Senior Manager of Financial Engineering Division at Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. Dr. Itozaki is responsible for planning and quantitative research of XVA, ISDA SIMM, interest rate benchmark reform, and OTC derivatives market reform in general. Dr. Itozaki received a Ph. D. in Mathematical Sciences from the University of Tokyo.

Takahiko Kaneko

Director of Clearing Planning and OTC Derivatives Clearing Service

Japan Securities Clearing Corporation (JSCC)

Takahiko Kaneko is Director of Clearing Planning and OTC Derivatives Clearing Service at Japan Securities Clearing Corporation (JSCC). After joining Tokyo Stock Exchange in 1995, he was responsible for market planning and clearing/settlement management in securities and listed derivatives sphere. He was one of starting members of Japan Clearing Securities Corporation established in 2002, and has had a wide range of expertise from risk management to strategic planning of clearing/settlement architecture since then.

Bogdan Ciobanu

Senior Market Specialist

Calypso

Bogdan Ciobanu is a Senior Market Specialist for Capital Markets, Treasury and Asset Management at Calypso Technology in Tokyo, helping financial services institutions design full front-to-back technology solutions around trade capture, pricing, enterprise market and credit risk management to collateral management, post-trade and regulatory reporting challenges.


Before Calypso, Bogdan worked in various structuring and middle office roles in Bank of America and Citigroup in Tokyo and helped building and promoting enterprise risk systems at Bloomberg and at a mid-tier asset manager in Tokyo and Singapore.

11:4012:20

Resolving operational and IM challenges faced by buy-side and local banks

11:30 - 12:20

  • Insourcing versus outsourcing, which option should local banks and buy side banks consider?
  • Onboarding before or by the September 2020 deadline, how can local banks and the buy side banks ‘beat the clock’?
  • IM exposure – a number of local banks do not have a quants team and are utilizing standard models, which leaves them vulnerable to IM exposure, how can they overcome this issue? 
     
Go Oyama

Manager, Operational Planning Asset Services Planning Division

The Master Trust Bank of Japan

2006/April, Entered Mitsubishi UFJ Trust and Banking Corporation

2006/April, Seconded to The Master Trust Bank of Japan, Ltd

Planning operation for securities settlement and compliance with derivative regulations in Japanese trust funds.

Sachiko Koike

Operations Division

Shinsei Bank

12:2012:40

Operations techniques for collateral management

12:20 - 12:50

  • Initial Margin (IM) and Variation margin (VM) 
  • CCP margin management support  
  • Utilizing electronic platforms to rationalize margin calls
  • Triparty collateral management and segregation
  • Making the best use of cash and non-cash assets

12:4013:25

Lunch

12:50 - 13:50

13:2514:05

Establishing capital requirements for CVA’s

13:40 - 14:20

  • Addressing the lack of divergence between regulatory CVA and market practice
  • The poor recognition of CVA hedges – what are the consequences? 
  • Changes to the current CVA framework – what are the available options? 
  • Japan’s new financial accounting rule for 2021, what are the implications for local industry? How will this affect CVA and XVA practices?   
  • Basel III and its effect on collateral management 
Yasunori Kaneko

Executive Director

Morgan Stanley MUFG Securities Co., Ltd.

Yasunori joined Price Waterhouse Tokyo in 1995, and registered as Certified Public Accountant in 1999. He moved to PwC London Banking and Capital Markets in 2003 before joining Morgan Stanley Japan Securities Co., Ltd. in 2007. Yasunori is a member of Global Advisory and Policy group in Morgan Stanley, covering Asia region to provide deal advisory and assisting implementation of new accounting/regulatory rules.

Yasunori is an author of books published by ChuoKeizaisha K.K., including Fair value accounting (2009), Off balance sheet accounting(2011), Fair value measurement (coauthored 2013), General hedge accounting under IFRS (2015), Accounting and regulatory netting (coauthored 2016), ROE Strategy for Banks(coauthored 2017) and Q&A on Real estate leases under IFRS16 and ASC842 (coauthored 2017).

14:0514:25

XVAs and the next level – a deeper dive

16:00 - 16:20

  • Comparing the advantages and disadvantages of a centralized XVA desk 
  • Key challenges relating to XVA use 
  • Changes to XVAs in the future 
  • Different ways the XVA desk can be set up
     
Satoshi Kumeta

Director, Financial Engineering Group Fixed Income, Currency and Commodities (FICC) Dept.

Daiwa Securities

Satoshi Kumeta is Head of XVA in FICC, where he owns planning and development of XVA accounting and regulation such as FRTB-CVA, and management CVA hedge to control P&L as well. He belonged to model development division in MUFG Bank and Mitsubishi UFJ Securities as Quants for more than 10 years prior to joining Daiwa Securities, and responsible for model development of plain vanilla/exotic products mainly for commodity and interest rate. He also contributed to introduction of OIS discounting and CVA accounting. Satoshi has Bachelors and Masters in Mathematics from Tokyo Institute of Technology. 

14:2514:55

How Japan can take advantage of digitization and automation to keep up with the global market

14:50 - 15:30

  • Utilizing RPA and AI technologies to reduce operational costs
  • Standardizing documents - how can Global Custodians utilize STP and digital methods to assist the local and buy-side banks? 
  • Margin transit utility (MTU) for payment order and messaging automation purposes 
  • Blockchain technology and creating ledgers for collateral management purposes and IM documentation – how can Japanese players learn from abroad?
     
Trevor Negus

Product Manager

SMARTSTREAM TECHNOLOGIES

Trevor has worked in Investment Banking for over 20 years, starting his career at Salomon Brothers working in Fixed Income Operations. This was followed by positions on the Equity Lending Desk and in Convertible Bond Sales. After a move to Deutsche Bank working on the Repo Trading Desk he moved into Collateral Management and has spent 15 years in this field. Initially heading up the Collateral New Business Team, he then moved on to manage the EMEA Margining Team responsible for OTC, Repo and FX Margining. Trevor then moved to the vendor side, joining Algorithmics in 2008. He has worked as an SME within Product Development, Strategy and PreSales for the last ten years for Algorithmics, IBM and now Smartstream. Trevor holds a Degree in Economics and Politics.

14:5515:25

Networking Break

10:10 - 10:40

15:2516:05

The Future Outlook of Japan’s Collateral Management Industry

17:00 - 17:40

  • Phase 6 Margin Regulation for 2021 – What can market participants expect? 
  • As more banks begin the onboard process for Phase 5 and 6, how can Global Custodians best manage the increased workload?  
  • What role can the local custodians play?
  • Market trends and forecasts for the next 12 – 24 months
     
Markus Georgi

Asia Head, Fixed Income Derivatives, Funding & Financing Sales

EUREX

Markus Georgi joined Eurex as the Head of the Hong Kong Representative Office in April 2013. Markus is responsible for Fixed Income, OTC Clearing and Repo/SecLending Sales and Business Development in Asia.

He has 18 years of experience in the financial industry. Markus started his career at Eurex Product Development in Frankfurt in 2001 and then moved to Chicago to take on a role as Lead Business Analyst at Eurex US. In 2008 Markus joined RTS Realtime Systems in Singapore as Head of Product Management for Asia Pacific where he was responsible for the regional trading support desks in Singapore and Australia. Early 2011 Markus moved to Newedge Financial Singapore, a brokerage firm, where he managed the PTG key accounts for Singapore and India. Markus holds a Master of Finance degree from the Technical University of Dresden, Germany.

Seiji Miyazaki

Manager, Investment Planning

Mitsui Sumitomo Insurance Co., Ltd.

16:0516:25

The latest trends in Japan’s repo market, from an international perspective

14:20 - 14:50

  • Utilizing Total Return Futures (TRF) as an instrument to manage repo risks
  • The Securities Financing Transactions Regulation (SFTR) and it potential impact on the repo and securities financing markets in Japan and Asia 

16:2516:30

Chairperson's closing remarks

17:00 - 17:40

16:3016:30

End of virtual conference

12:20 - 12:21