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 five phases have affected only the world's largest firms dealing in OTC derivatives. However, it is the next two phases, Phase 4 was scheduled to go live in September 2019, and Phase 5 wihich was scheduled to go live in September 2020, that ushered 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, at a minimum:

• negotiating and documenting a host of Initial Margin (IM) Credit Support Annexes (CSAs);

• negotiating and documenting a host of Credit Support Deeds (CSDs);

• negotiating Third-Party Custodian agreements; and

• negotiating Collateral Transfer Agreements (CTAs).

About the Training Course

This highly comprehensive and unique one day training course (four sessions) has been specifically designed to train attendees in all relevant aspects of the global UMR 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).

The training course 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 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. In addition, attendees will also be instructed on the ISDA SIMM™ operational framework as well as key SIMM Tool requirements.