BCBS-IOSCO compliance– where are we now and what are the next steps


APAC Regulatory Spotlight: BCBS-IOSCO compliance– where are we now and what are the next steps? Featuring discussion with ISDA.

Before 2008, only ETD transactions were subject to initial margin. After the 2008 financial crisis, with OTC clearing mandates, Initial Margin expanded to OTC cleared transactions. Since September 2016, Initial Margin has also been required for non-cleared OTC trades, under BCBS 317. Progressively all financial institutions (*) will be subject to Initial Margin for all derivatives transactions, and this will require banks are faced with both operational and organizational challenges as they need to comply with new IM regulations. 


(*) applies to all institutions with an aggregate average notional amount (AANA) of non-cleared derivatives that exceeds €8 billion (or similar amounts in other currencies, depending on the applicable regulations).


In this webinar we discuss:


What are the Initial Margin rules for uncleared trades?

  • Overview of the rules and the timeline for IM implementation
  • Overview of the specific local regulators’ requirements in APAC             

What changes should firms expect in terms of ISDA SIMM margin methodology?

  • Brief description of SIMM
  • Summary of the governance framework
  • Information on backtesting and benchmarking
  • ISDA SIMM expected changes

What are the steps required to be ready on time for the compliance date?

  • Steps to get ready by the ISDA
  • How are the new CSA agreement being negotiated?

What to expect during the preparation/implementation phase?

  • Upstream feed of Front Office systems for risk factors
  • Downstream feed for collateral management
  • What is the industry testing? And how are disputes managed?
  • How will the new IM for uncleared trades affect pricing? Will the MVA become market standard?



Rahul Advani, Director - Public Policy,  International Swaps and Derivatives Association, Inc. (ISDA)

Rahul Advani is the Director, Public Policy, at ISDA, where he focuses on regulatory advocacy for South East Asia. His main areas of focus are regulations on central counterparty clearing, margin for non-centrally cleared derivatives, and the Basel III capital framework. Mr. Advani holds a Master in Public Policy from the Lee Kuan Yew School of Public Policy in Singapore.


Nnamdi Okaeme, Director - Risk and Capital, International Swaps and Derivatives Association, Inc. (ISDA)

Nnamdi Okaeme is a Director within the Risk and Capital Group at ISDA, where he specifically focuses on managing the process for the further enhancement, testing, calibration and validation of SIMM to ensure that SIMM is compliant with the regulations and suitable for the market needs. Nnamdi completed his PhD at the University of Nottingham having graduated with a First Class MEng degree in Electrical and Electronics Engineering with Management Studies.


Sophie Marnhier-Foy, Global Principal Product Manager- Margin and Clearing Risk, Calypso Technology

Sophie Marnhier Foy is the Calypso global product manager for CCPs, Clearing Risk and Margin. In her role, she designs the Calypso margin solutions to meet the various regulatory margin and clearing requirements. Currently, Sophie works very cl osely with clients implementing ISDA SIMM, to ensure that their IOSO/BCBS compliance for Sept 2018, 2019 or 2020 will be successful. Ms Marnhier-Foy is also in charge of the margin services cloud initiative, which is offering native cloud micro-services. The first service is offering ISDA SIMM margin calculation and management.


Strath Lanyon, Director of Professional Services, Asia-Pacific, Calypso Technology (moderator)

Strath Lanyon is Director of Professional Services of Asia Pacific at Calypso Technology. Mr. Lanyon has over 12 years of experience in the financial services and technology industries delivering strategic business projects for various securities trading divisions within the Macquarie Group and for Calypso Technology globally. At Calypso, Mr. Lanyon leads a regional team of over 70 consultants through the global deployments as well as upgrade projects across a variety of financial institutions including Sell-side, Buy-side, Asset Management and Central Clearing Counterparties.


For more information, contact marketing@calypso.com

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