Understanding Variation Margin (VM) Regulations and the 2016 ISDA Credit Support Annex for VM

Adam Lapidus is speaking at the Understanding Variation Margin (VM) Regulations and the 2016 ISDA Credit Support Annex for VM conference on January 30 in a session titled: “Understanding the 2016 ISDA Credit Support Annex For Variation Margin (VM) (Security Interest – New York Law)”. The conference is hosted by the International Swaps and Derivatives Association (ISDA) at the IDSA Conference Center in New York.

The ISDA VM Credit Support Annex under New York law forms part of the Schedule of the ISDA Master Agreement. It is designed to document security arrangements involving the use of collateral to secure the risk either or both parties may have under the ISDA Master Agreement to which the ISDA VM Credit Support Annex relates, incompliance with applicable VM regulations. This session will examine critical provisions in the ISDA Credit Support Annex under New York law, including:

  • The Secured Party and the Pledgor – How can this party change over time?
  • Scope of Covered Transactions under CSA
  • Credit Support Obligations: The Delivery Amount and Return Amount
  • Adding an Independent Amount (IA) and using the Independent Amount provisions
  • Transfer Timing: When must a party deliver or return collateral?
  • The Valuation Agent and Dispute Resolution
  • Substitutions
  • Holding and use of Posted Collateral
  • Distributions and Interest Amounts
  • Events of Default
  • Rights and Remedies
  • Legally Ineligible Credit Support provisions
  • Credit Support Offsets

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