Bcsc Forex

En av ISDAs vedvarende styrker er den aktive deltakelsen av bransjepersonell - og kompetansen og kunnskapen de tilbyr - i det brede utvalget av aktiviteter. Foreningsutvalgene, arbeidsgruppene og arbeidsgruppene opererer i praktisk talt alle de store finanssentrene og spiller en viktig rolle for å legge til rette for utveksling av ideer, undersøkelse av politiske spørsmål og informasjonsflyt mellom medlemmene: Kjære ISDA-medlem: Som vi inn i et nytt år, et nytt århundre og et nytt årtusen, er det ikke noe sterkere vitnesbyrd om ISDAs effektive representasjon av derivatene og risikostyringsbransjen enn økningen i vårt medlemskap registrert i 1999. Nittiog to organisasjoner sluttet seg til foreningen i fjor, Vårt medlemskap til over 450 firmaer i 36 land på fem kontinenter. Foreningene fortsetter å vokse i størrelse og omfang er spesielt bemerkelsesverdig fordi det kommer om gangen, og kanskje som følge av store endringer vi opplever på de globale finansmarkedene: innføring av nye reguleringsrammer, revisjon av kapitalkrav , konsolidering og økt konkurranse blant industrideltakere, økonomisk usikkerhet i nøkkelregioner. Midt i disse og andre utviklingen har ISDAs skarpe og konsekvente fokus på sin kjerneoppgave å oppmuntre til en forsiktig og effektiv utvikling av privatforhandlet derivatindustrien gjort det mulig for oss å fortsette å gi reell verdi til vår globale valgkrets. På området risikostyring, for eksempel, er vi spionheading industrien innsats for å reagere effektivt og hensiktsmessig til Baselkomiteens initiativ for å reformere dagens kapitalavtale. Våre tre arbeidsgrupper - konseptuelle rammer, interne vurderinger og operasjonell risiko - tar opp de store problemene som er skissert i Baselkomiteens papir som ble utgitt i juni i fjor. Medlemsdeltakelse i arbeidsgruppene er både betydelig og utbredt, med mer enn førti institusjoner fra tretten land representert. Som en del av vår risikostyringsinnsats, sponser ISDA i fellesskap med The British Bankers Association og Robert Morris Associates en banebrytende undersøkelse om operasjonell risiko ved femti-fem institusjoner over hele verden. Resultatene av undersøkelsen, som bekreftet at operasjonell risiko alltid har blitt forvaltet i finansinstitusjoner, men som nylig er sett på som en egen disiplin med egen ledelsesstruktur, verktøy og prosesser, har blitt presentert til Baselkomiteen, og vil bli presentert til andre regulerende myndigheter og våre medlemmer rundt om i verden. Gjennom 1999 var dokumentasjon fortsatt høy prioritet på vår agenda, på grunn av sin betydning for å redusere juridiske og andre risikoer. Vårt lederskap på dette området er veletablert og ble forbedret i 1999 med publisering av Credit Derivatives Definitions, Brukerhåndboken til 1998 FX og Currency Option Definitions (publisert i fellesskap av ISDA med Emerging Markets Traders Association og Foreign Exchange Committee ) og brukerhåndboken til ISDA Kredittstøtte Dokumenter etter engelsk lov. Arbeidet er også i gang med vårt 2000 ISDA Definitions-prosjekt, en konsolidering av ISDA-definisjonene fra 1991, 1998-tillegget til ISDA-definisjonene fra 1991 og ISDA Euro-definisjonene fra 1998, som vil gjenspeile dagens markedspraksis, særlig i lys av innføringen av euro og avbrudd av rente kilder i 11 valutaer. Som forberedelse til overgangen til år 2000 gjennomførte vi en gjennomgang av dokumentasjonen vår for å forutse, analysere og potensielt løse problemer som kan oppstå som følge av Y2K-problemer, og vi konkluderte med at det ikke var noen store ISDA-dokumentasjonsproblemer som måtte tas opp. I løpet av det siste året har vi igangsatt en strategisk gjennomgang av dokumentasjonen vår for å sikre at den fortsetter å håndtere mest effektivt med markedsmessige problemer som våre medlemmer står overfor. Denne prosessen innebar etablering av en samlet strategisk gjennomgangsoppgavegruppe og fire mindre arbeidsgrupper - om hovedavtale strukturelle problemer Force Majeure Termination, Valuation og Close-out og Collateral problemer. Hver arbeidsgruppe har utviklet anbefalinger for sitt spesifikke område, som er godkjent av arbeidsgruppen, og utarbeider eller endrer bestemmelser for ISDA-dokumenter som vil bli vurdert av ISDAs dokumentasjonskomité og andre interesserte medlemmer. For å fremme juridisk sikkerhet rundt ISDA-dokumentasjonen har vi nå totalt 34 juridiske meninger om håndhevelsen av netting av ISDA-masteravtalen, inkludert fem nye meninger for Japan, New Zealand, Australia, Tyskland og Nederland som reflekterer endringer i netting lover i disse jurisdiksjonene. Vi har også oppdatert 28 andre meninger. Juridiske meninger om ISDAs kredittstøttedokumenter har nå blitt oppnådd i 12 jurisdiksjoner. 9 flere er i gang, og ytterligere 10 er pålagt. ISDA arbeider også med den europeiske banken for gjenoppbygging av utvikling i utkast til nettverkslovgivning i Tsjekkia, Ungarn og Polen, og det har vært en positiv utvikling på netting i Mexico og Argentina gjennom ISDAs og dets medlemmer. Etter utgivelsen i 1998 av ISDAs retningslinjer for sikkerhetsutøvere utviklet og utstedte vi i fjor et papir om mer komplekse sikkerhetsproblemer. ISDA 1999 Collateral Review vurderer hvordan sikkerhets - og sikkerhetsstyringsprogrammer for privatforhandlede derivattransaksjoner utføres i perioder med markedsvolatilitet i 1997 og 1998, og foreslår nye tiltak for å forbedre effektiviteten av sikkerhetsstyring. En arbeidsgruppe av utøvere har fullført og distribuert for gjennomgang av medlemmers forslag til strømlinjeforming av eksisterende ISDA-kredittdokumentasjon for å gjenspeile anbefalingene i 1999-sikkerhetsvurderingen. Dette forventes å resultere i offentliggjøring av revidert kredittdokumentasjon i 2000. Vårt sikkerhetsutvalg har også gjennomført en omfattende undersøkelse av sikkerhetseksponering og praksis som omhandler alle aspekter av sikkerhetsstyring. Undersøkelsen gjenspeiler svar fra ISDA-medlemmer og utvalgte ikke-medlemmer og institusjoner med modne eller nye sikkerhetsprogrammer. Vår europeiske sosial rettsreformgruppe gjorde betydelige fremskritt i 1999. En oversikt over og konkrete rapporter om sikkerhetslovspørsmål i 15 land (som dekker alle EU-jurisdiksjoner) ble fullført. Etter dette arbeidet, i tillegg til opprettelsen av en sikkerhetsrelatert arbeidsgruppe og utpekning av sikkerhetsspørsmål som en prioritet av EU-kommisjonen, har fokuset vårt fokusert på å utvikle og implementere strategiske alternativer som løser og løser problemer vi har identifisert. To nye komiteer - Egenkapitalderivater og energivederivater - ble igangsatt i 1999. Fokuset i den tidligere gruppen inkluderer slike elementer som virkningen av europeisk integrasjon på ulike indekser og på adressering av dokumentasjonsproblemer. Dannelsen av sistnevnte komité reflekterer delvis tilsetningen av en rekke energiselskaper til vårt medlemskap og ISDAs interesse i å forbedre forretnings-, handels - og reguleringsmiljøet for energitransaksjoner. Vår innsats er blant annet å utarbeide et energitilskudd til 1993-derivatdefinisjonene for å bedre dekke kraft - og energimarkeder, spesielt i Europa. Offentlige politikkproblemer var høyt på agendaen for våre medlemmer og foreningen i 1999, særlig ettersom nye reguleringsrammer oppstod i Europa etter innføringen av euroen og i USA etter opphevelsen av Glass-Steagall. I disse jurisdiksjonene, så vel som andre over hele verden, opprettholdt vi vår høye profil og fortalte industriens interesser. I Asia, for eksempel, gjennomførte ISDA et heltidsseminar om kredittrelaterte problemer for asiatiske regulatorer i Kuala Lumpur i mars, som ble initiert av Hong Kongs monetære myndighet og var vert for Bank Negara Malaysia. Noen seksti regulatorer deltok, som representerte finansmarkedene i Australia, Kina, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Filippinene, Singapore og Thailand. Suksessen til dette seminaret førte til planleggingen i oktober i en dag og et halvt forum om risikostyring for asiatiske regulatorer i Singapore som var co-hosted av ISDA og Den monetære myndighet i Singapore. Regulatorer fra Japan, Kina, Hong Kong, India, Indonesia, Malaysia, Thailand og Singapore deltok. Våre medlemsoppsøkelsesarbeid tok også nye dimensjoner, da vi gjennomførte flere konferanser og medlemsmøter på flere steder enn noen gang: Vest - og Øst-Europa, Øst - og Sørøst-Asia og Australia, Sør-Afrika og Amerika. Vi holdt for eksempel våre første seminarer i Kina og Korea i fjor. Disse øktene spiller en viktig rolle i å utdanne næringen og andre på viktige industriutviklinger og foreningsinitiativer, og responsene fra våre medlemmer fortsetter å være entusiastiske. Som følge av medlemskrav og våre løpende tiltak over hele verden har det blitt klart at vår effektive representasjon av næringen krever at vi etablerer en tilstedeværelse i nøkkelregioner og finansmarkeder. Det er derfor flere år siden vi la til et europeisk kontor med base i London som utfyller arbeidet i New York-hovedkvarteret. Det er også grunnen til at vi skal åpne et ISDA Tokyo-kontor i 2000. Antallet komiteer og nivået på arbeidet som våre japanske medlemmer har utført, har økt betraktelig, og vårt Tokyo-kontor vil spille en viktig rolle i å forenkle og lede våre aktiviteter der. Vi planlegger også å åpne et kontor i enten Hong Kong eller Singapore senere i 2000. Mens aktivitetene og geografiske områdene der ISDA er involvert er betydelig og utbredt, er vår underliggende strategi fortsatt veldig fokusert. For det første forblir vi forpliktet til å oppfylle vårt oppdrag: oppmuntre til forsiktig og effektiv utvikling av privatforhandlet derivatvirksomhet og utvikling og vedlikehold av forsvarlig risikostyringspraksis. For det andre forblir vi en medlemsdrevet organisasjon, en hvis strategi og retning er drevet av våre medlemsfirmaer. Og for det tredje forblir vi overbevist om at vår effektivitet og suksess i siste instans skyldes den fortsatte deltakelsen og aktiv deltakelse av enkeltpersoner hos disse firmaene. ISDAs internasjonale karakter reflekteres også i styrets sammensetning, som er hentet fra tjuefire medlemsfirmaer fra 10 land. Styret ga en sterk strategisk retning for foreningen gjennom året, og enkelte medlemmer spillte viktige lederroller i komiteens aktiviteter og prosjekter. Styrets medlemmer i kontoret for tredje kvartal 1999 er oppført nedenfor. Andre styremedlemmer som ble avsluttet i 1999 var Joseph Bauman fra Bank of America, Mark Brickell fra J. P. Morgan, Tsuyoshi Hase fra Industrial Bank of Japan og Mark Wallace fra SBC Warburg Dillon Read. Charles Smithson fra CIBC World Markets og Dirk Brouwer fra Trinkhaus amp Burkhardt KgaA dro også av styret i løpet av året. ISDA er veldig takknemlig for dem for deres innsats på vegne av næringen og foreningen. Året har også hatt en betydelig styrking av ISDA-staben. Størrelsen og evnen til ISDAs europeiske kontor fortsatte å vokse. Jeg var glad for å utnevne Nick Collier til stillingen som direktør for europeisk politikk og leder av det europeiske kontoret. Jeg var også glad for velkommen til det europeiske kontoret Emmanuelle Sebton som direktør for risikostyring og Richard Metcalfe som assisterende direktør for europeisk politikk. I Nord-Amerika var jeg like glad for å ønske Ruth Ainslie velkommen til rollen som senior direktør for politikk for Amerika og medieforbindelser, Stacy Carey som direktør for amerikansk reguleringspolitikk og Roseanne Stanzione som assisterende direktør for politikk for Amerika. Innsatsen fra ISDAs fagpersonale og eksterne konsulenter ble igjen gjenspeilet i prestasjonene i 1999, og jeg vil gjerne takke dem for deres engasjement og hardt arbeid. Matthew Elderfield, som fungerte som leder av ISDAs europeiske kontor, trådte fra foreningen i mai 1999 for å akseptere en stilling som leder for utveksling og clearing hus til U. K. Financial Services Authority. ISDA er takknemlig for Matthew for hans år med lederskap i ISDAs europeiske innsats. Vi ønsker ham vellykket i sin nye rolle. På vegne av styret og våre ansatte takker jeg for ditt medlemskap i ISDA. Vi vil fortsette å gjøre alt vi kan i det kommende året for å sikre din støtte til, styrke din forpliktelse til og oppmuntre din deltakelse i Foreningens arbeid. Med vennlig hilsen, Richard E. Grove Administrerende direktør og administrerende direktør Gjennom 1999 fortsatte ISDA i arbeidet med å oppdatere medlemmer på viktige bransjeproblemer innen områder som risikostyring, dokumentasjon, regulering, skatt, regnskap, fremvoksende markeder og EMU-implementering. Økt bruk av elektronisk kommunikasjon, ISDAs internetside og det to ganger ISDA-nyhetsbrevet gjorde det mulig for foreningen å holde sitt medlemskap informert og involvert på en effektiv måte gjennom året. I løpet av året har ISDAs styremedlemmer og ansatte levert presentasjoner på seminarer og medlemsoppdateringsmøter som dekker en rekke emner i jurisdiksjoner, inkludert Australia, Østerrike, Belgia, Canada, Kina, Tsjekkia, Danmark, Finland, Frankrike, Tyskland, Ungarn, India, Irland, Italia, Korea, Malaysia, Norge, Polen, Portugal, Singapore, Sør-Afrika, Sverige, Sveits, Thailand, Storbritannia og USA. Med utsiktene til nye kontorer i Tokyo og Sørøst-Asia i 2000, vil servicenivået som Foreningen tilbyr, bare bli bedre i årene som kommer. Foreningsmedlemmernes fordeler, aktivitetsnivå og viktigheten av problemstillinger som ISDA adresserte i 1999, fortsatte å gi en betydelig økning i medlemskapet. Nittito og to nye medlemmer kom til foreningen i fjor, inkludert den første fra India. ISDAs medlemskap nå til sammen over 460 finansinstitusjoner, offentlige enheter, selskaper og profesjonelle tjenesteleverandører fra 36 land. De nye medlemmene reflekterer delvis veksten i swaps og annen derivataktivitet innen energi, forsikring og vekstmarkeder. I løpet av 1999 opererte ISDA komiteer og oppgavestyrker på hvert av følgende områder: Regnskap og offentliggjøring Sikkerhetsstyring Råvareavledninger Dokumentasjon Emerging Markets Energivederivater Egenkapitalavledninger Den europeiske monetære union Markedspraksis Operasjonsforordning Risikostyring og skatt, samt lokale utvalg i Sør-Afrika , Sørøst-Asia og Hong Kong, Japan og Canada. I 1999 ønsket ISDA velkommen følgende institusjoner som nye medlemmer: Primærmedlemmer (27): African Merchant Bank Limited Lazard Brothers amp Co. Limited Blant høydepunktene av ISDAs aktiviteter i Asia-Pacific-regionen i 1999 var to seminarer om risikostyring som ISDA holdt for regionale regulatorer. Det første seminaret, som ble initiert av Hong Kongs monetære myndighet og vert for Bank Negara Malaysia, ble avholdt i Kuala Lumpur i mars og dekket kredittrelaterte problemer. Seminaret ble deltatt av omtrent seksti regulatorer fra Australia, Kina, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Filippinene, Singapore og Thailand. Emner som ble diskutert omfattet kredittrisikoanalyse og - administrasjon, dokumentasjon som kredittrisikoreduksjonsteknikk, sikkerhetspraksis, kredittderivatapplikasjoner og kapitaldekningslinjer for kredittrisiko. ISDA-deltakerne inkluderte representanter for ISDA-medlemmer og ansatte fra Singapore, Hong Kong, Tokyo, London og New York. Det andre seminaret, som var medvervd av Den monetære myndighet i Singapore (MAS), ble avholdt i oktober i Singapore. Emner dekket på seminaret omfattet markedsrisiko, kredittrisiko, operasjonell risiko og juridisk risiko. Regulatorer fra ulike markeder deltok, inkludert Kina, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore og Thailand. ISDA-gruppen besto av styremedlemmer, ansatte og representanter for medlemsfirmaer fra New York, London, Tokyo, Frankfurt, Amsterdam, Singapore og Hong Kong. ISDA var aktiv i 1999 og kommenterte regelverksinitiativer over hele regionen. Blant forslagene som ISDA kommenterte var MASs foreslåtte retningslinjer for derivatbruk av forsikringsselskaper, foreslått Indias Reserve Bank of Guidelines for godkjenning av transaksjoner av terminkontrakter og rentebytteavtaler som er nevnt i rupees og Bank Negara Malaysias foreslåtte retningslinjer for bruk av derivater av malaysiske forsikringsselskaper. ISDA kommenterte også flere kapitaldekningforslag knyttet til kredittderivater utstedt av regionale regulatorer, inkludert Australia og Hong Kong. ISDA har også aktivt overvåket en rekke andre juridiske utviklinger i regionen i 1999. Disse omfattet rettssaker knyttet til tolkningen av ISDA Master Agreement etter likvidasjonen av Peregrine i Hong Kong og flere rettssaker knyttet til håndhevelsen av derivatkontrakter i Indonesia. Av særlig interesse for ISDA og dets medlemmer var likvidasjonsprosedyrene knyttet til Guangdong International Trust and Investment Corporation (GITIC) i Kina. GITIC-likvidasjonsutvalget utstedte en foreløpig avgjørelse om avvisning av visse derivatkrav fremsatt av kreditorer av GITIC med den begrunnelsen at GITIC ikke hadde mottatt riktig autorisasjon fra den kinesiske statsobligasjonen (SAFE) før de inngikk transaksjonene. Kandidater var i stand til å sende innvendinger mot hevingen, og ved slutten av slutten var det ikke endelig utstedt en endelig avgjørelse om innsigelsene. I november sendte ISDA et brev til Peoples Bank of China og SAFE som ba om at de adresserte den juridiske usikkerheten som ble oppstått av GITIC-saken. ISDA holdt også en rekke møter med regulatorer og markedsdeltakere i regionen i 1999. I januar besøkte en ISDA-delegasjon India og ga en presentasjon om derivat - og risikostyringsspørsmål i Mumbai. I mars besøkte ISDA-representanter medlemmer og regulatorer i Australia, Singapore og Malaysia. I mai holdt et ISDA-team seminarer i Kina og Korea om ISDA-dokumentasjon og risikostyring. I oktober besøkte ISDA-lagene Singapore, Malaysia, Thailand og India. ISDA holdt også sin årlige regional-oppdatering i Asia-Pacific i oktober i Singapore. Keynote-regulatorens høyttaler ved Singapore-oppdateringen var Tharman Shanmugaratnam fra Det monetære instituttet i Singapore. ISDAs innsats i regionen fortsetter å ledes av medlemmene av styringskomiteen i Øst-Asia og en rekke underkomiteer som arbeider under styrekomiteen. Utvalget fortsetter å møte ofte i både Hong Kong og Singapore, og trekker administrativ støtte fra et representasjonskontor i Hong Kong. Mot slutten av året godkjente ISDA-styret et forslag om å etablere et fullstendig ISDA-kontor i Sørøst-Asia i løpet av år 2000. ISDA-kontoret, som vil bli lokalisert i Singapore eller Hong Kong, vil gi støtte til ISDAs Sørøst Asia Steering Committee og underkomiteer og ISDAs regionbaserte medlemmer. Kontoret vil være ansvarlig for å koordinere ISDAs aktiviteter for Sørøst-Asia, Kina og Korea Australia og New Zealand og India. Kontoret vil bli bemannet i utgangspunktet av to fulltids ISDA-ansatte. Åpningen er satt for oktober 2000. KANADISK MEDLEMSKOMITEE ISDAs kanadiske medlemmer komiteen fortsatte å fokusere på problemer med særlig bekymring for ISDAs kanadiske medlemmer. I midten av året utstedte Ontario Securities Commission (OSC) en rapport fra Task Force on Debt-Like Derivatives, som omfattet en foreslått regel og policy. ISDA sendte et kommentarbrev til OSC som indikerer syn på sine kanadiske medlemmer om at den foreslåtte regelen vil hindre markedet for strukturerte gjeldsprodukter som er populære blant kanadiske investorer. I sin kommentarbrev tiltalte ISDA at det ikke var noe bevis for problemer i markedet for disse instrumentene i dag, og som sådan ikke behov for lovgivende inngrep. ISDA oppfordret til en regulerende snarere enn lovgivningsmessig respons og tilbød konkrete forslag til forbedringer i forslaget. I juli ble ISDA og dets medlemmer overrasket av endringer i verdipapirlovgivningen i Alberta som utvidet definisjonen av verdipapirer på en måte som syntes å omfatte privatforhandlede derivattransaksjoner. Mens næringslivsdeltakere tok litt trøst ved å få unntak fra lovgivningen, var det fortsatt bekymring for tilnærmingene som ville bli vedtatt av andre provinsielle regulatorer, som British Columbia Securities Commission (BCSC). Senere i året, BCSC avsluttet unntakslettelse fra dekningen av de provinsielle verdipapirene handler for et bredt spekter av OTC-derivater. Lettningen gikk betydelig lenger enn den som ble gitt i Alberta. Foreningen fortsetter å jobbe med BCSC og andre provinsielle verdipapirkommisjoner for å oppnå behandling av OTC-derivattransaksjoner som korrekt reflekterer deres unike natur og fremmer rettssikkerhet. I juni hevdet de canadiske domstolene at visse ikke-ISDA-kontrakter som regulerer transaksjoner som vurderer fysisk levering, ikke var kvalifiserte finansielle kontrakter under kanadisk konkurslov. Selv om kontraktene som var involvert i saken ikke var ISDA-kontrakter, ble de relevante utelukkende bestemmelsene basert på de som er inntatt i ISDA-masteravtalen. Det var en tidligere dom av forsøksdommeren at kontantavregnede transaksjoner utført under en ISDA-masteravtale har rett til fordelene med kanadisk insolvenslov. Saken, som involverer Blue Range Resources Corporation, er for tiden anket, og en høring er fastsatt for første kvartal 2000. ISDA har fått tillatelse til å gripe inn i klagen og arbeider med sine kanadiske medlemmer for å bestemme den beste måten som å låne sin støtte. EMERGING MARKETS Task Force European Emerging Markets ISDAs European Emerging Markets Task Force ble etablert i 1997 for å fokusere på problemer som er viktige for utviklingen av derivatmarkedene i Tsjekkia, Ungarn, Polen og Russland, og å samarbeide med lokale deltakere og lokale myndigheter om Fremme juridisk sikkerhet, særlig i de tre områdene av nettverkslovgivning, lokal dokumentasjon og hensiktsmessig regulering. I 1999 ble det framgang i disse områdene i de tre landene som ISDA har konsentrert seg om. Etter diskusjoner med EBRDs juridiske overgangsteam i 1999 har det blitt avtalt at EBRD vil engasjere ISDA (sammen med Allen amp Overy) som konsulenter i utarbeidelse av nettverkslovgivning i opptil fem sentral - og østeuropeiske land. Dette er et velkomment trekk fra EBRD, som allerede var støttende for ISDAs arbeid på dette området. Forhåpentligvis vil EBRD-støtten oppmuntre de berørte regjeringer til å anerkjenne spørsmålet om haster. I en stor begivenhet for å avslutte året, var ISDA og EBRD vert for et seminar i Praha i desember, med fokus på betydningen av netting i derivatmarkedet, som foreningen inviterte et bredt spekter av lokale markedsdeltakere og tjenestemenn. Seminaret ble fulgt neste dag med en generell oppdatering av ISDAs aktiviteter. Begge hendelsene ble ekstremt godt overvåket av bankfolk, sentralbankfolk, tilsynsmyndigheter og tjenestemenn fra departementet, ikke bare fra Polen, Ungarn og Tsjekkia, men også fra Slovakia og andre europeiske land. I begynnelsen av 1999 besøkte ISDA representanter fra National Bank, Finansdepartementet, Verdipapirkommisjonen og Den tsjekkiske bankforening, samt markedsutøvere for å diskutere juridiske og regulatoriske spørsmål som er relevante for derivatmarkedene i Tsjekkia. Diskusjoner fokuserte på ISDAs advokatpapir som redegjør for argumentene for nettinglovgivning, med aktive ISDA-medlemmer, inkludert EBRD, samt lokale markedsdeltakere, og oppfordret de tsjekkiske regjeringens tjenestemenn til å støtte etableringen og vedtakelsen av nære lovgivning. Som følge av dette utviklet Financial Markets Association (FMA) i løpet av 1999, som inkluderer National Bank, utkast til nettverkslovgivning. ISDA gjennomgikk de foreslåtte utkastene gjennom Allen amp Overy, dets europeiske juridiske rådgiver, og det håpes at det tsjekkiske parlamentet vil endre loven om konkurs samt verdipapirloven for å tillate netting av derivattransaksjoner under ISDA-masteravtalen i 2000. FMA har også uttrykt entusiasme for utviklingen av standardisert lokal derivatdokumentasjon, muligens i tråd med den ungarske modellen som er omtalt nedenfor. Separat har Nasjonalbanken anmodet om at ISDA bistår med å utvikle et markedsrisikoopplæringsprogram for dets tilsynsansatte. I august holdt ISDA sammen med KPMG og støtten av European Commission Commission (TAIEX), Technical Support Information Exchange Office et opplæringsforløb for å gi en innføring i standardmetoden i EUs kapitalkravsdirektiv (CAD) og også relatert risiko styringsspørsmål som intern verdi på risikomodeller, som er dekket av det senere CAD-endringsdirektivet. I 1999 avsluttet den ungarske Forex Association utviklingen av standardisert engelsksprog, lokal dokumentasjon for bruk i det ungarske derivatmarkedet. Selv om dette ikke er et ISDA-dokument, hadde ISDAs arbeidsgruppe muligheten til å gjennomgå utkastet til dokumentasjon før publiseringen. Dokumentasjonen, utarbeidet i stor grad av Allen amp Overy, er kompatibel med ISDAs eksisterende markedsstandarddokumentasjon, i form av lokale tillegg til ISDA Master Agreement og ISDA definisjoner, og ble publisert i mai 1999. Taskforcen støttet innsatsene fra Ungarsk industri i å utvikle lokal dokumentasjon som også kan brukes til grensehandel. Det håpes at den tsjekkiske og polske industrien vil følge med og skape for egen, lokal, ISDA-kompatibel dokumentasjon. ISDA har lært at finansdepartementet og sentralbanken støtter å inkludere en definisjon av close-out netting i en kapitalmarkedsreformregning. Videre er det behov for ytterligere fortalere, men ISDA håper å kunne samarbeide med de lokale myndighetene og næringen om å begynne å utarbeide lovgivning med økonomisk støtte fra EBRD. I tillegg til et seminar i september 1998 om prinsippene for risikostyring har de polske bank - og valutafondene forfulgt et lokalt dokumentasjonsprosjekt og er også interessert i å presse for vedtak av nettverkslovgivning. I desember 1999 organisert ISDA på grunnlag av en forespørsel fra TAIEX et seminar for den polske nasjonalbanken som utdyper implementeringen av derivat-, bytte - og tilbakekjøpstransaksjoner. Ytterligere besøk til Warszawa for å diskutere videre med markedsdeltakere og reguleringsorganer er behovet for å innføre nettverkslovgivning planlagt i 2000. I løpet av 1999 fortsatte ISDA sin dialog med både argentinske og meksikanske lovgivere og regulatorer. Nylige utviklinger i begge disse jurisdiksjonene har vært oppmuntrende. I Argentina har en endring av regjeringen forsinket gjennomføringen av revidert konkurslovgivning, som ble opprinnelig foreslått i slutten av 1998, og adresserte automatisk opphør av kontrakter og utelukkende netting i tilfelle konkurs. Justisdepartementet har foreslått en rekke endringer i den foreslåtte loven (Ley nr. 24.522 Ley de Concursos og Quiebras), som det er håpet den nye kongressen vil vurdere etter lovgivningen. Den meksikanske kongressen har vedtatt et lovforslag (Ley de Concursos Mercantiles) som omhandler konkursproblemer generelt og inneholder bestemmelser som omhandler automatisk oppsigelse av kontrakter og utelukkende netting i tilfelle konkurs. Det ser ut til å være bred lovgivningsstøtte for regningen, og det er håp om at det snart vil bli overført til lov. Sikkerhetsspørsmål var øverst på ISDAs dagsorden i Japan i 1999. I begynnelsen av året opprettet ISDA en underordnet sikkerhetskomité under dets Tokyo Operations Committee. Det første møtet i underkomiteen i februar var deltatt av omtrent femti markedsdeltakere. Diskusjoner fokuserte på operasjonelle problemer knyttet til overføring av japansk sikkerhet. Et annet møte i underkomiteen (senere på våren) var viet til en diskusjon av de juridiske problemene rundt bruken av sikkerhet i Japan. Under sommeren ble underkomiteen forhøyet til fullkomne status under ledelse av ISDAs styremedlem Shigeru Asai i Sanwa Bank. Utvalget satte som mål å øke sikkerhetsbruken for å redusere kredittrisiko og etablere retningslinjer for styring av sikkerhetsprogrammer i Japan. I oktober sponset Sikkerhetskomiteen en rekke møter med ISDA-medlemmer, Bank of Japan (BOJ) og Det japanske finansielle tilsynsorganet (FSA) for å diskutere sikkerheter og derivater. Michael Clarke fra JP Morgan, medformann i ISDAs globale sikkerhetsutvalg, og Susan Hinko, ISDAs direktør for politikk for Amerika, gjorde presentasjoner som diskuterer den globale veksten i sikkerhetsstillelse, fordelene og risikoen for sikkerheter, det lovgivende rammebestemmelsene for sikkerhet og Baselkomiteens kapitalkrav knyttet til sikkerhet. De diskuterte også hvilken type organisatorisk infrastruktur som kreves for å sikre en faglig og effektiv sikkerhetsstyringsoperasjon. ISDAs Tokyo Documentation Committee var også aktiv i 1999. FX Definitions Working Group etablert av komiteen begynte å samarbeide med Tokyo FX Markets Committee om en japansk språk brukerhåndbok for 1998 FX og valuta alternativ definisjoner. Guiden vil ikke være en direkte oversettelse av den engelske versjonen, men vil forklare i ren japanske slike nye konsepter som forstyrrelser og ikke-leverbare FX. Aktiviteter i ISDA Tokyo Operations Committee i 1999 inkluderte diskusjoner om hvordan man skal håndtere negative renter. Disse diskusjonene fokuserte på slike systemproblemer som automatisert beregning, mark-to-market regnskap og kontantstrøminformasjon. Operasjonskomiteen drøftet også innføringen og statusen under japansk lov om faksbekreftelser. I løpet av 1999 etablerte ISDA en Tokyo Regulatory Committee under ledelse av Tsuyoshi Hase av IBJ-Nomura, et tidligere ISDA styremedlem. Komiteen opprettet tre underkomiteer. Den første er skatte - og regnskapsutvalget, som har fokusert på japansk regnskapsutvikling, spesielt innføring av markeds-bokføring for bankboken. The second is the Legislative Committee, which initially concentrated on the Japanese Financial Services Act. The third is the Capital Adequacy Subcommittee, which focused on the Basel Committee Capital Accord Reform process. ISDA held several meetings with Japanese regulators during the year to discuss issues of mutual interest. In April, Rick Grove, ISDA CEO, and ISDA Board members Teruo Tanaka of IBJ and Shigeru Asai of Sanwa Bank met with the BOJ. The same ISDA representatives, joined by ISDA Chairman Mark Harding and several other North American and European-based ISDA Directors and staff members, made a follow-up visit to the BOJ in October. At the same time, the group visited the FSA and the Ministry of Finance. Discussions concentrated on Japans Big Bang, the reform of the Basel capital accord and ISDAs activities in Japan and elsewhere around the world. ISDA held two other important meetings with Tokyo-based members in 1999. In April, ISDA representatives met with Japanese members to discuss anticipated future developments in derivatives activity and risk management. In October, ISDA held its annual Tokyo members update over a two-day period. The first day consisted of specialist briefings relating to Japanese regulatory and legislative changes, credit derivatives documentation, collateral, tax and accounting. The second day included an overview of ISDAs global documentation, risk management, collateral, accounting and market practice issues. The keynote regulatory address was delivered by Masaaki Shirakawa, advisor to the Governor of the BOJ. Toward the end of the year, the ISDA Board approved a proposal to establish a full ISDA office in Tokyo during the year 2000. The ISDA Tokyo office will provide support to ISDAs Tokyo committees and ISDAs Tokyo-based members. The office will be staffed initially by two full-time ISDA staff members. The opening is set for April 13. Strategic Documentation Review In June 1999, ISDA began a comprehensive review of certain key aspects of its standard-form documentation. The project, called the ISDA Strategic Documentation Review, is being undertaken to ensure that ISDAs documentation continues to reflect both developing market practice and the experiences of industry practitioners during periods of market stress experienced in late 1997 and throughout 1998. Throughout 1999, four working groups focused on issues of termination, valuation and close-out force majeure master agreement structural issues and collateral documentation. Each of the working groups is comprised of senior legal staff from member firms having particular expertise in ISDA documentation. In relation to the work done on collateral documentation, which followed on from the recommendations contained in the ISDA 1999 Collateral Review, see the section on Collateral Management, below. Each of the other three areas of discussions are considered in turn below. Pending publication of an amended ISDA Master Agreement, it is intended that a protocol mechanism will be established to implement on a multilateral basis the amendments resulting from the project. Termination, Valuation and Close-out Working Group The focus of this working group is Sections 5 and 6 of the ISDA Master Agreement. During recent periods of market stress, it became clear that, although legally robust, the Market Quotation payment measure contained in the ISDA Master Agreement may not be sufficiently flexible in a crisis situation. The mechanism requires that quotations be obtained from at least three Reference Market-makers. During periods of market stress, this can prove difficult in the cases of large or illiquid portfolios. The working group is seeking to develop a more flexible approach, allowing parties to draw on a wide range of market information, including, where reasonable, the use of data produced internally to determine replacement values for transactions accurately and on a timely basis. The working group is also reviewing the Events of Default and Termination Events set out in the Agreement to assess whether it would be appropriate to shorten cure periods and other relevant timeframes. Force Majeure Working Group Recent periods of market turmoil also accentuated the importance of clarifying the effect of impossibility or force majeure events on the contractual obligations of parties to an ISDA Master Agreement. Although it contains provisions addressing Illegality, the ISDA Master Agreement does not currently address impossibility or force majeure. This working group is developing a suitable provision and assessing appropriate cure and waiting periods. Similar work has been being undertaken by the Foreign Exchange Committee of the Federal Reserve, and efforts are being made to coordinate approaches. Master Agreement Structural Issues Working Group The goal of this working group is to develop a legally robust and practical means by which industry participants can take greater advantage of cross-product netting. The working group is considering three means of achieving this: first, the working group is considering the development of bridges to other master agreements such as the Global Master Repurchase Agreement produced by the Bond Market Association (TBMA) and the International Securities Market Association. Similar bridges were prepared by ISDA in 1996 to enable parties to draw transactions executed under the FRABBA and BBAIRS provisions prepared by the British Bankers Association into their ISDA Master Agreements. Secondly, the group is considering the practicalities of a master-master agreement approach to cross-product netting. This is an area in which TBMA is undertaking a considerable amount of work. ISDA, through its external counsel, has commented on exposure drafts of a master netting agreement produced by TBMA and will continue to examine their efforts going forward, with a view to endorsing any suitably robust document. Thirdly, the group is looking to develop a single broad-ranging master agreement that would enable parties to document a broader range transactions, including repurchase transactions, under a single agreement. Most recently, the working group has focused on the development of bridges. However, ISDA considers that these bridges will be a temporary measure. The longer-term, permanent solution will be a broad-ranging single master agreement. 2000 ISDA Definitions Through the substantial efforts of a small working group and a larger task force in the latter part of 1999, the Association pursued its goal of publishing a revised set of definitions for interest rate and currency swap transactions. The product of these efforts will be called the 2000 ISDA Definitions and will combine the 1991 ISDA Definitions, the 1998 Supplement to those definitions and the 1998 Euro Definitions to create a document that will hopefully stand the test of time as well as the original 1991 ISDA Definitions has. The group is focusing on issues such as cash settlement, where it is seeking to reflect the experience of market participants in using the existing cash settlement provision while anticipating the likelihood that market practice in that area will continue to evolve in the coming years. ISDA expects to complete this project in the first quarter of 2000. 1999 ISDA Credit Derivatives Definitions In July, the Association published the 1999 ISDA Credit Derivatives Definitions. The Definitions, which are intended to facilitate the documentation of credit default transactions, have quickly gained broad market acceptance. The Definitions provide parties to credit default transactions with a shorter, more convenient means of documenting their transactions, replacing long-form confirmations based on the form ISDA published over two years ago. In addition to streamlining the documentation of individual transactions, the Definitions provide greater certainty of terms, more flexibility in tailoring specific provisions and wider coverage of underlying obligations. One of the principal aims of the Association in developing the definitions was to promote legal certainty in the market for credit default products. It is hoped that this has been achieved through the production of objective definitions, most clearly evident in the revised definition of the Restructuring Credit Event. Work on a users guide to the Definitions is well under way and should be completed by the end of the first quarter of 2000. The users guide will not only include detailed explanation of the provisions in the Definitions, but will also address other issues that were considered in the course of drafting the definitions. Work on additional credit derivative product areas in also in the Associations future documentation plans. Year 2000 Review of ISDA Documentation The Association worked with the Financial Markets Lawyers Group and with the Global Year 2000 External Risk Mitigation and Contingency Planning Committee to consider Y2K date change issues that may affect the financial markets. The ISDA Year 2000 Review of Standard Documentation represented one aspect of ISDAs efforts in this regard. Like a number of other financial markets industry associations, ISDA conducted an extensive review of its standard-form documentation with a view to highlighting any provisions of which industry participants should be particularly aware in light of the Y2K date change problem. It also contained a summary of ISDAs Business Day Conventions and reproduced the Global 2000 calendar of local market closures around the millennium period. Having undertaken the review process, the Association was able to conclude with certainty that there were no Y2K time bombs buried in its documentation. NETTING AND COLLATERAL OPINIONS Mitigation of risk through the use of netting and collateralization continued to be a central consideration for the Association throughout 1999. Both the Strategic Documentation Review and the efforts of the ISDA Collateral Committee focused considerable efforts on these area during the year. A further manifestation of this focus was the expansion of the Associations efforts to collect opinions on the enforceability of the ISDA credit support documents and the close-out netting provisions contained in the ISDA Master Agreement. At the end of 1999, a netting opinion for the Bahamas was commissioned. This will bring the total number of jurisdictions from which netting opinions have been obtained to thirty-five. Revised opinions were obtained to reflect newly enacted netting legislation in Australia, Germany, Japan, the Netherlands and New Zealand. Opinion updates from thirty-one jurisdictions were solicited during the year and have been delivered to members. The Associations collateral opinion project, which began in 1997, is continuing to grow to meet the needs of ISDA members. Collateral opinions have now been acquired from a total of fourteen jurisdictions. In 1999, opinions from France, Germany, Hong Kong and Thailand were distributed to members and opinions from Italy, the Netherlands, Portugal and Spain are under consideration. Additionally, the Association plans to commission collateral opinions from Australia, Austria, Bermuda, Denmark, Finland, Ireland, The Netherlands Antilles, Norway, South Africa and Sweden in 2000. ISDA is continuing to research ways in which available technology can be used to deliver netting and collateral opinions to members more promptly and in a medium that would allow members to distribute the opinions more easily to interested parties within their organizations. In 2000, ISDA began to deliver its opinions by e-mail, in addition to hard copy form. ISDA placed a strong emphasis on risk management in 1999, following the announcement by the G10 Basel Committee of Banking Supervisors of a major review of international capital adequacy standards and the issue of a parallel consultation paper by the European Commission. The Basel Committee consultation paper was a welcome development and followed an active campaign by ISDA to raise awareness of the flaws of the 1988 Capital Accord, which culminated in the publication of ISDAs paper on credit risk capital reform (Credit Risk and Regulatory Capital, March 1998). ISDA considers the on-going Capital Accord review to be an excellent opportunity to ensure that regulatory capital is more closely aligned with banks economic capital and, in particular, to secure an incentive-compatible treatment of credit risk mitigation instruments. It is of the utmost importance that regulators apply charges that are directionally consistent with the risks that they are trying to capture. Of equal importance however is the need for a fundamental re-think of the rationale for applying minimum capital charges. ISDA believes that for some categories of risk, most prominently operational risk and interest rate risk in the banking book, applying minimum capital requirements is not the correct approach. As a complement to its Basel review initiative, ISDA also carried out in-depth studies of operational risk practice and credit risk modelling. These initiatives, launched jointly with other trade associations, have greatly contributed to improving the expertise of member firms in the fields concerned, and will, it is hoped, be useful to regulators. Reform of the Basel Accord To address the many issues raised by the Capital Accord review, ISDA set up three working groups under the oversight of a Capital Accord Steering Committee. More than 40 firms, representing 13 countries were involved in the response process: The CFWG considered the adequacy of the overall framework proposed by the Basel Committee, notably the soundness standard underpinning the regulatory capital requirements and the suitability of applying minimum capital charges against the various forms of risk envisaged by the Committee. The IRWG structured a matrix of credit risk capital charges, and proposed methodologies for attaining a more appropriate treatment of credit risk mitigation. The ORWG drew on banks of different types from a number of jurisdictions and focused on the appropriateness of a minimum charge for operational risk, as distinct from the process of supervisory review. As with other aspects of ISDAs response, the prime concerns were the risk-sensitivity of any regulatory treatment and the incentives it embodied. This work also entailed extensive regulatory liaison, which is set to continue in 2000. ISDA concluded that the regulators ought to promote the following principles in the new capital adequacy framework: Clarity . The assumptions underlying the new framework should be made explicit where this is possible. For instance, the horizon set for holding capital (equivalent to the holding period retained in the trading book rules), as well as the loss percentile assumed, should be clearly defined. This is a pre-requisite for establishing a consistent, incentive-compatible framework, particularly since relying on portfolio risk models in the longer-term future is envisaged. ISDA suggests retaining 99th percentile loss over a one year horizon as a basis for setting capital requirements. This would ensure that capital charges constitute a maximum insolvency standard that is non-constraining for well managed banks. Economic consistency: Regulatory capital charges should be aligned more closely with banks economic capital, and certainly be directionally consistent with it. They should for this purpose be sensitive to the same risk drivers that govern economic capital variations. The current Accord fails this test. ISDA has identified a range of key factors, and derived capital requirements based on these factors. For instance, credit risk charges are dependent on the tenor of the exposure, the default probability of the issuer, the loss given default on the facility, and diversification. Similarly, where analyzing contingent credit risk, ISDA has sought to link default correlation with essential parameters, such as the country of incorporation and industry of the obligors. Economic consistency is a pre-requisite for the proportionate recognition of risk mitigation (credit derivatives, operational risk insurance). Finally, ISDA strongly advocates the recognition of banks potential future exposure measures by the regulators in the calculation of counterparty risk charges. Simplicity: Regulators should also seek to avoid excessive complexity in developing new capital rules. These need to remain sufficiently simple, although robust, in order not to burden banks with disproportionately high implementation costs. To this end, ISDA suggests a framework for credit risk, where the same matrix of capital requirements applies whether or not the bank has been allowed to use its internal ratings for regulatory purposes. Similarly, the incorporation of credit risk mitigation in the framework is not differentiated according to whether the capital charges are internal ratings or external ratings-based. Incentives for good risk management: Finally, it is essential that regulators consider carefully whether minimum capital requirements are appropriate protection against the forms of risk under consideration. ISDA does not believe that charging against operational risk is sensible, since this risk is mostly endogenous and should therefore normally be addressed by adopting proper systems and controls. Establishing minimum capital charges against operational risk would lead to arbitrage, and runs the risk of discouraging the development of adequate controls, in particular if the charges applied bear little relation to the underlying risk. ISDA would suggest developing an assessment methodology for banks operational risk as part of Pillar II of the review, to ensure at least that regulatory intervention, if warranted, is proportionate to the level of risk incurred and quality of the controls in place. Similarly, it is proposed to address interest rate risk in the banking book as part of Pillar II. From a broader standpoint, ISDA welcomes the Committees emphasis on increased and improved supervision and also supports Pillar III of the review, in as much as disclosure can effectively foster market discipline. Throughout the response drafting process, ISDA has kept in close contact with banking regulators around the world, in the hope of being able to influence the Basel debate in its early stages. ISDA held discussions with the U. S. U. K. Japanese and French regulators, as well as the Basel Committees Models Task Force and the EU Commission. ISDA is a member of the U. K. Financial Services Authority Advisory Group on the review of the capital adequacy framework. ISDA has been invited by the Basel Committees Models Task Force to participate in a data-gathering project on loss given default (LGD), exposure at default and credit risk capital allocations. ISDA has welcomed this proposal for further dialogue, and hopes to be able to provide the regulators with meaningful information. ISDA will also produce a response in March 2000 to the European Commission consultative paper on capital adequacy, specifically addressing the comparative regulatory treatment of banks and securities firms. Credit Risk Modelling The testing exercise conducted jointly with the Institute of International Finance came to an end in late 1999. This concludes nearly two years of both quantitative and qualitative work on portfolio credit risk models, coordinated by both associations and involving 25 banks. This important piece of work has provided participants with a unique opportunity to compare models, in both their theoretical make-up and internal implementation. A major lesson learned from the testing process has been that models are directionally consistent, in other words react similarly to similar shocks, and that loss measures obtained for a given standardized portfolio tend to be consistent within model types. Further initiatives were launched during 1999 in the field of credit risk modelling, with a view to addressing the weaknesses that the Basel Committee believes prevent reliance on models for regulatory purposes: data scarcity and validation difficulties. As far as data is concerned, ISDA has initiated, together with Robert Morris Associates and the British Bankers Association, an LGD data pooling exercise for European banks. This will produce a European LGD benchmark, for use by members as a key input into their credit risk modelling, and by regulators, as a starting point where seeking to establish the reasonableness of banks LGD assumptions. In the field of model validation, ISDA has launched a joint project with the International Association of Financial Engineers, to create a library of academic-industry projects on credit risk modelling and validation. This will provide our membership with an opportunity to take part in some of the most advanced academic studies on this topic. Participation from regulators in this research pool is also envisaged. In 1999, ISDA continued to monitor and provide feedback to regulators on policy regarding the regulatory treatment of credit derivatives. The last year saw changes in regulation in Australia and Hong Kong and Singapore. In July, ISDA responded to guidance published by the Australian Prudential Regulation Authority (APRA). The Association welcomed the retention of trading book eligibility criteria and the treatment of maturity mismatches in the banking book: APRA proposes partial capital relief in tune with ISDAs proposal for a sliding scale of charges for forward credit risk. The Association further supported the treatment of maturity mismatches in the trading book, where APRA applies one specific charge as opposed to the two applied in some other jurisdictions. ISDA however, felt that the approach to first-to-default basket products was unduly conservative for both protection sellers and buyers. The Association also expressed concern about the lack of recognition of specific risk offsets in the trading book. In the autumn of 1999, ISDA studied proposals for new regulation produced by the Hong Kong Monetary Authority (HKMA). This guidance focused on credit derivatives in the banking book only. ISDA urged HKMA to clarify their approach to trading book eligibility. Transparency was also needed with regard to the treatment of maturity mismatches in the banking book, and of multiple name credit derivatives. Operational Risk Survey During 1999, the Association, in conjunction with the British Bankers Association and Robert Morris Associates (RMA), undertook a detailed and groundbreaking study of operational risk management. The study describes current practice and thinking on the definition, measurement and management of operational risk. Fifty-five major global financial institutions responded to a detailed survey questionnaire. The resulting study represents the first publicly available analysis and report on the rapidly evolving subject of operational risk technology. In addition to describing current organizational structures, policies, practices, and procedures, the study suggests alternative methods for managing operational risk and provides a methodology for approaching risk on an enterprise-wide basis. Exhibits and data track the evolution of operational risk management, providing a road map for institutions beginning to implement operational risk programs. The study also distinguishes between strategies utilized in a centralized management structure and those in place at the business unit level. Some of the topics addressed in the study include: Operational Risk and Shareholder Value Defining Operational Risk Trends in Organizing an Operational Risk Management Structure and Reporting An Inventory of Operational Risk Management Tools Including Self Assessment, Risk MapsProcess Flows, Risk Indicators, Escalation Triggers, Loss Event Database and the Integrated Use of Tools and Insurance Strategies. Interest in the survey has been widespread among institutions and industry regulators. In October, the Association, BBA and RMA accepted an invitation to present the preliminary results of the survey to the Basle Risk Management Committee. A successful presentation was also made at the Asian Regulators Forum in Singapore in October. In addition, the survey findings were discussed at conferences in London and New York in November. The survey is available on the ISDA website (isda. org). Risk Management Seminar Program ISDA continued its monthly lunchtime seminars in New York and London on risk management. These seminars provide useful updates on industry best practice and research in the field of risk management. A mix of institutions is represented, including practitioners, consultants, rating agencies and academics. The 1999 program focused primarily on operational risk and credit risk measurementmanagement. North American Program 1999 EUROPEAN REGULATORY ACTIVITIES European Commission Action Plan The impetus to create a genuine single market in financial services which had witnessed the establishment in 1998, with ISDA involvement, of the Strategy Review Group (SRG) continued into 1999. EU Finance Ministers in May responded to the European Commissions Communication on the work of the SRG by agreeing an important Action Plan on the steps needed to complete the single market. ISDA successfully lobbied Ministers on the need to move ahead more rapidly in the area of wholesale capital markets, where our priorities remained the need to allow interprofessional business to be regulated on a country of origin (or home country) basis, the need for action on collateral, and the need for more flexible legislation. The Action Plan priorities reflect these points. Over the summer, the Commission established five Forum Groups of industry experts from across the EU to advise on how to proceed and to translate these priorities into action. ISDA is represented by members on three groups: reform of the Investment Services Directive (ISD), collateral and market manipulation. Meanwhile, the high level financial services policy group Ministers set up at the Vienna European Council continued to meet to monitor progress. No concrete measures have, however, yet been proposed. Another important development in 1999 was the growing influence of the Forum of European Securities Supervisors (FESCO). In November 1999, FESCO issued a consultation paper on a proposed common definition of a professional investor. FESCO proposes defining authorized firms as professional, with sophisticated non-authorized firms able to opt in to that category. But it proposes no differentiation at this stage in the rules applicable, other than suggesting that more general principles might be appropriate for professionals. ISDA issued a response jointly with two other wholesale market trade associations calling for a more flexible definition that would more easily allow sophisticated investors to be treated as professional. ISDA also sent a paper to the ISD Forum group calling for home country control for interprofessional business. The European Commission indicated that it would follow the FESCO paper with a Communication in 2000 recommending how it should be applied in the context of the EU Directives and is thought to be sympathetic to ISDAs position. ISDA discussed both the FESCO paper and the implications for the ISD with the German, French and U. K. supervisors during late 1999. All are sympathetic to the need to treat professional investors with a lighter regulatory touch, but are unlikely to agree readily that home country control is the logical next step. Both FESCO and the Forum Group are similarly preparing the ground for European Commission action on market manipulation. Given the concerns over the changes to the U. K. regime in this area, ISDA will prepare a paper outlining the difficulties of proceeding with a directive when national differences in how manipulation is defined and policed persist and when there is no agreement on whether enforcement should be by home or host state competent authorities. European Parliament Intergroup on Financial Services ISDA passed the chairmanship of the industry advisory committee of the Intergroup to ABN AMRO for 1999. ISDA continued to work with the committee to raise the profile of financial services in the Parliament, and held several productive discussions, notably on the EU Action Plan and on electronic commerce. The 1999 elections, however, naturally interrupted our activities and, furthermore, the formal position of the Intergroup was thrown into question by the decision of the new Parliament to suspend all such groups pending a review. The Advisory Committee has decided nevertheless to continue with its activities as a forum for liaison with the Parliament and will continue with a full program for 2000. U. K. Financial Services Authority (FSA) Given the key role of London as a centre of OTC activity in Europe, ISDA has continued to follow the establishment of the FSA with great interest. The legislation creating the FSA as an integrated regulator spent most of 1999 in the U. K. Houses of Parliament and despite the constitutional innovations of a joint committee between the two Houses and the carrying over of the bill between two sessions, progress is being made slowly. Agreement is, however, likely in late Spring 2000. Industry lobbying focused on two main issues: the need for checks and balances on the FSAs new enforcement powers, which appear at odds with the European Convention on Human Rights, and on the need for the FSAs market abuse regime to include only intentional market manipulation. ISDA worked with a number of U. K. and international trade associations on these and a host of other issues throughout the year. On enforcement, the Government appears to have given some ground. The position on market abuse remains of some concern, since the Government refused to include an intent provision, but amendments to include a reasonable behaviour defence have been added and the FSA market code, to follow the bill, is expected to expand on this and to clarify that acting in accordance with FSA guidance provides a safe harbor. ISDA also provided comment in 1999 on various FSA consultative papers and participated in FSA discussions on a number of issues. The key topics for 2000 will be the emergence of new integrated prudential and conduct of business rulebooks, the FSA regime for interprofessional business and the FSA market abuse code. Settlement Finality Directive ISDA continued to monitor the implementation by member states of this Directive, which protects payment and securities settlement systems from action by liquidators which could unwind transactions and create systemic contagion effects. Article 9(2) of the Directive held particular promise by appearing to define the law applicable to dematerialized securities as the law governing the book entry system where they are held. This would be a welcome clarification in many situations, especially in the case of collateral held in the form of dematerialized securities and pledged between two participants in different jurisdictions. It appeared in subsequent discussions, however, that this Article does not require member states to apply it in all cases. ISDA has therefore joined others in pressing member states to implement it in a broad sense. Most member states, with the notable exception of Spain and the U. K. seem to have done so. U. S. REGULATORY ACTIVITIES There were three major areas of interest for ISDA in this regard in 1999: reform of the Commodity Exchange Act (CEA) financial services reform and bankruptcy reform. Reform of the Commodity Exchange As the U. S. Congress began to focus on reauthorization of the Commodity Futures Trading Commission, whose authorization expires September 30, 2000, the reform of the Commodity Exchange Act quickly became a focus of ISDAs North American regulatory efforts in 1999. ISDA participated in a number of legislative forums throughout 1999 in an effort to further the agenda for Congress to provide legal certainty for the OTC markets. Two ISDA Board members, Charles Smithson of CIBC and Ernest Patrikis of AIG, joined other businessmen, academics and regulators at a two-day roundtable held by the Senate and House Agriculture Committees at the end of February to discuss a wide range of issues in relation to both privately negotiated and exchange-traded derivatives. The Association also met with representatives of the Chicago Mercantile Exchange and the Chicago Board of Trade to discuss and consider their proposals for reform of the CEA. The Subcommittee on Risk Management and Specialty Crops of the House of Representatives Agriculture Committee held hearings on the CEA in May, at which ISDA was represented by Joe Bauman of Bank of America. Mr. Bauman stated ISDAs views that Congress should take legislative action to clarify that the CEA does not apply to OTC derivatives transactions and that Congress should also provide regulatory relief to the U. S. futures exchanges. In May, ISDA joined eight other industry groups in a letter to Rep. Tom Ewing, Chairman of the Subcommittee, urging Congressional action on reform of the CEA consistent with ISDAs objectives to provide greater legal certainty and promote market efficiency. On July 22, Rick Grove attended a working group hosted by Chairman Ewing to discuss a wide range of issues relating to the CEA. There, Mr. Grove reiterated ISDAs stance, which was supported by a number of other working group members. On November 9, 1999, the U. S. Presidents Working Group on Financial Markets issued its report Over the Counter Derivatives Markets and the Commodity Exchange Act. The reports recommendations (which were unanimously supported by the Secretary of the Department of the Treasury, the Chairman of the Board of Governors of the Federal Reserve, the Chairman of the Securities Exchange Commission and the Chairman of the Commodity Futures Trading Commission, reaffirmed the need for legal certainty for OTC markets and urged Congress, among other things, to exclude from the CEA bilateral transactions (other than transaction involving non-financial commodities with finite supply) between sophisticated counterparties. Eight key financial groups joined ISDA in issuing a statement applauding the report and urging Congress to legislate legal certainty for the OTC derivatives markets. ISDAs only concern, which it raised with members of Congress and federal agencies, was the lack of CEA exclusion for energy and other commodity derivatives if they were considered to be transactions involving non-financial commodities with finite supply. During 2000, ISDA will parti cipate in Congressional hearings and will continue to work with the U. S. Congress and U. S. regulatory agencies to pass legislation implementing the recommendations of the Presidents Working Group. ISDA worked throughout the year to promote the passage of legislation to modernize the U. S. financial services system and to remove archaic boundaries to competition and market development. Just before their August recess, both houses of Congress passed version of financial modernization legislation. A conference committee quickly reconciled differences between the two versions, and in October 1999, a legislative milestone was reached with the passage into law of the Gramm-Leach-Bliley Act on financial modernization. The legislation established that commercial banks are able to conduct a wide rage of swap activities without interference from non-bank regulators. ISDA has been lobbying in favor of such a provision for many years. With the exception of a narrow class of retail equity swaps, banks will be able to conduct this business without any requirement that transactions be booked in or effected through any other entities. Throughout the consideration of the legislation, ISDA worked very closely with its members, consultants and other organizations to achieve this beneficial result. The Association continued to support the passage of bankruptcy reform legislation that clearly recognizes cross-product netting and promotes greater certainty for the netting of financial contracts. Bankruptcy reform provisions that affect financial contracts have wide support but have been included in legislation that includes more controversial consumer provisions. The U. S. Presidents Working Group on Financial Markets Over the Counter Derivatives Markets and the Commodity Exchange Act supported enactment of improvements in the netting regime for derivatives transactions under the U. S. Bankruptcy Code, echoing the recommendations in the Working Groups report on highly leveraged institutions, published in April 1999. ISDA will continue in 2000 to lobby strongly for appropriate legislative action in this regard. OTHER REGULATORY DEVELOPMENTS Reduction of Collateral Call CyclesThe Review was very well received by the industry, receiving the support of the Counterparty Risk Management Policy Group and a number of industry regulators. About half of the recommendations contained in the Review addressed improvements in collateral documentation. In July 1999, ISDA organized a further two-day offsite for senior collateral practitioners to discuss how the various recommendations should be implemented. This in turn led to the publication, in October 1999, of the first draft of a detailed set of instructions to external counsel requesting the development of revised ISDA collateral documentation that will reflect the improvements in collateral management practices suggested by the Review. It is intended that a revised set of ISDA collateral documentation (provisionally entitled the 2000 ISDA Credit Support Provisions) will be finalized during 2000. ISDA Collateral Benchmarking Survey The Review contains a summary survey of collateral volumes and management practices as of early 1999. Industry practitioners recommended that a more extensive survey of market practice would be of considerable value. During 1999, ISDA began to undertake such survey. A questionnaire containing approximately one-hundred questions, aimed at assimilating essential data, was prepared and was distributed to ninety-two institutions. The results of the survey will: Facilitate assessment of the challenges faced by collateral practitioners Indicate the operational standards to which institutions intending to manage collateral should aspire and Provide a benchmark against which institutions that already manage collateral can assess the efficiency of their operations relative to other industry participants. It is intended that the survey will be completed in the first quarter of 2000. European Collateral Law Reform Project In February 1999, ISDA formed the European Collateral Law Reform Group as a small ad hoc working group, whose brief was to map out the case for improving the legal infrastructure for secured transactions across the European Union. The group was asked to build on the paper ISDA had submitted to the European Commissions Strategy Review Group in 1998 in which ISDA had called for action in this area. As the groups work progressed, it quickly became apparent that there were issues that could and should be addressed in virtually every EU jurisdiction, and possibly at the EU level too. By the end of the year, the group delivered a report (available on the ISDA website) making a clear and compelling case for action. The report calls for European collateral arrangements to be based on the following key principles: Appropriate Rules: rules and procedures for implementing and maintaining a collateral arrangement should be simple, clear and cost-effective. Reduction of Formalities: cumbersome formalities such as registration, notification, filing and similar requirements should be abolished. Ability to Reuse Collateral: a collateral taker should be free to deal with the collateral until it is required to return it. Protection from Insolvency . a giver of pledge collateral (a pledgor) should be protected from the insolvency of the taker of that collateral (the pledgee). Law Chosen by Parties Should Govern: the law governing the creation and priority of the collateral arrangement should be the law chosen by the parties. Choice of Law Where No Law is Chosen: where no law has been chosen by the parties, the governing law should be the law of the place where the collateral is held, collateral held through an intermediary being deemed held where the intermediary maintains the account, register or other official record representing such collateral. Clarification of Status: the legal nature of a partys holding of securities in a clearing system should be clarified. Protection Against Third Parties: collateral arrangements should be protected from the rights of third parties. Protection Against Preferences: top-up deliveries of collateral under mark-to-market collateral arrangements should be protected from avoidance under preference and similar insolvency rules. At the same time as the Europe-wide summary report from which these principles are taken, this group also completed papers on each of the 15 EU jurisdictions, allowing market participants and authorities to compare and contrast in detail the situation in the constituent parts of the single European market. Use of collateral in connection with financial transactions is growing rapidly and the potential is particularly great in Europe. Legal obstacles represent an unnecessary barrier to that growth. On the positive side, the European Commission and the European Central Bank have both demonstrated their support for a more effective collateral regime for Europe and collateral features as a high priority action point in the Action Plan agreed by EU Finance Ministers in May 1999. In September, the European Commission set up a consultative Forum group to study the issue further. ISDA continues to work with the EU institutions and the Forum group going into the year 2000. At the same time, the work of the European Collateral Law Reform Group has attracted participation from the broad ISDA membership, making this project a major part of ISDAs portfolio. EUROPEAN ECONOMIC AND MONETARY UNION (EMU) Following extensive preparations in 1998, ISDA was not surprised by the smooth changeover to the euro. ISDAs five EMU Task Forces - Market Practice Documentation Operations Accounting Tax amp Capital and Legal amp Regulatory - had been instrumental over the previous two years in identifying the critical issues and finding solutions well in advance of the actual introduction of the euro. Some 1,200 members were active in these five Task Forces. ISDAs commitment to assisting the market in ensuring a smooth changeover was documented in the various publications, memorandums and updates such as ISDAs EMU Protocol and ISDAs Operations Guidelines, contained in the EMU Guidebook. Following the introduction of the euro, ISDA re-structured its Task Forces by forming the Euro Committee in its place. The Euro Committee met several times during the course of 1999 allowing members to reflect on their first experiences with the euro and discuss a number of post conversion issues. Euro Swap Conventions - reconfirmed in 1999: Floating day count basis: Actual360 Fixed rate day count basis: 30360 Business days: TARGET operating days should form the basis for euro business days Fixing period: two day rate fixing convention Coupon frequency: annual At the beginning of 1999, members of the Euro Committee agreed that it would be helpful to survey how market participants were applying the day count convention of ActualActual. As a result, ISDA published a survey which was distributed to all interested members and which aimed to provide feedback on the use of the euro conventions, as well as the treatment of legacy trades. The survey confirmed that the majority of euro trades (i. e. plain vanilla euro interest rate swaps) used 30360 as the fixed rate day count fraction. However, the survey also revealed that for euro swaps in which the fixed payments are designed to match cashflows on a fixed rate bond issue, the day count fraction applicable to the bond (typically, ActualActual) was used. The survey also indicated that more than one method of calculating ActualActual was being used. Discussions at the Euro Committee meeting showed that members would like ISDA to provide standard definitions allowing for the documentation of trades according to alternatives such as the ISMA and AFB methods. Accordingly, ISDA developed language intended to serve as a basis for incorporation into the 2000 ISDA Definitions, ultimately allowing members to document ActualActual according to the ISMA and AFB methods. In addition, market practice concerning EURIBOR rounding and interpolation has led ISDA to review the language in the 1991 ISDA Definitions and conclusions reached in the meetings of the Euro Committee also influenced the drafting reflected in the 2000 ISDA Definitions. The Euro Committee further discussed the question of which calendar to use for the settlement of ECU trades. The appropriateness of the approach taken by the majority of market participants, namely to follow the unofficial recommendation by the European Banking Federation (EBF) and use TARGET business days as the successor to ECU settlement days, was subsequently confirmed by the Bank of England in their PIQ (Practical Issues Quarterly), published on June 4. Members raised particular concern about the lack of available information in regard to national holiday calendars and TARGET operating days. ISDA has called on the European Commission and European Banking Federation to provide national holiday calendars as soon as possible and ISDA has also urged the European Central Bank to clarify when TARGET is expected to close in the years beyond 2000. A further matter that arose towards the end of 1999, following the announcement of additional TARGET settlement days, was the need for clarification on how to obtain a settlement rate for legacy trades (which are settled according to pre-1999 business day conventions) on national banking days which are not TARGET business days. ISDA continues to pursue this matter with the EBF, which sponsors EURIBOR. ISDA continues to discuss these topics with members of the Euro Committee. Further efforts will include consideration of whether there is a need to facilitate the redenomination of outstanding legacy transactions and the adoption of the euro by other countries going forward. ACCOUNTING amp DISCLOSURE ISDA continued to monitor developments in the field of accounting and disclosure in Europe throughout the year. The effects of standard setters interest in mark-to-market valuation for financial instruments is beginning to be felt. A disclosure recommendation from the European Commission was issued for comment and the possibility of a European Accounting Standards Board discussed. Many European members of ISDA are already affected by U. S. FAS 133, by virtue of having a U. S. listing. In this context, the position and influence of the London-based International Accounting Standards Committee is being closely monitored. As in North America, many firms continue to have serious concerns about the seemingly unstoppable move to fair-value accounting. Even where the principle is accepted, implementation remains an issue. The Federal Accounting Standards Board (FASB) voted on May 19 to delay the date for implementation of FAS 133 (Accounting for Derivative Instruments and Hedging Activities) for one year to fiscal years beginning after June 15, 2000, citing Y2K reprogramming concerns as the reason. ISDA submitted a letter in early May supporting calls for the delay. Also during the year, ISDA commented on the FASBs Exposure Draft regarding Transfer of Financial Assets, an amendment to FAS 125 that deals with recognition and measurement of the right to sell or repledge collateral held. In its comments, ISDA agreed with the Boards theoretical basis for recording the fair value of the contractual right to sell or repledge collateral by both the pledgor and receiver of collateral. ISDA also emphasized however that recording assets and liabilities as separate contractual rights is inappropriate when viewed in the context of a costbenefit analysis, since the value of the collateral rights are immaterial compared to the value of the related balance sheet amounts. ISDA supported an approach that does not require the reporting of the contractual rights and requires the recording of collateral assets only when a debtor defaults and is no longer entitled to redeem the collateral. In early 2000, FASB issued its final guidance which did not require the reporting of contractual rights. A new undertaking for ISDA in 1999 was the formation of an important new committee on equity derivatives. The Committee unites front-office and legal specialists and met for the first time in September. It has rapidly built up a portfolio of issues and addressed the more immediate ones, including the effect of changes to the method of calculating certain FTSE indices, at its first meeting in London in September 1999. More generally, the aim is to pursue further standardisation in relation to equity derivatives business practices, building on the platform established by the 1996 Equity Derivative Definitions. This includes promoting dialogue on how to provide for various forms of corporate action, where greater consensus would be of benefit to the market. The Committee is also monitoring accounting issues and reviewing training needs. ISDAs Energy Derivatives Committee identified standardization of documentation as its main challenge, given deregulation in the energy markets in Europe and the U. S. Existing transaction agreements do not address the sophisticated issues that can arise and, as trading increases globally, there will be a need for common documentation approaches. ISDA is revising the 1993 Commodities Definitions to include additional North American and European price sources, substantially increasing the scope of the document. ISDA membership in the energy community has continued to increase, and the committee is poised to play a larger role in 2000. During 1999, the work of ISDAs Operations Committee focused on technology developments in derivatives processing, with particular emphasis electronic messaging and automation of back office processes. ISDA reviewed vendor and industry-proposed solutions aimed at automating operations processes and observed and encouraged individual member efforts to achieve straight-through processing. ISDA prepared a memorandum to the membership reaffirming the acceptability of electronic confirmations in the event that certain members needed assurance that faxes, telexes, SWIFT and other automated messages can be used to confirm derivatives transactions. As FpML becomes an industry driven initiative, ISDA is staying abreast of its development to ensure its viability within the ISDA Operations and Documentation framework. In the last quarter of 1999, the Association developed an Operations Benchmarking Survey to address the membership needs for clear benchmarks for operations processing. The Operations Committee worked to develop the survey with an eye to understanding the challenges ahead of the business considering the mounting pressures of increased volumes, the pressure to decrease costs as well as to satisfy regulatory interests in operational risk. ISDA Par Rate Screens During 1999, there was an increasing acceptance of the screen service produced by the Association in cooperation with Reuters and Garban Intercapital Brokers Ltd. to facilitate the determination of the values of cash settled swap options. The relevant screens can be found at Reuters pages ISDAFIX1 through ISDAFIX4 (with backup information being displayed on Reuters pages ISDA10 through ISDA47). Following the introduction of the euro, new screens were established early in the year that benchmark against both EURIBOR and euro LIBOR. Currently, mid-market swap rates are published in relation to euro, U. S. Dollars, Japanese Yen, Sterling and Swiss Francs at various maturities. Enhancements to the service in September strengthened the rates and extended their application. Yen and euro rate tenors were extended to twenty and thirty years respectively. Quotes for EURIBOR and euro LIBOR are now displayed at both 11:00 a. m. Frankfurt time and 11:00 a. m. London time. Successful changes were made to panel compositions which have led to more consistent and regular quoting. The ISDA Market Practice Committee focuses on issues of concern to the trading community. Committee members considered the introduction of a presumption of automatic exercise of options to alleviate the potentially expensive problem of missed exercise of in-the-money options. Discussions in this regard will be reflected in the 2000 ISDA Definitions. The Committee also considered the establishment of parameters for the use of mutual puts however, no consensus has been reached on this. Other topics of interest to the Committee include the consolidation of portfolios between large counterparties, the potential impact of e-commerce on trading and electronic clearing and settlement systems. During 1999, ISDA continued its Confidential market survey activities, publishing the 1998 Year End Market Survey details for interest rate swaps, currency swaps and interest rate option products in 17 currencies. The figures for 1998 showed that notional principal outstandings continued strong growth during market disruptions in that year. The semiannual market report issued by the Association in June 1999 showed that worldwide growth in the use of privately negotiated derivatives, as measured in the notional principal of outstanding transactions, slowed to 3.4 in the first half of 1999. Notional amounts totaled 52.711 trillion at June 30, 1999 compared to 50.997 trillion six months earlier and 36.974 trillion one year earlier. The slowdown was believed to reflect the return of credit and currency stability from the exceptional volatilities associated with the Asian crisis, the Russian bond default and other events in the previous two years. Year-end figures for 1999 will be made available in the first quarter of 2000. Please click here for summaries of the survey results. As of 1998, ISDA streamlined its reporting, only collecting aggregate Flash Survey statistics for interest rate and currency swaps and interest rate option products. The Bank for International Settlements now produces a comprehensive survey of all segments of the OTC derivatives markets. During 1999, the Tax Committee monitored two issues of significance to the financial markets. The first of these was the now withdrawn Italian withholding tax on Italian-sourced derivatives. ISDA sought to clarify how firms should deal with the effects of the brief period when the tax was in force. The second issue addressed by the Committee was the potential introduction of a withholding tax on interest income across the European Union. This remains an issue as we approach 2000 and ISDA will continue to monitor any impact, direct or indirect, that this may have on derivatives markets. The Tax Committee wrote a letter in September to the Treasury and to the United States Internal Revenue Service urging the appropriateness of using values determined for financial reporting purposes for valuing derivatives for tax purposes. In addition, representatives of the Association and its membership met with Treasury and IRS officials in November to explain ISDAs position. The outcome of the meeting was further interest from the Service to learn more regarding various mark to market accounting methods. At the close of 1999, the issue remains open and ISDA will continue to educate the IRS and Treasury on its position as the need for clarity regarding appropriate valuing methods for derivatives transactions. The following is a list of the conferences organized by ISDA during 1999.Welcome to Best Online Forex Brokers. Hvis du er her for å finne den beste forex megleren for deg. then you have come to the right place. Vi har satt i hundrevis av timer med forskning på verdens online forex meglere, så du trenger ikke. Glad jakt og heres til deg å finne din mest pålitelige online forex megler Topp ti Forex meglere Nedenfor er online forex meglere som er sterkt anbefalt. 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