2nd Edition: 
Initial Margin Optimization and Collateral Management  

17-19 June 2019   |  New York

David Boyd Booker

 Managing Director and Senior Counsel,
Head of Fixed Income Derivatives
Credit Agricole CIB

Lucia Cipolina Kun 

Vice President, Quant Analyst
Morgan Stanley (Former Bank of America

Director, Head of Collateral Services

 Diana Shapiro

 For registration details and multiple attendee discounts, please contact:

Yiota Andreou

 Claire Rodman

Vice President, Global Function Owner,
Collateral Contract On-boarding
Société Générale

We brought together key industry leaders  from financial institutions that have devoted their time and energy into Third Party Risk Management.

Interested? Do you feel you will benefit?


© Copyright 2019 GFMI

Prime city centre locations and venues ensure your event experience is as convenient as possible



"An enhanced initial margin methodology to manage warehoused credit risk"

"Best strategies for Reg IM collateral management"

"Explore challenges within documentation for initial margin"

"How banks can best prepare for documentation


What are the key challenges and priorities with Initial Margin implementation right now?

The current industry challenge is related to the sheer numbers of participants that will be impacted by the regulations in Phase 5, September 2020.  In the first four phases, there was not only a relatively small number of institutions impacted but also relatively few custodians.    

The individual challenges that a new participant must conquer haven’t changed, but the number of institutions (approximately 1,000), new relationships (approximately 10,000), and counterparty pairs (approaching 20,000) is expected to significantly stress the system.  

New custodians will have documentation and opinion challenges to be an “approved” custodian in this space.  The advent of a new group of custodians will challenge the large dealer banks that are used to dealing with a relatively small number of vetted and approved custodians.

Lastly, the new rules have imposed a “monitoring” requirement for participants that have reached the $8 billion Average Annual Notional Amount but not reached the $50 million collateral posting threshold.   This delays some of the mandated readiness process and could result in complacency for participants that are close to the $50 million collateral posting threshold.

What can the later phases learn from Phases 1, 2, 3 in regards to IM implementation to better prepare for the deadline?

The industry has been warning new participants that they should begin to prepare no later than a year out from their expected Phase.  The “soft relief” provided by IOSCO/ BCBS related to the $50 million collateral threshold requires that Phase 5 participants not currently required to post collateral, must monitor their book when in excess of  the $8 billion notional requirement.   They will also need to be ready to open accounts and negotiate documentation with their custodian and counterparties.

What are some of the latest developments and best methods with implementing IM?

Fintech companies are providing monitoring tools for those institutions that will not be required to initially post collateral – which will be of great value to the industry.  Regardless of this advancement, participants should still choose their custodian and advise them of their intention to use them – regardless of whether it will be immediately in September 2020 or potentially later as their collateral requirement grows.

What would you like to achieve by attending our annual Initial Margin Optimization and Collateral Management conference?

This will be the first time I will have attended this conference.   It is certainly timely with the focus on Initial Margin and am looking forward to participating on a panel and networking with market participants.

Ahead of the 2nd Edition Initial Margin Optimization and Collateral Management Conference, we spoke with Scott Linden, Managing Director, Collateral Management Product Leader at Wilmington Trust  about the key challenges and priorities with Initial Margin implementation.


Scott Linden,  will be part of a panel discussion during the first day, 17th of June at 11:35 am. 
Presentation topic: Different phases for initial margin implementation:  Methods for best preparation

  • How to excel during every step of IM regulatory implementation
  • Overcoming time-consuming and laborious implementation of IM 
  • Preparedness and negotiation tips from Phases 1, 2 and 3 
  • Benchmarking effort with firms leading the way with
    IM implementation