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Asia Pacific Financial Forum July 7, 2014 Seattle Asia Pacific Financial Forum Session 2: Forging Deep, Liquid and Integrated Capital Markets Keith Noyes Regional Director, Asia-Pacific ISDA ® ISDA is a registered trademark of the International Swaps and Derivatives Association, Inc. Copyright © 2014 International Swaps and Derivatives Association, Inc. Disclaimer: The information contained in this document is intended only for use during the presentation. ISDA accepts no liability whatsoever with respect to the use of this document or its contents.
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Presentation Topics Legal Infrastructure as Risk Mitigant in Capital Markets: 1)Legal netting infrastructure. 2)Protecting collateral interests. 3)Margining of non-cleared derivatives 2
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US$ trillions Dec.2009 Dec.2010Dec.2011 Jun.2012 Notional Amounts, Total OTC contracts 1 603.900601.046647.777638.928 Gross Market Values 21.542 21.296 27.278 25.392 % of Notional Amounts3.57%3.54%4.21%3.97% Gross Credit Exposure (after netting) 3.521 3.480 3.912 3.668 % of Gross Market Value16.34% 14.34%14.45% % of Notional Amounts0.58% 0.60%0.57% Exposure collateralized, average, all OTC derivatives 2 70%69.8%71.4% Gross Credit Exposure (after netting and adjusted for collateral) 1.056 1.051 1.119 % of Gross Market Value4.90%4.94%4.10% % of Notional Amounts0.17% 1 Bank for International Settlements (BIS), May 2011 and prior, Table 19, http://www.bis.org/statistics/otcder/dt1920a.pdfhttp://www.bis.org/statistics/otcder/dt1920a.pdf 2 ISDA Margin Survey 2012, http://www2.isda.org/functional-areas/research/surveys/margin-surveyshttp://www2.isda.org/functional-areas/research/surveys/margin-surveys The effectiveness of netting and collateral as risk mitigants. 3
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