Programme

Programme

Collateral Management Japan 2021 Programme

**Times are in JST

09:0009:05

Chairperson’s Opening Remarks

09:00 - 09:05

09:0509:30

Keynote Address

09:05 - 09:30

Takashi Nagaoka

Deputy Commissioner for International Affairs

Financial Services Agency (FSA), Government of Japan

Mr. Nagaoka is Deputy Commissioner for International Affairs at Japan’s Financial Services Agency (JFSA) since July 2020. He serves as Chair of the IOSCO Multilateral Memorandum of Understanding Monitoring Group and IOSCO Administrative Arrangement Assessment Group. He also represents JFSA at the International Forum of Independent Audit Regulators (IFIAR) and is Vice Chair of the IFIAR Enforcement Working Group.

Mr. Nagaoka joined the Ministry of Finance (MOF) in 1991 and has broad experience in financial supervision and international financial regulations over his career at JFSA. Prior to taking up the current position, he served as Director for Planning and Management Division of Policy and Markets Bureau (2018-2019) and Director for Planning and Management Division of Securities and Exchange Surveillance Commission (SESC) (2017). His career at JFSA also includes Director for Securities Business Division of Supervision Bureau (2015-2016) and Director for International Banking Regulation (2014). Furthermore, from 1999 to 2002, Mr. Nagaoka worked as an Economist at International Monetary Fund.

Mr. Nagaoka earned B.A. in Law at the University of Tokyo. He also has an MBA (beta, gamma, sigma) from the Columbia Business School.

09:3010:00

The Current Regulatory Landscape: Are Japan FI’s Ready?

09:30 - 10:10

  • How to navigate through capital requirements and risks for UMR phase 5/6?
  • What are the current perception between of using ISDA SIMM and standardized Grid?
  • Is outsourcing collateral management during UMR phase 5/6 the only option?
  • Does complying with UMR create opportunities for banks?
Hiroshi Ohno

Director, Head of RM & Business Development - Japan

BNY MELLON

Hiroshi began his career with Manufacturers Hanover Trust Company, and went through the series of mergers, Chemical Bank, Chase Manhattan Bank, and JP Morgan.  Hiroshi served as a Corporate Finance officer at the firm’s New York Japan Desk from 1993 to 1999.  After he returned to Tokyo, he joined Corporate Trust group in JPMorgan and worked on various securitized products as Japan Trustee.  As a result of the business swap between JP Morgan and BNY Mellon, he joined BNY Mellon in 2009, and moved to Broker Dealer Services (BDS) in 2010.  Since then, he has worked on a number of collateral management transactions.  BDS has changed its name to BNY Mellon Markets in 2015.  He also covers securities finance products while expanded the scope of collateral management to derivative spaces in relation to the regulatory required Initial Margin segregation in addition to securities lending / repo related collateral management.

Eriko Kawano

Chief Manager, Legal Department & Securities Operations Department

Nippon Life Insurance Company

Professional Career     :

2010: Joined Nippon Life Insurance Company: Assistant Manager, Legal Department

2015: Vice President, Nippon Life Asia Pacific Reginal H.Q. (Singapore) (Seconded)

2018: Manager, Structured Finance Department

2020: Manager, Legal Department

2021: Chief Manager, Legal Department & Securities Operations Department

Certificate: Attorney at Law (Admitted in Japan, 2009)

Go Oyama

Manager, Operational Planning Asset Services Planning Division

The Master Trust Bank of Japan

2006/April, Entered Mitsubishi UFJ Trust and Banking Corporation

2006/April, Seconded to The Master Trust Bank of Japan, Ltd

Planning operation for securities settlement and compliance with derivative regulations in Japanese trust funds.

Akiko Tsuji

Market contract senior expert

MUFG Bank

Akiko Tsuji is the Vice President, Global Markets Planning Division of MUFG Bank, Ltd. and has worked at MUFG Bank since 2011. Previously, Akiko Tsuji was at Morgan Stanley MUFG Securities and worked in Transaction Management Group (FID) where she worked on documentation of market contracts.

10:0010:30

The State of Japan’s Clearing and Collateral Management Industry: What you need to know

10:10 - 10:50

  • UMR Phase 5/6 and its implications on the clearing industry
  • Regulations around Euroswap clearing
  • Brexit’s impact on EUR swap clearing globally and in Japan
  • How to prepare for OTC clearing and FX clearing changes
  • Moving forward in Japan with the ever-changing situation and regulations
Shinichi Yoshiya

Executive director and head of regulatory affairs, Japan and Asia Pacific

Mitsubishi UFJ Morgan Stanley Securities

Shinichi Yoshiya is Head of Regulatory Affairs for Japan and APAC in the Legal Division of Morgan Stanley. Mr. Yoshiya covers a broad range of complex cross-border financial regulatory matters and transactions for Morgan Stanley’s Japan and Asia Pacific region including ESG, OTC derivatives regulations of Japan, U.S. and EU, the Volcker Rule, Resolution Stay, MiFID2, Brexit, LIBOR and Basel 3 capital rules. Prior to joining Morgan Stanley, Mr. Yoshiya was an attorney at Davis Polk & Wardwell LLP advising on financial regulatory matters. Mr. Yoshiya has held academic appointments at Duke University Law School as Visiting Professor and currently teaches global financial regulations at Meiji University Law School. Duke University, Law School (LL.M.), Aoyama Gakuin University, Business School (M.B.A.), Sophia University (LL.B.). Mr. Yoshiya is admitted to the bar of the state of New York.

Markus Georgi

Head of Fixed Income Sales US & Asia

Eurex

Markus Georgi has been appointed as Eurex’ American and Asian Fixed Income Sales Head earlier this year. Previously he was responsible for Eurex’ Asian Fixed Income business and also served as Head of Eurex’ Hong office. Markus started his career at Eurex Product Development in Frankfurt in 2001 and then moved to Chicago to take on a role as Lead Business Analyst at Eurex US. In 2008 Markus joined RTS Realtime Systems, a leading trading ISV, in Singapore as Head of Product Management Asia Pacific. Early 2011 Markus moved to Newedge Financial Singapore, a brokerage firm, where he managed Newedge’s key PTG accounts in the region. Markus holds a Master of Finance degree from the Technical University of Dresden, Germany.

Tetsuo Otashiro

Director, global policy and regulation, OTC derivative clearing service

Japan Securities Clearing Corporation

Mr. Otashiro has been leading Japan Securities Clearing Corporation’s (“JSCC”) regulatory and policy matters  since 2013, as well as the business development for clearing services for OTC swap. He is also serving as co-chairperson of policy working committee in CCP12, a global association of CCPs, leading the discussions on many common policy and regulatory issues for clearinghouses globally. From 2023, he is serving as a member of Global Market Advisory Committee of the U.S. Commodity Futures Trading Commission.

Prior to JSCC, he held a number of roles in Tokyo Stock Exchange, also a subsidiary of Japan Exchange Group, including as a Listing Examiner, in charge of reviewing applications for listing by domestic and foreign companies, and as a Project Manager in charge of IT developments, such as real-time market data feeds, off-auction equity trades and index calculations. In 2004, he was appointed as the Chief Representative of the Tokyo Stock Exchange’s Singapore Office, and in 2007 he held the position of Head of International Relations at Tokyo Stock Exchange, also serving as the Secretariat of the Asian and Oceanian Stock Exchanges Federation, facilitating the cooperation for the mutual development among APAC markets.

He gratuated from the school of Political Science and Economics in Waseda University.

Shun Yanagisawa

Head of futures, clearing and FX prime brokerage, Japan

Citigroup Global Markets Japan

Shun Yanagisawa is a Director and the Japan Head of Futures, Clearing and FX Prime Brokerage, which sits within the Markets at Citigroup Global Markets Japan Inc.

In this capacity, he is responsible for managing Futures, OTC Clearing and FX Prime Brokerage business.
Prior to joining Citi, Yanagisawa was responsible for sales and marketing at JPMorgan in Japan for over 11 years.


Approx. 20 years industry experience, Yanagisawa regularly participates in public roundtables and serves for multiple industry groups and help advocate stability for the clearing system in derivatives. Shun is the elected board member, Vice President, ExCo and chairman of Operations committee of FIA Japan, interest rate swap steering committee at JSCC, Wholesale market steering committee of TFX, advisory board member of Risk.net ASIA and several working groups member of ISDA. Shun holds an M.B.A. from the University of Wales.  

10:3011:00

XVA Desks: How to handle pre-trade margin requirements

11:30 - 12:10

  • Bilateral exchange of initial margin and Trading Desks profitability
  • Controlling and managing the margin funding costs via effective pre-trade analysis
  • Organisation, Computational and Technology questions before moving to IM optimisation
  • Balancing all XVA impacts to drive business decisions : emerging questions and practical steps
Hiroyuki Motoyoshi

Credit portfolio management office and xVA management senior expert

MUFG Bank

Mr. Motoyoshi is responsible for planning and quantitative analysis at XVA desk. He is engaged in implementing XVA reduction framework and FRTB-CVA.
He graduated from the Graduate School of Information Science and Technology of the University of Tokyo, and is a FRM.

Lotfi Sellaoui

Head of CVA Analytics and Consulting, Japan

Murex

11:0011:30

Building a Coherent Collateral Management Operations Workflow

12:10 - 12:40

  • What are the current pain points in collateral management operations?
  • Legacy processes that need to be renewed and refreshed
  • New technology that has enhanced operations for collateral management
  • Resolving IM discrepancy disputes efficiently
     
Ken Utsunomiya

Operating officer, deputy chief process officer and head of global operations

Mizuho Securities

Ken Utsunomiya Joined Nippon Credit Bank in 1996. He has been engaged in the development of the BOJ RTGS and securities settlement system in Mizuho Securities Co., Ltd. since 1999.


After that, he joined BNP Paribas Securities in 2000, and worked on IT system development in the back division until 2012. From 2004 to 2006, worked at BNP Paribas (London) to develop a global bond trading platform. After returning to Japan, he took up the post of Head of Operations and later concurrently held the banking division. Finally, as Head of IT and Operations, he oversaw IT infrastructure, IT security and IT governance, as well as IT and operations for each product.
From 2010 to 2012, he served concurrently as Auditor of Japan Government Clearing Corporation.


Joined Societe Generale Securities /Bank and Lyxor Asset Management in 2012. As COO, he led the start-up of flow business, integration with Newedge Securities with the achievement of Japanese incorporation (KK) , and renovation project of back office system. In addition, we constructed an office environment for work style reform in conjunction with office relocation.


July 2018, Joined Mizuho Securities. As COO of the Global Markets Division, he has worked across products to build GTOM (Global Target Operating Model Committee) to promote the establishment of Business and IT infrastructure from a front-to-back perspective, and since April 2020 has also served as Global Joint Operations Head in Operations. In April 2021, he also started the mission of Attached to FG CIO and is taking charge of the overseas IT structural reform of Mizuho Financial Group. In addition, Joint Head of Operations Group added in April 2022 and Deputy Chief Process Officer (CPrO), Head of Global Operations has been added from April 2023.

Satomi Hirono

Business Manager

TriOptima

Satomi joined TriOptima in 2016 as Associate Business Manager, where she has responsibility across the triResolve services. Based in Singapore, she is regional lead for the triResolve product in APAC, in charge of introducing and rolling out new functionalities, particularly with regards to portfolio reconciliation, collateral management & UMR. Satomi has previously worked at BAML, Goldman Sachs and Mizuho Securities in number of Derivative Middle Office and Collateral Management roles. TriOptima is now part of OSTTRA, a leading provider of progressive post-trade solutions for the global OTC markets.

Tomomi Katayama

Assistant Manager, Institutional Business Operation Division

Shinsei Bank

Since joining Shinsei Bank in 2015, I have been responsible for the back office operations i.e., Documentation and Trade confirmation management, Collateral Management, related to OTC derivative transactions at the Institutional Business Operation Division.

I have also been engaged in regulatory compliance projects related to OTC Derivatives such as Margin Regulation and Benchmark Reform.

Go Oyama

Manager, Operational Planning Asset Services Planning Division

The Master Trust Bank of Japan

2006/April, Entered Mitsubishi UFJ Trust and Banking Corporation

2006/April, Seconded to The Master Trust Bank of Japan, Ltd

Planning operation for securities settlement and compliance with derivative regulations in Japanese trust funds.

Seiichi Tanaka

General manager, wholesale operations planning office

Mitsubishi UFJ Morgan Stanley Securities

Seiichi Tanaka is General Manager of Wholesale Operations and Procedures Planning Office, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Since 2008, Mr. Tanaka has been actively engaged in a variety of projects related to international financial regulations, including central clearing, trade reporting, margin requirements and benchmark reform.

Mr. Tanaka graduated from the School of Political Science and Economics of Waseda University in Tokyo, Japan, and is a U.S. CPA (Certified Public Accountant).

11:3011:30

End of Collateral Management Japan

13:20 - 13:25