Understanding Initial Margin and the Legal Documents

Audience: This course benefits legal personnel involved in negotiating the terms of the IM CSD (Initial Margin Credit Support Document), and collateral management personnel who need to understand the agreement so that they can implement the operational aspects of the IM CSD.

  • Key differences between Variation Margin and Initial Margin

  • What are the Initial Margin requirements under EMIR, Dodd Frank and the FMA?

  • IM implementation phases

  • Collateral flows between two IM counterparties

  • AANA Thresholds and how they are calculated

  • How to calculate IM

  • Overview of the SIMM and Grid methods of calculating IM

  • How to implement an IM compliant process

  • Types of custodian and the triparty v. third party service offering

  • The documentation required for an IM relationship (bank custodian v. CSD custodian)

  • Clause-by-clause through the Initial Margin Credit Support Deed (English law) and the elective provisions

  • Margin Approach options

  • The Regime table 

  • Clause-by-clause through the Collateral Transfer Agreement

  • Clause-by-clause through the Security Agreement

  • Overview of the Custody Agreement

  • Key provisions of the Account Control Agreement

  • When does the Secured Party have access to the collateral?

  • When does the Pledgor have access to the collateral?

  • An insight into Initial Margin optimisation strategies

Outcomes: Delegates will gain an in-depth understanding of the workings of the new IM CSD as well as other documents which form part of the IM documentation suite. Delegates will gain insight into the IM requirements from a legal and operational perspective.

Duration: 8 hours 

Cost: R9 000 pp (excl. VAT)

         Online – Pre-recorded: *discounted* at R6 750 pp (excl. VAT)



Live & Interactive

15-16-17-18 August 2022

Modern Work Space


For a minimum of 5 delegates

Contact us to arrange (online too)

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Pre-recorded (*discounted*)



Da Vinci (Jhb) | Cellars-Hohenort (CT)

Contact us to arrange