Tue, Mar 5, 2019Event Details for ISDA Symposium® ISDA 2018 Benchmarks Supplement Register Now for ISDA Symposium® ISDA 2018 Benchmarks Supplement
Since 2013, IOSCO and the FSB Official Sector Steering Group (OSSG) and public-private sector working groups in various jurisdictions have been working to reform major interest rate benchmarks, identify alternative rates and develop plans for adoption of those rates. In parallel with these efforts, ISDA and others have been leading work to enhance contractual robustness of derivatives and other financial instruments by implementing clear and certain fallbacks that would apply if a key benchmark is permanently discontinued. The importance of this work was amplified in July 2017 when the UK Financial Conduct Authority announced that it would not compel or persuade panel banks to submit to LIBOR after 2021, which called into question the future of LIBOR after that date. This symposium will cover market, economic, operational and legal issues related to these topics, as well as related regulation in certain jurisdictions.
4.5 CLE Credit Hours Available (New York)
4.5 CPE Credit Hours Available
Jump to Section:
Tuesday, April 9, 2019Download Agenda ISDA Symposium® Benchmark Reform: Update on ISDA and Industry Initiatives for
11:30 AM Registration and Lunch
12:00 PM Introduction and Welcoming Remarks Ann M. Battle
12:15 PM Introduction to Alternative Risk-Free Rates Nick Burrough, Keith Noyes, Kerryn Smith
What are SOFR, SONIA, ESTER, SARON, TONA and the similar rates identified as alternatives to LIBOR and other IBORs? Why are they more robust than the IBORs? How are these rates currently traded and what needs to happen over the next three years to ensure that liquid markets develop? What are the risk-free rate working groups in relevant jurisdictions doing to promote adoption of the alternative rates? What will happen to legacy transactions that reference LIBOR and other IBORs? What are the impacts on the cross-currency derivatives market?Nick Burrough, Market Specialist, Bloomberg
Keith Noyes, Regional Director, Asia Pacific, ISDA
Kerryn Smith, Director, Institutional Product & Client Engagement, FICC, National Australia Bank
Additional Speakers to be Announced.
1:15 PM Local Regulation of Benchmark Reform Scott Farrell, Jing Gu, Tamsin Rolls, Rick Sandilands
Some jurisdictions, including the European Union, Australia and certain other Asian jurisdictions, regulate benchmark administrators, contributors and users. What do these regulations mean for market participants in the relevant jurisdictions and in other jurisdictions? How do these regulations interact with global benchmark reform initiatives that are not currently regulatory driven?Scott Farrell, Partner, King & Wood Mallesons
Jing Gu, Senior Counsel, ISDA
Tamsin Rolls, Executive Director and Assistant General Counsel, J.P. Morgan
Rick Sandilands, Senior Counsel, Europe, ISDA
2:15 PM Coffee Break
2:45 PM Transition to Risk-Free Rates and Implementation of Fallbacks in Derivatives Ann M. Battle, David Horner, Tomoko Morita, Deepak Sitlani, Catherine Stemp
At the request of the FSB OSSG, ISDA is leading global work to implement fallbacks for LIBOR and other key IBORs in the 2006 ISDA Definitions. ISDA and its members are also working to build derivatives markets in the alternative risk-free rates on a going forward basis and to address risks of legacy portfolios, including in particular legacy portfolios that reference LIBOR. This panel will cover ISDA’s work and touch on how all the different initiatives fit together within the cleared and non-cleared derivatives markets. It will also cover implications for derivatives collateral and discounting and work that is underway to remove any regulatory, accounting, tax or similar impediments to implementing derivatives reforms.Ann M. Battle, Assistant General Counsel, ISDA
David Horner, Head of Risk, Swapclear, LCH
Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA
Deepak Sitlani, Partner, Linklaters LLP
Catherine Stemp, Executive Director and Senior Counsel, Goldman Sachs
4:00 PM Interactions Between Cash Products and Derivatives Ilene K. Froom, John Ho, Jason Manske, Lary Stromfeld
Numerous cash products, including loans, securitizations, bonds and consumer products also reference LIBOR and other IBORs. What efforts are underway globally to transition these products to alternative risk-free rates? How are derivatives and cash markets coordinating to ensure continued effectiveness of hedges and as much consistency as possible in the market? How should market participants address legacy exposure to LIBOR in particular in cash products (e.g., bonds) that are difficult or impossible to amend?Ilene K. Froom, Partner, Reed Smith LLP
John Ho, Head, Legal, Financial Markets, Standard Chartered Bank
Jason Manske, Senior Managing Director & Chief Hedging Officer, MetLife
Lary Stromfeld, Partner, Cadwalder, Wickersham & Taft LLP
4:45 PM Symposium Concludes
Agenda is subject to change.
VenueBack to Top
Grand Hyatt Hong Kong, 1 Harbour Road, Hong Kong, China tel: +852-2588-1234
SpeakersBack to Top
Ann M. Battle
Assistant General Counsel
King & Wood Mallesons
Ilene K. Froom
Reed Smith LLP
Head, Legal, Financial Markets
Standard Chartered Bank
Head of Risk, Swapclear
Senior Managing Director & Chief Hedging Officer
Senior Director and Head of Tokyo Office
Regional Director, Asia Pacific
Executive Director and Assistant General Counsel
Senior Counsel, Europe
Director, Institutional Product & Client Engagement, FICC
National Australia Bank
Executive Director and Senior Counsel
Cadwalder, Wickersham & Taft LLP
PricingBack to Top
Registration fee is for one person to attend the entire event. Pass may not be split between multiple attendees.
Groups of three or more attendees from the same firm can receive a 20% discount on event registrations. To register your group, please email email@example.com
Member $375 U.S.
Non-Member $525 U.S.
Course LevelBack to Top
AccreditationBack to Top
ISDA is an accredited provider of continuing education credits by the following organizations:
ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.
ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org
ContactBack to Top
©ISDA Symposium is a registered trademark of the International Swaps and Derivatives Association, Inc.