ISDA Symposium® Benchmark Reform: Update on ISDA and Industry Initiatives

Tuesday, April 9, 2019
Grand Hyatt Hong Kong
Hong Kong

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.

Educational Credits

4.5 CLE Credit Hours Available (New York)

4.5 CPE Credit Hours Available

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Tuesday, April 9, 2019

Download 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

Ann M. Battle, Assistant General Counsel, ISDA

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.

Register Now for ISDA Symposium® Benchmark Reform: Update on ISDA and Industry Initiatives
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Grand Hyatt Hong Kong, 1 Harbour Road, Hong Kong, China tel: +852-2588-1234

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Ann M. Battle

Assistant General Counsel

ISDA

Nick Burrough

Market Specialist

Bloomberg

Scott Farrell

Partner

King & Wood Mallesons

Ilene K. Froom

Partner

Reed Smith LLP

Jing Gu

Senior Counsel

ISDA

John Ho

Head, Legal, Financial Markets

Standard Chartered Bank

David Horner

Head of Risk, Swapclear

LCH

Jason Manske

Senior Managing Director & Chief Hedging Officer

MetLife

Tomoko Morita

Senior Director and Head of Tokyo Office

ISDA

Keith Noyes

Regional Director, Asia Pacific

ISDA

Tamsin Rolls

Executive Director and Assistant General Counsel

J.P. Morgan

Rick Sandilands

Senior Counsel, Europe

ISDA

Deepak Sitlani

Partner

Linklaters LLP

Kerryn Smith

Director, Institutional Product & Client Engagement, FICC

National Australia Bank

Catherine Stemp

Executive Director and Senior Counsel

Goldman Sachs

Lary Stromfeld

Partner

Cadwalder, Wickersham & Taft LLP

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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 conferences@isda.org

Member $375 U.S.

Non-Member $525 U.S.

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Intermediate

Some knowledge of derivatives documentation is assumed. No advance preparation is required.
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ISDA is an accredited provider of continuing education credits by the following organizations:

  • CLE

    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.

  • CPE Sponsory

    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

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