ISDA Symposium® Benchmark Reform

Update on ISDA and Industry Initiatives

Tuesday, October 8, 2019

Member $400 U.S.

Non-Member $500 U.S.

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This half-day symposium will provide an update on benchmark reform efforts globally.  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.

Educational Credits

3.25 CPD Credit Hours Available (England and Wales)

3.5 CLE Credit Hours Available (New York) Transitional and Non-transitional 

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Tuesday, October 8, 2019

Print Agenda ISDA Symposium® Benchmark Reform for

8:30 AM Registration and Breakfast

9:00 AM Introduction and Welcoming Remarks Ann M. Battle

Ann M. Battle, Assistant General Counsel, ISDA

9:15 AM Introduction to Alternative Risk-Free Rates and Work of the Risk-Free Rate Working Groups Moderator: Rick Sandilands, Edward Ocampo

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?  How are they used to value collateral for cleared and non-cleared derivatives?  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?  This panel will specifically focus on expectations for ESTER in the Eurozone.

Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Edward Ocampo, Advisory Director, Quantile Technologies Ltd.
Additional Speakers to be Announced.

10:15 AM Transition to Risk-Free Rates and Implementation of Fallbacks in Derivatives Moderator: Ann M. Battle, Phoebe Coutts, Alan Farrell, Heather Pilley, Philip Whitehurst

At the request of the FSB OSSG, ISDA is leading global work to implement fallbacks for LIBOR, EURIBOR 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 and EURIBOR.  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. Applicable regulation in certain jurisdictions and work that is underway to remove any regulatory, accounting, tax or similar impediments to implementing derivatives reforms.

Moderator: Ann M. Battle, Assistant General Counsel, ISDA
Phoebe Coutts, Managing Associate, Linklaters LLP
Alan Farrell, Executive Director, Goldman Sachs & Co
Heather Pilley, Benchmarks Policy, Markets Policy, Strategy and Competition Division, Financial Conduct Authority
Philip Whitehurst, Head of Service Development, Rates, LCH

11:30 AM Coffee Break

11:45 AM Interactions Between Cash Products and Derivatives Moderator: Deepak Sitlani, Katie Kelly, Kam Mahil

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?

Moderator: Deepak Sitlani, Partner, Linklaters LLP
Katie Kelly, Senior Director, Market Practice & Regulatory Policy, ICMA
Kam Mahil, Director - Legal, Loan Market Association
Additional Speakers to be Announced.

12:45 PM Conference Concludes

Agenda is subject to change.

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Allen & Overy LLP, One Bishops Square, London, E1 6AD. Phone +44 (0) 203 808 9700. A map to the venue can be found here. You will be required to provide photo identification in order to enter the venue. Please ensure you present this at the ground floor reception or you may be refused entry.

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Ann M. Battle

Assistant General Counsel



Phoebe Coutts

Managing Associate

Linklaters LLP


Alan Farrell

Executive Director

Goldman Sachs & Co


Katie Kelly

Senior Director, Market Practice & Regulatory Policy


Kam Mahil

Director - Legal

Loan Market Association

Edward Ocampo

Advisory Director

Quantile Technologies Ltd.

Heather Pilley

Benchmarks Policy, Markets Policy, Strategy and Competition Division

Financial Conduct Authority


Rick Sandilands

Senior Counsel, Europe



Deepak Sitlani


Linklaters LLP


Philip Whitehurst

Head of Service Development, Rates


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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 most event registrations. Groups must be registered together, in advance of the event. To register your group, please email

Member $400 U.S.

Non-Member $500 U.S.

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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.

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