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Tuesday, May 5, 2020Print Agenda ISDA Symposium® Benchmark Reform: Update on ISDA and Industry Initiatives for
1:45 PM Registration
2:15 PM Introduction and Welcoming Remarks Ann M. Battle
2:30 PM Transition to Risk-Free Rates
Together with national working groups such as the Working Group on Sterling Risk-Free Reference Rates in the UK, ISDA and its members are working to build derivatives markets in alternative risk-free rates on a going forward basis and to address risks of legacy portfolios, including in particular legacy portfolios that reference LIBOR other key IBORs. This panel will cover the work of ISDA and the national working groups 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.
3:15 PM Implementation of Fallbacks in Derivatives
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. This panel will cover ISDA’s work, including an in-depth discussion of the upcoming IBOR fallback protocol and Bloomberg’s publication of the fallback rates.
4:15 PM Coffee Break
4:30 PM Update on European Benchmark Reform
This work will cover benchmark reform in Europe, including updates on EURIBOR, EONIA and €STR, the work of the European Risk-Free Rate Working Group and related updates to ISDA’s documentation. It will also cover the European Benchmark Regulation and related regulatory initiatives.
5:15 PM Interactions Between Cash Products and Derivatives
Numerous cash products, including loans, securitisations, 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?
6:00 PM Symposium Concludes
Agenda is subject to change.
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Hotel Riu Plaza España, Calle Gran Vía, 84, 28013 Madrid, Spain, Tel: +34 919 19 33 93
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