Benchmark Strategies Forum

Latest Developments in the Move Away from LIBOR

Tuesday, June 7 to Friday, July 22, 2022
New York

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This is a pre-recorded conference

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With 30 LIBOR settings having been phased out at the end of 2021, attention is now firmly focused on transitioning from the remaining five US dollar LIBOR tenors by mid-2023. With just 12 months to go, what is left for market participants to do? Which other IBORs might be next?

 

  • This is a recording of the ISDA Benchmark Strategies Forum which took place in New York on June 7, 2022
  • Registration for the recording is complimentary
  • After submitting your registration you will receive a confirmation email with a link to view the documents and recording

 

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Tuesday, June 7, 2022

Print Agenda Benchmark Strategies Forum for

8:15 AM Registration & Continental Breakfast

9:00 AM Opening Remarks Scott O’Malia

Scott O’Malia, Chief Executive Officer, ISDA

9:10 AM Welcoming Remarks Sean Tully

Sean Tully, Senior Managing Director, Global Head of Financial and OTC Products, CME Group

9:15 AM Keynote Interview Steven Kennedy, Rostin Behnam

A senior regulator will discuss the end-2021 transition and the looming mid-2023 deadline.

Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Rostin Behnam, Chairman, U.S. Commodity Futures Trading Commission (CFTC)

9:45 AM Learning Lessons Steven Kennedy, Chris McAlister, Alexis Pederson, Peter Phelan

Six months on from 30 LIBOR settings having permanently ceased or become non-representative, how has the market adapted? How are firms using alternative rates and have trading strategies changed? What has the market discovered through this process?

Moderator: Steven Kennedy, Global Head of Public Policy, ISDA
Chris McAlister, Managing Director, Global Head of Derivatives Trading, Prudential Financial
Alexis Pederson, Senior Company Counsel, Wells Fargo & Company
Peter Phelan, North America Head of Risk and Controls, Institutional Client Group, Citigroup

10:15 AM Coffee Break

10:45 AM Tackling Tough Legacy Frederick O. Quenzer, Joe Demetrick, Ilene K. Froom, Lary Stromfeld

Legislation has been introduced in various jurisdictions to help firms transition from tough legacy LIBOR contracts that cannot be amended. Federal legislation was recently signed in the US, while ICE Benchmark Administration continues to publish certain sterling and yen LIBOR on a synthetic, non-representative basis. How do the various legislative solutions interact with each other and with fallbacks for cash and derivatives? Which key areas are not yet addressed by legislation?

Moderator: Frederick O. Quenzer, Assistant General Counsel, ISDA
Joe Demetrick, Managing Director, Public Fixed Income - Derivatives, MetLife Investment Management
Ilene K. Froom, Partner, Reed Smith LLP
Lary Stromfeld, Partner, Cadwalader, Wickersham & Taft LLP

11:30 AM Alternatives to US Dollar LIBOR Ann M. Battle, Marcus A. Burnett, Umesh Gajria, Sean Tully, Alice Wang

Use of SOFR has increased significantly since the CFTC’s SOFR First initiative last year. At the same time, the volume of new US dollar LIBOR trades has fallen sharply following announcements from US and other regulators that US dollar LIBOR should not be used for new transactions except in limited circumstances. While SOFR is being used widely in derivatives trades, term SOFR is proving popular for cash products. A variety of credit-sensitive rates are also available. What needs do the various alternatives satisfy and how are they being used?  How will they all work together going forward?

Moderator: Ann M. Battle, Senior Counsel, Market Transitions & Head of Benchmark Reform, ISDA
Marcus A. Burnett, CEO, SOFR Academy, Inc.
Umesh Gajria, Global Head of Index-Linked Products, Bloomberg LP
Sean Tully, Senior Managing Director, Global Head of Financial and OTC Products, CME Group
Alice Wang, Managing Director, CIB Strategy, JPMorgan Chase & Co.

12:15 PM Lunch

1:30 PM Fireside Chat Ann M. Battle, Tom Wipf

A senior industry practitioner will discuss the progress and next steps in IBOR transition.

Ann M. Battle, Senior Counsel, Market Transitions & Head of Benchmark Reform, ISDA
Tom Wipf, ISDA Board Member, Vice Chairman of Institutional Securities, Morgan Stanley & Chair, Alternative Reference Rates Committee

1:55 PM Remaining Challenges Ann M. Battle, Jack Hattem, Jeannine Hyman, Agha Mirza, Jeffrey L. Steiner

Significant progress has been made in transitioning from US dollar LIBOR, but more work is needed in some areas, including exchange-traded futures and options, cross-currency swaps and non-linear derivatives that rely on swap rates. What steps are market participants and regulators taking to address these issues? What impact will CME’s SOFR First for Options initiative have in encouraging the transition of exchange-traded options from US dollar LIBOR? This panel will also discuss the impact of fallbacks that will take effect for US dollar LIBOR-linked derivatives from mid-2023, and potential strategies to further reduce exposure to US dollar LIBOR before then.

Moderator: Ann M. Battle, Senior Counsel, Market Transitions & Head of Benchmark Reform, ISDA
Jack Hattem, ISDA Board Member, Managing Director, Global Fixed Income, BlackRock
Jeannine Hyman, CPA, Managing Director, Citi ICG and Treasury Accounting Policy Head, Citigroup
Agha Mirza, Managing Director, Global Head of Rates and OTC Products, CME Group
Jeffrey L. Steiner, Partner, Gibson, Dunn & Crutcher LLP

2:45 PM Coffee Break

3:00 PM The State of Rates Agha Mirza, Richard Chambers, Matt Hoffman, Thomas Pluta

Today’s rising interest rate environment differs from the past several years when market participants were putting in place plans to transition from LIBOR. How does today’s market affect the use of alternatives and what does it mean for the eventual end of US dollar LIBOR in the middle of 2023?

Moderator: Agha Mirza, Managing Director, Global Head of Rates and OTC Products, CME Group
Richard Chambers, Global Head of Repo Trading and Global Co-Head of Short Macro Trading, Goldman Sachs
Matt Hoffman, Director, Regulatory Advisory, Private Equity, Real Estate, & Infrastructure, Chatham Financial
Thomas Pluta, Global Head of Linear Rates Trading, Co-Head of NA Rates Trading, J.P.Morgan

3:45 PM Closing Remarks Ann M. Battle

Ann M. Battle, Senior Counsel, Market Transitions & Head of Benchmark Reform, ISDA

3:50 PM Cocktail Reception

5:00 PM Conference Concludes

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Agenda is subject to change.

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Ann M. Battle

Senior Counsel, Market Transitions & Head of Benchmark Reform

ISDA

ISDAConferences

Rostin Behnam

Chairman

U.S. Commodity Futures Trading Commission (CFTC)

CFTC

Marcus A. Burnett

CEO

SOFR Academy, Inc.

Richard Chambers

Global Head of Repo Trading and Global Co-Head of Short Macro Trading

Goldman Sachs

Joe Demetrick

Managing Director, Public Fixed Income - Derivatives

MetLife Investment Management

Ilene K. Froom

Partner

Reed Smith LLP

reedsmithllp

Umesh Gajria

Global Head of Index-Linked Products

Bloomberg LP

Jack Hattem

ISDA Board Member, Managing Director, Global Fixed Income

BlackRock

blackrock

Matt Hoffman

Director, Regulatory Advisory, Private Equity, Real Estate, & Infrastructure

Chatham Financial

ChathamFin

Jeannine Hyman

CPA, Managing Director, Citi ICG and Treasury Accounting Policy Head

Citigroup

Citi

Steven Kennedy

Global Head of Public Policy

ISDA

ISDAConferences

Chris McAlister

Managing Director, Global Head of Derivatives Trading

Prudential Financial

Agha Mirza

Managing Director, Global Head of Rates and OTC Products

CME Group

CMEGroup

Scott O’Malia

Chief Executive Officer

ISDA

ISDAConferences

Alexis Pederson

Senior Company Counsel

Wells Fargo & Company

Peter Phelan

North America Head of Risk and Controls, Institutional Client Group

Citigroup

Thomas Pluta

Global Head of Linear Rates Trading, Co-Head of NA Rates Trading

J.P.Morgan

Frederick O. Quenzer

Assistant General Counsel

ISDA

ISDAConferences

Jeffrey L. Steiner

Partner

Gibson, Dunn & Crutcher LLP

gibsondunn

Lary Stromfeld

Partner

Cadwalader, Wickersham & Taft LLP

Cadwalader

Sean Tully

Senior Managing Director, Global Head of Financial and OTC Products

CME Group

CMEGroup

Alice Wang

Managing Director, CIB Strategy

JPMorgan Chase & Co.

jpmorgan

Tom Wipf

ISDA Board Member, Vice Chairman of Institutional Securities

Morgan Stanley & Chair, Alternative Reference Rates Committee

MorganStanley

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Registration is complimentary.

Member US$0.00

Non-Member US$0.00

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