Benchmark Strategies Forum
Latest Developments in the Move Away from LIBOR
Tuesday, June 7, 2022The Westin New York at Times SquareNew York
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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?
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9:00 AM Opening Remarks
9:10 AM Welcoming Remarks
9:15 AM Keynote Interview
ISDA’s CEO, Scott O’Malia, talks to a senior regulator about the end-2021 transition and the looming mid-2023 deadline.
9:40 AM Learning Lessons
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?
10:15 AM Coffee Break
10:45 AM Tackling Tough Legacy
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?
11:30 AM Alternatives to US Dollar LIBOR
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?
12:15 PM Lunch
1:30 PM Fireside Chat
ISDA’s CEO, Scott O’Malia, talks to a senior industry practitioner progress and next steps in IBOR transition.
1:55 PM Remaining Challenges
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.
2:45 PM Coffee Break
3:15 PM The State of Rates
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?
4:00 PM Closing Remarks
4:15 PM Cocktail Reception
Agenda is subject to change.
The Westin New York at Times Square
270 W 43rd St
New York, NY 10036