Benchmark Strategies Forum Asia Pacific

Monday, March 22 to Sunday, April 18, 2021
Online


Most LIBOR settings are almost certain to cease to exist after the end of 2021, although the most popular US dollar settings are expected to continue until mid-2023. This ISDA Virtual Conference will explore regulatory expectations on new LIBOR use across Asia and describe the upcoming milestones for transition. The event will also set out the steps that Asian firms need to take to shift to alternative reference rates and the implications for their legacy portfolios.

 

This is a pre-recorded Virtual Conference

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Recording available until April 18, 2021

 

This is a pre-recorded ISDA Virtual Conference:

  • This is a recording of the Benchmark Strategies Forum Asia Pacific which took place on March 17-18, 2021
  • Registrants will have access to the recording until 5.00 PM HKT/SGT on April 18, 2021
  • After submitting your registration you will receive a confirmation email with a link to view the documents and recording

 

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Monday, March 22, 2021

Print Agenda Benchmark Strategies Forum Asia Pacific for

DAY 1

9:00 AM Opening Remarks Scott O’Malia

Scott O’Malia, Chief Executive Officer, ISDA

9:05 AM Welcome Remarks Calvin Tai

Calvin Tai, Interim Chief Executive, Hong Kong Exchanges and Clearing Limited (HKEX)

9:10 AM Keynote Address Edmond Lau, JP

A senior regulator will describe progress on IBOR transition in the region and set out regulatory expectations in 2021.

Edmond Lau, JP, Senior Executive Director, Hong Kong Monetary Authority

9:30 AM Timetable for LIBOR Cessation Ann M. Battle, Christophe Mayol, E-Eing Neoh, Alvin C Teo, Paul Wylie

It now seems certain that all euro, sterling, Swiss franc and yen LIBOR settings and one-week and two-month US dollar LIBOR will cease after the end of 2021, with the remaining US dollar settings ending in mid-2023. What does this mean for transition of legacy LIBOR exposures and execution of new transactions in Asia-Pacific, and how will cessation play out in practice? What approach will the clearing houses take following a cessation announcement?

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Christophe Mayol, Head, Derivatives Strategies, AIA Investment Management Private Limited
E-Eing Neoh, Head of Interest Rate Derivatives, Treasury & Markets, DBS Bank
Alvin C Teo, Deputy Director and Specialist Leader, Monetary Management and Financial Markets, Monetary Authority of Singapore (MAS)
Paul Wylie, Head of Risk Asia-Pacific, LCH

10:20 AM Break

10:30 AM The Regional Approach Jing Gu, Dean Hill, Penluk Lothuvachai, G. Rajasekaran, Johnson L. Sia

How are central banks and regulators in Asia-Pacific responding to LIBOR transition and what progress has been made to transition local benchmarks linked to US dollar LIBOR? This panel will feature speakers from across the region, who will set out the steps Asia-Pacific authorities, administrators and national risk-free rate working groups are taking.

Moderator: Jing Gu, Head of Legal, Asia Pacific, ISDA
Dean Hill, Senior Manager, Financial Markets, Reserve Bank of New Zealand
Penluk Lothuvachai, Deputy Director, Financial Markets Department, Bank of Thailand
G. Rajasekaran, Assistant General Manager, Financial Markets Regulation Department, Reserve Bank of India
Johnson L. Sia, Chairman of the BAP OMC Benchmark Committee and Head of Financial Markets - Philippines, ING Bank N.V.

11:20 AM Tackling Cross-currency Swaps John Feeney, Chu Kok Wei, Shinichiro Itozaki, Jacky Mak, Ben Watt

What challenges does LIBOR cessation pose for use of cross-currency swaps in the region, and how is the industry responding? Will both legs of the trade ultimately shift to risk-free rates? How will the expected end date of mid-2023 for most US dollar LIBOR settings affect behavior?

Moderator: John Feeney, Partner, Martialis Consulting
Chu Kok Wei, Group Head, Treasury & Markets, Group Wholesale Banking, CIMB Bank Bhd and President, Financial Markets Association Malaysia and Vice Chairman, Asia Securities Industry & Financial Markets Association (ASIFMA)
Shinichiro Itozaki, Senior Manager, Global Markets Engineering Division, Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.
Jacky Mak, Managing Director, Head of OTC & FIC Business Development, Hong Kong Exchanges and Clearing Limited (HKEX)
Ben Watt, Director – MTFX, Derivatives Trading, National Australia Bank

12:10 PM Day 1 of Conference Concludes

DAY 2

9:00 AM Welcome Remarks Katherine Tew Darras

Katherine Tew Darras, General Counsel, ISDA

9:05 AM Keynote Address Christopher Kent

A senior Reserve Bank of Australia official will discuss progress in benchmark transition and official sector expectations in the Australian market.

Christopher Kent, Assistant Governor, Financial Markets, Reserve Bank of Australia

9:25 AM Managing Cash and Derivatives Jing Gu, Andrew Ferguson, Joyce Lai, Kerryn Smith, Atsuya Watanabe

While a growing volume of bonds and some loans have been issued on a global basis that reference risk-free rates compounded in arrears, some issuers have expressed a preference for forward-looking term rates – something various public-/private-sector RFR working groups are exploring. Others have voiced support for alternative rates that incorporate a credit-sensitive component. What approach are bond and loan issuers in Asia-Pacific taking, both in terms of LIBOR transition and contractual fallbacks for LIBOR-linked cash products? What implications does this have for derivatives hedges?

Moderator: Jing Gu, Head of Legal, Asia Pacific, ISDA
Andrew Ferguson, Chief Executive Officer, Asia Pacific Loan Market Association
Joyce Lai, Head of Legal and Compliance-Treasury & Markets, DBS Bank Ltd.
Kerryn Smith, Executive Manager, Financial Markets – WIB Compliance, Westpac Institutional Bank
Atsuya Watanabe, Director, Markets and Securities Services, Citigroup Global Markets Japan Inc.

10:15 AM Break

10:25 AM Trading and Liquidity Bihui Ong, Thijs Aaten, Andrew Kennedy, William Shek, Tony Tai

With less than 12 months to go until most LIBOR settings are expected to disappear, how liquid are the various risk-free rates identified as replacements? Which RFR-linked products are proving popular, and what trading strategies are emerging in the Asia-Pacific region? How are firms managing basis between different rates?

Moderator: Bihui Ong, Executive Director, Treasury & Markets, DBS Bank Ltd.
Thijs Aaten, ISDA Board Member, Chief Finance and Risk Officer, APG Asset Management Asia
Andrew Kennedy, Director, Treasury Services, South Australian Government Financing Authority (SAFA)
William Shek, MD, Head of FX, EM Rates & Commodities, Debt Trading & Financing, ASP, HSBC Global Banking & Markets
Tony Tai, MD, Head of SGD Money Market, Treasury & Markets, DBS Bank Ltd.

11:15 AM Next Steps John Ho, Damian Lobb, Tomoko Morita, Danny Tang, Dennis To

How should firms in the region approach transition in the remaining months of 2021? What are the immediate priorities and remaining challenges relating to IT infrastructure, tax and accounting treatment, regulatory requirements and litigation and conduct risk? What can Asia learn from the experience in the US, Europe and elsewhere?

Moderator: John Ho, Head, Legal, Financial Markets, Standard Chartered Bank
Damian Lobb, Partner, Financial Services, Deloitte China
Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA
Danny Tang, Senior Vice President, OTC & FIC Business Development, Post Trade, Hong Kong Exchanges and Clearing Limited (HKEX)
Dennis To, Regulatory Specialist APAC, Enterprise Solutions, Bloomberg L.P.

12:00 PM Conference Concludes

Register Now for Benchmark Strategies Forum Asia Pacific
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Thijs Aaten

ISDA Board Member, Chief Finance and Risk Officer

APG Asset Management Asia

Ann M. Battle

Assistant General Counsel, Head of Benchmark Reform

ISDA

ISDAConferences

Chu Kok Wei

Group Head, Treasury & Markets, Group Wholesale Banking, CIMB Bank Bhd and President, Financial Markets Association Malaysia and Vice Chairman

Asia Securities Industry & Financial Markets Association (ASIFMA)

Katherine Tew Darras

General Counsel

ISDA

ISDAConferences

John Feeney

Partner

Martialis Consulting

Andrew Ferguson

Chief Executive Officer

Asia Pacific Loan Market Association

Jing Gu

Head of Legal, Asia Pacific

ISDA

ISDAConferences

Dean Hill

Senior Manager, Financial Markets

Reserve Bank of New Zealand

John Ho

Head, Legal, Financial Markets

Standard Chartered Bank

Shinichiro Itozaki

Senior Manager, Global Markets Engineering Division

Mitsubishi UFJ Morgan Stanley Securities Co., Ltd.

Andrew Kennedy

Director, Treasury Services

South Australian Government Financing Authority (SAFA)

Christopher Kent

Assistant Governor, Financial Markets

Reserve Bank of Australia

Joyce Lai

Head of Legal and Compliance-Treasury & Markets

DBS Bank Ltd.

Edmond Lau, JP

Senior Executive Director

Hong Kong Monetary Authority

Damian Lobb

Partner, Financial Services

Deloitte China

Penluk Lothuvachai

Deputy Director, Financial Markets Department

Bank of Thailand

Jacky Mak

Managing Director, Head of OTC & FIC Business Development

Hong Kong Exchanges and Clearing Limited (HKEX)

Christophe Mayol

Head, Derivatives Strategies

AIA Investment Management Private Limited

Tomoko Morita

Senior Director and Head of Tokyo Office

ISDA

ISDAConferences

E-Eing Neoh

Head of Interest Rate Derivatives, Treasury & Markets

DBS Bank

Bihui Ong

Executive Director, Treasury & Markets

DBS Bank Ltd.

Scott O’Malia

Chief Executive Officer

ISDA

ISDAConferences

G. Rajasekaran

Assistant General Manager, Financial Markets Regulation Department

Reserve Bank of India

William Shek

MD, Head of FX, EM Rates & Commodities, Debt Trading & Financing, ASP

HSBC Global Banking & Markets

Johnson L. Sia

Chairman of the BAP OMC Benchmark Committee and Head of Financial Markets - Philippines

ING Bank N.V.

Kerryn Smith

Executive Manager, Financial Markets – WIB Compliance

Westpac Institutional Bank

Calvin Tai

Interim Chief Executive

Hong Kong Exchanges and Clearing Limited (HKEX)

Tony Tai

MD, Head of SGD Money Market, Treasury & Markets

DBS Bank Ltd.

Danny Tang

Senior Vice President, OTC & FIC Business Development, Post Trade

Hong Kong Exchanges and Clearing Limited (HKEX)

Alvin C Teo

Deputy Director and Specialist Leader, Monetary Management and Financial Markets

Monetary Authority of Singapore (MAS)

Dennis To

Regulatory Specialist APAC, Enterprise Solutions

Bloomberg L.P.

Atsuya Watanabe

Director, Markets and Securities Services

Citigroup Global Markets Japan Inc.

Ben Watt

Director – MTFX, Derivatives Trading

National Australia Bank

Paul Wylie

Head of Risk Asia-Pacific

LCH

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