Benchmark Strategies Forum Japan

ベンチマーク・ストラテジー・フォーラム ジャパン

Wednesday, June 9 to Thursday, June 10, 2021
Online

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Non-Member US$0.00

Register for Benchmark Strategies Forum Japan

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Most part of this forum will be conducted in Japanese. Simultaneous translation will NOT be provided.
当コンファレンスは日本語または英語で行われます。同時通訳は入りません。(開会の挨拶のみ英語です)

 

It is now confirmed that most LIBOR settings will cease to exist or become non-representative after the end of 2021, although the most popular US dollar settings will continue until mid-2023. This ISDA Virtual Conference will explore the timetable for LIBOR cessation, regulatory expectations on new LIBOR use and the upcoming milestones for transition. The event will also set out the steps that Japanese firms need to take to shift to alternative reference rates and the implications for their legacy portfolios.

 

Registration for this event will close 2 hours before the live broadcast

 

This is an ISDA Virtual Conference:

  • Registration for this conference is complimentary
  • Event will be live on June 9, 2021 from 9:00 AM – 11:50 AM JST  and June 10, 2021 from 9:00 AM - 12:00 PM JST |  Timezone Converter
  • Miss part of the event or aren’t able to watch live? The recording will be available to registrants until July 10, 2021

 

  • 当コンファレンスはオンラインで、6月9日(水)午前・6月10日(木)午前の2日間に渡ってライブ放送されます。
  • 録画は一か月間ご視聴になれます。
  • 参加費:無料

 

Print Agenda Benchmark Strategies Forum Japan for

Day 1: Wednesday, June 9, 2021 (Time in JST)

9:00 AM Opening Remarks Scott O’Malia

Scott O’Malia, Chief Executive Officer, ISDA

9:05 AM Keynote Address

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

9:15 AM Progress towards LIBOR Cessation

The UK Financial Conduct Authority has confirmed that all sterling, euro, Swiss franc and yen LIBOR settings and one-week and two-month US dollar LIBOR will cease or become non-representative after the end of 2021, with the remaining US dollar settings ending in mid-2023. In this session, speakers will overview outstanding issues and upcoming milestones toward the end of LIBOR. The session will also discuss the possible development of synthetic LIBOR and how does it mean for cash and derivatives market.

9:55 AM Break

10:00 AM Trading and Liquidity

With less than seven months to go until most LIBOR settings will disappear, how liquid are the various risk-free rates identified as the preferred alternatives? Which RFR-linked products are proving popular, and what trading strategies are emerging in Japan? How are firms managing basis between different rates?

10:50 AM Break

11:00 AM Transitioning Cleared and Non-Cleared Derivatives

New ISDA IBOR fallbacks have been incorporated into the vast majority of non-cleared legacy derivatives, with more than 13,800 entities globally adhering to an ISDA protocol that allows firms to include the fallbacks into existing derivatives linked to LIBOR and other key IBORs. Meanwhile, central counterparties have announced their intention to actively convert LIBOR positions to risk-free rates on or prior to the cessations. How will these active conversions work? Are dealers and end users considering similar conversions for non-cleared derivatives to avoid any potential basis risks?

11:50 AM Day 1 of Forum Concludes

Day 2: Thursday, June 10, 2021 (Time in JST)

9:00 AM Welcome Remarks Tomoko Morita

Tomoko Morita, Senior Director and Head of Tokyo Office, ISDA

9:05 AM Keynote Address

A senior regulator will discuss progress in benchmark transition and official sector expectations in the Japanese market.

9:15 AM Managing Cash and Derivatives

While a growing volume of bonds and some loans have been issued on a global basis that reference RFRs compounded in arrears, some market participants have expressed a preference for alternatives. The forward-looking term version of TONA (TORF) has been live since April 2021, while the publication of a SOFR term rate by the end of 2021 is not guaranteed. What approaches are bond and loan issuers in Japan taking, both in terms of active transition and contractual fallbacks for LIBOR-linked cash products? What implications does this have for derivatives hedges?

10:05 AM Break

10:15 AM Non-linear and Structured Products

While non-linear derivatives referencing overnight risk-free rates have been traded, LIBOR continues to dominate. What challenges does LIBOR cessation pose for non-linear and structured products, and how is the industry responding? What issues should firms consider when implementing fallbacks for swap rate benchmarks such as Tokyo Swap Reference Rates (TSR)? Are there any instances where active transition will be necessary instead of fallbacks?

11:05 AM Break

11:15 AM Next Steps

How should firms in the region approach transition in the remaining months of 2021? What are the immediate priorities and remaining challenges related to IT infrastructure, tax and accounting treatment, regulatory requirements, client communication and litigation and conduct risk? How should firms prepare for the transition and the operation of fallbacks? What will will happen to Euroyen TIBOR ? What can Japan learn from the experience in the UK, US and elsewhere?

12:00 PM Forum Concludes

Agenda is subject to change.


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