Benchmark Strategies Forum: Part II

Benchmarks in a Post-LIBOR World: Remaining Challenges

Thursday, June 3 to Friday, July 2, 2021
Online

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This is a pre-recorded Virtual Conference

 

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Recording available until July 2, 2021

 

 

With a matter of months to go until the end of 2021, when 30 LIBOR settings with either cease or become non-representative, what issues still need to be resolved? Which alternative rates are gaining traction, and how are regulators and market participants dealing with tough legacy exposures? This ISDA virtual event will explore the remaining challenges and consider how firms are dealing with them.

 

This is an ISDA Virtual Conference:

  • This is a recording of the Benchmark Strategies Forum: Part II which took place on June 3, 2021
  • Registrants will have access to the recording until 5:00 PM EDT on July 2, 2021
  • After submitting your registration you will receive a confirmation email with a link to view the documents and recording

 

Educational Credits

4 CLE Credit Hours Available (New York) Transitional and Non-Transitional

4 CPE Credit Hours Available

3.75 CPD Credit Hours Available (England and Wales)

Instructions to redeem:

  1. You must complete the survey for each session for which you wish to receive credit. The survey will pop-up after the session ends. (Note, there is no credit available for the "Opening & Welcoming Remarks and Interview" session)
  2. You must indicate which type of credit you are seeking. ISDA is an accredited provider for NY State CLE and NASBA CPE Credit. For other credit we can award an ISDA Certificate of Completion for the course.
  3. Certificate requests will be reviewed once the video is no longer available for viewing, on July 3rd and distributed the following week. If you require a certificate sooner, please email conferences@isda.org.

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Thursday, June 3, 2021

Print Agenda Benchmark Strategies Forum: Part II for

9:00 AM Opening Remarks Scott O’Malia

Scott O’Malia, Chief Executive Officer, ISDA

9:05 AM Welcoming Remarks Julie Winkler

Julie Winkler, Chief Commercial Officer, CME Group

9:10 AM The Path to Term SOFR Scott O’Malia, Tom Wipf

Moderator: Scott O’Malia, Chief Executive Officer, ISDA
Tom Wipf, ISDA Board Member, Vice Chairman of Institutional Securities, Morgan Stanley & Chair, Alternative Reference Rates Committee

9:30 AM Break

9:35 AM Benchmarks in a Post-LIBOR World Ann M. Battle, Karl Abdelnour, Ronan Farrell, Guillaume Helie, Agha Mirza, Sonali Theisen

The risk-free rates identified by various national working groups are currently trading with varying degrees of liquidity, and with a variety of conventions across derivatives and other instruments. In some cases, administrators are producing forward-looking term rates based on some of these rates. In the US, various credit-sensitive benchmarks have also emerged that are meant to reflect the dynamics of bank lending markets. What rates are gaining most traction? What should market participants consider when choosing a reference rate? This panel will explore the current landscape and discuss what the market might look like in a post-LIBOR world.

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Karl Abdelnour, Head of USD, GBP, CAD Short Interest Rate Swaps Trading, Citibank
Ronan Farrell, Investment Management Specialist - RFR Programme, Fidelity International
Guillaume Helie, Head of US Rates Structuring & Solutions, Goldman Sachs
Agha Mirza, Managing Director, Global Head of Rates and OTC Products, CME Group
Sonali Theisen, Managing Director - Head of FICC E-Trading & Market Structure, Bank of America

10:25 AM Break

10:30 AM A Legislative Approach Rick Sandilands, Tilman Lüder, Vinay Reddy, Tamsin Rolls, Lary Stromfeld

The US, EU and the UK are all considering legislative solutions to tackle tough legacy exposures. What approach is being taken in each case and how will these solutions interact with each other and with contractual fallbacks? What’s the timing for the legislation and who will benefit from it?

Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Tilman Lüder, Head of Securities Markets, DG FISMA, European Commission
Vinay Reddy, Capital Markets Consultant, Linklaters LLP
Tamsin Rolls, Executive Director and Assistant General Counsel, J.P. Morgan
Lary Stromfeld, Partner, Cadwalader, Wickersham & Taft LLP

11:00 AM Break

11:05 AM Dealing with Cleared Portfolios Jonathan Martin, Andreas Franke, Udesh Jha, Al Jugoo, Vikash Rughani

The major central counterparties (CCPs) plan to take an active approach to transition, shifting existing contracts from LIBOR to alternative rates before fallbacks take effect. This panel looks at the methodologies being adopted by the CCPs, as well as how compression might help with the transition.

Moderator: Jonathan Martin, Director, Market Infrastructure and Technology, ISDA
Andreas Franke, Head of Risk Methodology OTC, Eurex
Udesh Jha, Managing Director, Post-Trade Services, CME Group
Al Jugoo, Global Head of Clearing Solutions, LCH
Vikash Rughani, Business Manager, triReduce, CME TriOptima

11:45 AM Break

11:50 AM IBOR, Not LIBOR Ann M. Battle, Phoebe Coutts, Timothy Fitzgerald, Michele Mazzoni, Harri Vikstedt

While LIBOR’s days are numbered, a number of other key IBORs are expected to continue alongside local currency risk-free rates. What are the implications of this approach and what rates are market participants trading? This panel will also cover ISDA’s forthcoming work to develop fallbacks for additional IBORs, including the approach for synthetic benchmarks that use US dollar LIBOR as an input.

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Phoebe Coutts, Managing Associate, Linklaters LLP
Timothy Fitzgerald, Senior Trader, Norwegian Interest Rates, DNB Bank
Michele Mazzoni, Senior Officer, Markets Department, European Securities and Markets Authority (ESMA)
Harri Vikstedt, Senior Policy Director, Financial Markets Department, Bank of Canada

12:30 PM Conference Concludes

Founding Sponsor:

Agenda is subject to change.

Register Now for Benchmark Strategies Forum: Part II
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Karl Abdelnour

Head of USD, GBP, CAD Short Interest Rate Swaps Trading

Citibank

Citi

Ann M. Battle

Assistant General Counsel, Head of Benchmark Reform

ISDA

ISDAConferences

Phoebe Coutts

Managing Associate

Linklaters LLP

LinklatersLLP

Ronan Farrell

Investment Management Specialist - RFR Programme

Fidelity International

Fidelity

Timothy Fitzgerald

Senior Trader, Norwegian Interest Rates

DNB Bank

DNBMarkets

Andreas Franke

Head of Risk Methodology OTC

Eurex

EurexGroup

Guillaume Helie

Head of US Rates Structuring & Solutions

Goldman Sachs

GoldmanSachs

Udesh Jha

Managing Director, Post-Trade Services

CME Group

CMEGroup

Al Jugoo

Global Head of Clearing Solutions

LCH

LCH_Clearing

Tilman Lüder

Head of Securities Markets, DG FISMA

European Commission

Jonathan Martin

Director, Market Infrastructure and Technology

ISDA

ISDAconferences

Michele Mazzoni

Senior Officer, Markets Department

European Securities and Markets Authority (ESMA)

ESMAComms

Agha Mirza

Managing Director, Global Head of Rates and OTC Products

CME Group

CMEGroup

Scott O’Malia

Chief Executive Officer

ISDA

ISDAConferences

Vinay Reddy

Capital Markets Consultant

Linklaters LLP

LinklatersLLP

Tamsin Rolls

Executive Director and Assistant General Counsel

J.P. Morgan

jpmorgan

Vikash Rughani

Business Manager, triReduce

CME TriOptima

CMEGroup

Rick Sandilands

Senior Counsel, Europe

ISDA

ISDAConferences

Lary Stromfeld

Partner

Cadwalader, Wickersham & Taft LLP

Cadwalader

Sonali Theisen

Managing Director - Head of FICC E-Trading & Market Structure

Bank of America

BankofAmerica

Harri Vikstedt

Senior Policy Director, Financial Markets Department

Bank of Canada

Julie Winkler

Chief Commercial Officer

CME Group

CMEGroup

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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ISDA is an accredited provider of continuing education credits by the following organizations:

  • CLE

    ISDA has been certified by the New York State Continuing Legal Education Board as an Accredited Provider of continuing legal education in the state of New York.

  • CPE Sponsory

    ISDA is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be addressed to the National Registry of CPE Sponsors: 150 Fourth Avenue North, Suite 700, Nashville, TN 37219-2417. www.nasba.org

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