Impact of LIBOR Cessation on Fallbacks

Monday, March 29 to Friday, April 23, 2021

Member US$300.00

Non-Member US$350.00

Register for Impact of LIBOR Cessation on Fallbacks
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This is a pre-recorded Virtual Conference


Recording available until April 23, 2021


Now that the UK Financial Conduct Authority (FCA) has announced the dates on which all 35 LIBOR publications will either cease or become non-representative, the market has important clarity on the timing of the end of LIBOR. This announcement also resulted in the setting of the spread adjustment that will apply to fallbacks for derivatives referencing LIBOR under ISDA’s standard documentation. This conference will explore the details of the FCA announcement, the implications for fallbacks under cleared and non-cleared derivatives and the path forward for both market participants and regulators.

This is a pre-recorded ISDA Virtual Conference:

  • This is a recording of the Impact of LIBOR Cessation conference which took place on March 24, 2021
  • Registrants will have access to the recording until 5.00 PM EDT on April 23, 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 29, 2021

Print Agenda Impact of LIBOR Cessation on Fallbacks for

9:00 AM Introduction and Welcoming Remarks Ann M. Battle

Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA

9:05 AM IBA and FCA Announcements Rick Sandilands, Timothy J. Bowler, Heather Pilley

This panel will discuss the substance of the recent announcements from IBA and the UK FCA on the results of IBA’s December 2020 consultation and the cessation or non-representativeness of LIBOR in all 35 currency and tenor pairs.

Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Timothy J. Bowler, President, ICE Benchmark Administration, Intercontinental Exchange, Inc.
Heather Pilley, Technical Specialist, Benchmarks Policy, Financial Conduct Authority

9:30 AM Break

9:35 AM Triggering of LIBOR Fallbacks Under ISDA Documentation Ann M. Battle, Phoebe Coutts, Jonathan Seymour, Deepak Sitlani

This panel will discuss the implications of the recent announcements on Bloomberg’s publication of indicative fallback rates for LIBOR derivatives and the contractual fallbacks that will apply under the IBOR Fallbacks Supplement and the IBOR Fallbacks Protocol published by ISDA.

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Phoebe Coutts, Managing Associate, Linklaters LLP
Jonathan Seymour, Index Product Manager, Bloomberg LP
Deepak Sitlani, Partner, Linklaters LLP

10:25 AM Break

10:30 AM Path Forward for LIBOR Derivatives Ann M. Battle, Suzanna Brunton, Steven J. Dayon, CFA, Guillaume Helie, Jonathan Martin, Philip Whitehurst

This panel will discuss the implication of LIBOR cessation, including application of the fallbacks in ISDA documentation, for cleared and non-cleared derivatives. It will cover the effects of these fallbacks under a variety of linear and non-linear derivatives and potential opportunities for voluntary transition from LIBOR in advance of its cessation or non-representativeness.

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Suzanna Brunton, Managing Associate, Linklaters LLP
Steven J. Dayon, CFA, Executive Director, OTC Products, CME Group
Guillaume Helie, Vice President, Goldman Sachs
Jonathan Martin, Director, Market Infrastructure and Technology, ISDA
Philip Whitehurst, Head of Service Development, Rates, LCH

11:20 AM Break

11:25 AM Potential Legislative and Regulatory Developments Rick Sandilands, Chris Bates, Anne-Laure Condat, Lary Stromfeld

This panel will cover recent or potential legislation related to LIBOR’s cessation in the UK, the EU and the US (including both in New York and at the federal level). It will also cover expected policy statements related to LIBOR’s cessation from the UK FCA. Panelists will discuss potential interactions between these developments and contractual fallbacks for LIBOR derivatives.

Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Chris Bates, Partner, Clifford Chance LLP
Anne-Laure Condat, Manager, Benchmarks Policy Team, Financial Conduct Authority
Lary Stromfeld, Partner, Cadwalader, Wickersham & Taft LLP

12:05 PM Conference Concludes

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Chris Bates


Clifford Chance LLP


Ann M. Battle

Assistant General Counsel, Head of Benchmark Reform



Timothy J. Bowler

President, ICE Benchmark Administration

Intercontinental Exchange, Inc.


Suzanna Brunton

Managing Associate

Linklaters LLP


Anne-Laure Condat

Manager, Benchmarks Policy Team

Financial Conduct Authority


Phoebe Coutts

Managing Associate

Linklaters LLP


Steven J. Dayon, CFA

Executive Director, OTC Products

CME Group


Guillaume Helie

Vice President

Goldman Sachs


Jonathan Martin

Director, Market Infrastructure and Technology



Heather Pilley

Technical Specialist, Benchmarks Policy

Financial Conduct Authority


Rick Sandilands

Senior Counsel, Europe



Jonathan Seymour

Index Product Manager

Bloomberg LP


Deepak Sitlani


Linklaters LLP


Lary Stromfeld


Cadwalader, Wickersham & Taft LLP


Philip Whitehurst

Head of Service Development, Rates



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Registration fee is for one person to attend the entire event. Pass may not be split between multiple attendees.
Groups of three or more attendees from the same firm can receive a 20% discount on event registrations. To register your group, please email

Member US$300.00

Non-Member US$350.00

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Some knowledge of derivatives documentation is assumed. No advance preparation is required.

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