Next Steps for Benchmark Reform

Wednesday, December 1, 2021
Online

Member US$275.00

Non-Member US$325.00

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

The financial industry is approaching the end game for LIBOR transition, with only weeks until most LIBOR settings cease or become non-representative. This event will provide an in-depth analysis of what to expect in the derivatives markets after the end of 2021, including the application of fallback rates, use of synthetic LIBOR for tough legacy transactions, the impact of other relevant legislation and continued publication of a representative US dollar LIBOR.

 

This is an ISDA Virtual Conference:

  • Event will be live on December 1, 2021 from 9:00 AM – 12:15 PM EST  |  Timezone Converter
  • Miss part of the event or aren’t able to watch live? The recording will be available to registrants until January 3, 2022

Educational Credits

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

3.5 CPE Credit Hours Available

3.0 CPD Credit Hours Available (England and Wales)

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Wednesday, December 1, 2021

Print Agenda Next Steps for Benchmark Reform 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 Application of IBOR Fallbacks Ann M. Battle, Jonathan Seymour, Deepak Sitlani, Philip Whitehurst, Janet Wood

New fallback rates will kick in for a large proportion of outstanding non-cleared derivatives linked to euro, sterling, Swiss franc and yen LIBOR from the start of 2022. What impact will this have and what do market participants need to know? This panel will analyze the contractual fallbacks that will apply under ISDA’s IBOR Fallbacks Supplement and IBOR Fallbacks Protocol and consider how a variety of linear and non-linear derivatives will be affected. It will also explore the implications of CCP plans to transition cleared LIBOR derivatives to risk-free rates ahead of the application of fallbacks.

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Jonathan Seymour, Index Product Manager, Bloomberg LP
Deepak Sitlani, Partner, Linklaters LLP
Philip Whitehurst, Head of Service Development, Rates, LCH
Janet Wood, Managing Director and Associate General Counsel, Bank of America

10:00 AM Break

10:10 AM Using Synthetic LIBOR Rick Sandilands, Chris Bates, Tilman Lüder, Tamsin Rolls, Lary Stromfeld

The UK Financial Conduct Authority has announced it will compel publication of a synthetic LIBOR for certain sterling and yen LIBOR tenors that would otherwise cease at the end of 2021. However, use of these synthetic rates will be limited (at least for UK-regulated entities) to tough legacy exposures.  Legislation has also been developed to tackle tough legacy exposures in New York and the European Union, and work is under way to develop a solution at the federal level in the US. This panel will look at the various legislative solutions and consider how they will interact with contractual fallbacks.

Moderator: Rick Sandilands, Senior Counsel, Europe, ISDA
Chris Bates, Special Counsel, Consultant to Clifford Chance LLP
Tilman Lüder, Head of Securities Markets, DG FISMA, European Commission
Tamsin Rolls, Executive Director and Assistant General Counsel, J.P. Morgan
Lary Stromfeld, Partner, Cadwalader, Wickersham & Taft LLP

10:55 AM Break

11:05 AM Fallbacks for LIBOR-Based Swap Rates Jonathan Martin, Suzanna Brunton, Guillaume Helie, Arif Merali

A number of benchmarks used in non-linear derivatives and certain other financial products reference swap rates that are based on transactions referencing certain IBORs, including dollar, sterling and yen LIBOR. ISDA recently published fallbacks for these swap rates in coordination with their administrators and relevant public-/private-sector working groups. This panel will discuss the fallback rates and how they will apply.

Moderator: Jonathan Martin, Senior Director, Market Infrastructure and Technology, ISDA
Suzanna Brunton, Managing Associate, Linklaters LLP
Guillaume Helie, Head of US Rates Structuring & Solutions, Goldman Sachs
Arif Merali, Senior Advisor, Markets, Bank of England

11:40 AM Fallbacks for Other IBORs Ann M. Battle, Mark Crawford, Henning Nilsen, Harri Vikstedt

While LIBOR’s days are numbered, other key IBORs are expected to continue alongside local currency risk-free rates. This panel will explore ISDA’s recent work to develop fallbacks for additional IBORs, including those in India and the Philippines that use US dollar LIBOR as an input. This session will also include updates on benchmark reform efforts in the relevant jurisdictions.

Moderator: Ann M. Battle, Assistant General Counsel, Head of Benchmark Reform, ISDA
Mark Crawford, Associate, Linklaters LLP
Henning Nilsen, Director, COO, SpareBank 1 Boligkreditt
Harri Vikstedt, Senior Policy Director, Financial Markets Department, Bank of Canada

12:30 PM Conference Concludes

Agenda is subject to change.

Register Now for Next Steps for Benchmark Reform
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Chris Bates

Special Counsel

Consultant to Clifford Chance LLP

Clifford_Chance

Ann M. Battle

Assistant General Counsel, Head of Benchmark Reform

ISDA

ISDAConferences

Suzanna Brunton

Managing Associate

Linklaters LLP

LinklatersLLP

Mark Crawford

Associate

Linklaters LLP

Guillaume Helie

Head of US Rates Structuring & Solutions

Goldman Sachs

GoldmanSachs

Tilman Lüder

Head of Securities Markets, DG FISMA

European Commission

Jonathan Martin

Senior Director, Market Infrastructure and Technology

ISDA

ISDAconferences

Arif Merali

Senior Advisor, Markets

Bank of England

Henning Nilsen

Director, COO

SpareBank 1 Boligkreditt

Tamsin Rolls

Executive Director and Assistant General Counsel

J.P. Morgan

jpmorgan

Rick Sandilands

Senior Counsel, Europe

ISDA

ISDAConferences

Jonathan Seymour

Index Product Manager

Bloomberg LP

Bloomberg

Deepak Sitlani

Partner

Linklaters LLP

LinklatersLLP

Lary Stromfeld

Partner

Cadwalader, Wickersham & Taft LLP

Cadwalader

Harri Vikstedt

Senior Policy Director, Financial Markets Department

Bank of Canada

Philip Whitehurst

Head of Service Development, Rates

LCH

LCH_Clearing

Janet Wood

Managing Director and Associate General Counsel

Bank of America

BankofAmerica

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Intermediate

The course level is intermediate. Some knowledge of derivatives documentation is assumed. No advance preparation is required.

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