Financial Benchmarks

An entirely new framework which affects administrators, contributors and users

Wednesday, February 7, 2018
Singapore

Member $650 U.S.

Non-Member $750 U.S.

Register for Financial Benchmarks

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Wednesday, February 7, 2018

8:15 AM Registration and Morning Coffee

9:00 AM Introduction and Welcoming Remarks Keith Noyes

Keith Noyes, Regional Director, Asia Pacific, ISDA

9:15 AM Introduction to IOSCO Principles for Financial Benchmarks, Global Benchmark Reform and Strengthening Existing Benchmarks Moderator: Jing Gu, Mak Judge, Helen Lofthouse, Akash Mohapatra, Cindy Mok

This panel will review the key events that led to benchmark reform efforts and the IOSCO principles on which these reforms are based. The session will also cover the benchmark reforms proposed by the Financial Stability Board to strengthen existing benchmarks and other reference rates, and focus on the progress to date on what has become known as IBOR+.

Moderator: Jing Gu, Senior Counsel, ISDA
Mak Judge, Vice President, Regulatory Policy (APAC), Barclays
Helen Lofthouse, Executive General Manager, Derivatives and OTC Markets, ASX Limited
Akash Mohapatra, Managing Director and Associate General Counsel, Co-Head of Global Markets Legal, Asia Pacific, Deutsche Bank AG
Cindy Mok, Executive Director & Head of Department, Monetary & Domestic Markets Management Department, Monetary Authority of Singapore

10:15 AM Development of Alternative Risk-Free Rates Oliver Bettin, Samuel Koh, Keith Noyes

As well as strengthening existing benchmarks and other potential reference rates, authorities are encouraging market participants to develop alternative, nearly risk-free, reference rates (RFRs). This panel will provide an overview of the background to the development of RFRs, consider rates selected and current efforts underway to transition to those rates in the UK, US, and Japan and highlight potential issues for users to consider.

Oliver Bettin, Managing Director, Head of FIC BCU, APAC, Corporate & Investment Bank, Deutsche Bank
Samuel Koh, Senior Vice President, Global Treasury, OCBC Bank
Keith Noyes, Regional Director, Asia Pacific, ISDA

11:15 AM Morning Break

11:30 AM Development of Fallbacks for IBORs Mun Bin Chan, Aaron Comerford, Jing Gu

As well as encouraging market participants to develop alternative RFRs, authorities are encouraging market participants to designate fallbacks for contracts that continue to reference IBORs, which would apply in the event that an IBOR is permanently discontinued. This session will provide background and objectives for this work as well as an overview of issues identified to date and potential solutions, including issues relating to development of term structure and credit spread for RFRs and migration to the alternative RFRs through amendments to the 2006 Definitions and use of ISDA protocol.

Mun Bin Chan, Head, Legal, FXRC and ASA, Financial Markets Legal, Standard Chartered Bank
Aaron Comerford, Head of Legal, Markets, Australia and New Zealand Banking Group Limited
Jing Gu, Senior Counsel, ISDA

12:30 PM Luncheon

1:45 PM The EU Regulation on Financial Benchmarks Paul Landless, Sonia Lim, Philippe Shah

This session will cover:

  • Regulatory timeline and overview of the regulation
  • The scope of financial benchmarks – users’ perspective
  • Proportionality, governance, transparency and registration – key provisions for administrators
    and contributors
  • The recognition of non-EU benchmarks (equivalence, recognition, endorsement)
  • Regulatory impetus for Article 28(2) of the EU Benchmark Regulation
  • The scope of the obligation to plan for material change or cessation of a benchmark
Paul Landless, Partner, Clifford Chance
Sonia Lim, Counsel, Linklaters
Philippe Shah, Director, Benchmarks and Indices Asia Pacific, Thomson Reuters

3:00 PM ISDA 2017 Benchmarks Supplement John Ho, Stephen Trevis

This session will cover the 2017 ISDA Benchmarks Supplement which enables parties to include new provisions into confirmations referencing certain sets of definitions and provisions published by ISDA in order to address the requirements under Article 28(2) of the EU Benchmark Regulation.

John Ho, Head, Legal, Financial Markets, Standard Chartered Bank
Stephen Trevis, Managing Director, Head of Markets Legal Asia Pacific and South East Asia Legal, Barclays

3:45 PM Afternoon Break

4:00 PM Benchmark Regulation in the Asia Pacific Region Erryan Abdul Samad, Aaron Comerford, Lawrence Low, Catherine Stemp

This session will cover the benchmark reforms and regulation in the Asia-Pacific region such as in Australia and Singapore.

Erryan Abdul Samad, Assistant General Counsel, ISDA
Aaron Comerford, Head of Legal, Markets, Australia and New Zealand Banking Group Limited
Lawrence Low, Chief Executive Officer, Allen & Gledhill Regulatory & Compliance Pte. Ltd
Catherine Stemp, Executive Director and Senior Counsel, Goldman Sachs

5:00 PM Conference Concludes

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Marina Mandarin Singapore, 6 Raffles Boulevard Marina Square, Singapore, 039594. Phone: +65 6845 1000.

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Keith Noyes

Regional Director, Asia Pacific

ISDA

Jing Gu

Senior Counsel

ISDA

Mak Judge

Vice President, Regulatory Policy (APAC)

Barclays

Helen Lofthouse

Executive General Manager, Derivatives and OTC Markets

ASX Limited

Akash Mohapatra

Managing Director and Associate General Counsel, Co-Head of Global Markets Legal, Asia Pacific

Deutsche Bank AG

Cindy Mok

Executive Director & Head of Department, Monetary & Domestic Markets Management Department

Monetary Authority of Singapore

Oliver Bettin

Managing Director, Head of FIC BCU, APAC, Corporate & Investment Bank

Deutsche Bank

Samuel Koh

Senior Vice President, Global Treasury

OCBC Bank

Mun Bin Chan

Head, Legal, FXRC and ASA, Financial Markets Legal

Standard Chartered Bank

Aaron Comerford

Head of Legal, Markets

Australia and New Zealand Banking Group Limited

Paul Landless

Partner

Clifford Chance

Sonia Lim

Counsel

Linklaters

Philippe Shah

Director, Benchmarks and Indices Asia Pacific

Thomson Reuters

John Ho

Head, Legal, Financial Markets

Standard Chartered Bank

Stephen Trevis

Managing Director, Head of Markets Legal Asia Pacific and South East Asia Legal

Barclays

Erryan Abdul Samad

Assistant General Counsel

ISDA

Lawrence Low

Chief Executive Officer

Allen & Gledhill Regulatory & Compliance Pte. Ltd

Catherine Stemp

Executive Director and Senior Counsel

Goldman Sachs

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Intermediate

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

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