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ISDA Symposium®

Financial Benchmarks

An entirely new framework which affects administrators, contributors and users

3.75 CPD Credit Hours Available (England and Wales)

4.5 CLE Credit Hours Available (New York)
Transitional and Nontransitional


Thursday, June 15, 2017
One Bishops Square
London

PROGRAM AGENDA

Regulatory intervention on financial benchmarks was not initially part of the regulatory plan agreed by G20 leaders in 2009 but became a focus after some high profile cases of manipulation (e.g. Libor). Policymakers are keen to impose strong conduct rules on benchmark administrators and users that will significantly affect the conditions under which market participants (banks, buy-side firms and corporates) will use the wide range of financial benchmarks that are published over the world. The EU regulation on financial benchmarks that comes after the IOSCO principles is at the heart of this regulatory wave and applies as from 1 January 2018. In addition to concerns over appropriate use, authorities in key financial centers are encouraging the market to develop alternative, nearly Risk-Free Rates and designate fallbacks for contracts that continue to reference IBORs.

 

 

 

8:15 AM

 

Registration and Continental Breakfast

 

 

 

8:50 AM

 

Introduction and Welcoming Remarks

 

 

 

9:00 AM

 

The EU Regulation on Financial Benchmarks – implementation actions
This panel 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)

 

 

 

10:00 AM

 

Fall back provisions under the EU Regulation on Financial Benchmarks
This session will cover:

  • 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
  • Fallbacks and ISDA documentation

 

 

 

10:45 AM

 

Coffee Break

 

 

 

11:15 AM

 

Strengthening Existing Benchmarks
The benchmark reforms proposed by the Financial Stability Board included an objective to strengthen existing benchmarks and other reference rates. This session will focus on the progress to date on what has become known as Ibor+ (the development of the existing Ibor rates) as well developments in other benchmarks relevant in the derivatives space such as ICE Swap Rate.

 

 

 

11:45 AM

 

Development of Alternative Risk-Free Rates
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 session will provide an overview of the background to the development of RFRs, consider current efforts underway in the UK, US and Japan and highlight potential issues for users to consider.

 

 

 

12:30 PM

 

Development of Fallbacks for IBORs
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.

 

 

 

1:15 PM 

 

 Symposium Concludes

 


Agenda is subject to change

- REGISTRATION FEE* -
$ 400 U.S. (member) / $ 500 U.S. (non-member)
*The invoice total must be paid in full - registration fees are net of tax and wire transfer fees are not included.

We suggest registering at least two weeks in advance to ensure your seat.

Please click here for the Conference Registration Form.

 

Allen & Overy LLP, One Bishops Square, London, E1 6AD. Phone +44 (0) 203 808 9700.
A map to the venue can be found here.

You will be required to provide photo identification in order to enter the venue. Please ensure you present this at the ground floor reception or you may be refused entry.



For more information regarding conferences or exhibition opportunities, please contact the ISDA conference department

at +1 212-901-6000  or e-mail conferences@isda.org


® ISDA Symposium is a registered trademark of the International Swaps and Derivatives Association, Inc.