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ISDA Symposium®

Financial Benchmarks

An entirely new framework which affects administrators, contributors and users

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

4.5 CPE Credit Hours Available


Wednesday, July 12, 2017
Global Financial Conference Center
New York

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 globally have been focusing on strengthening key benchmarks to ensure that they are as robust as possible and reduce any likelihood of their manipulation. Much of this work is based on 2013 Principles for Financial Benchmarks published by IOSCO. Currently, the Financial Stability Board is leading and coordinating work at the global level. In the EU, regulation on financial benchmarks applies as of January 1, 2018. In addition to concerns over robust benchmarks and preventing manipulation, 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 key inter-bank rates. In the United States, the Alternative Reference Rates Committee recently announced its selection of the Broad Treasuries Repo Financing Rate.

 

 

 

8:15 AM

 

Registration and Continental Breakfast

 

 

 

9:00 AM

 

Introduction and Welcoming Remarks

 

 

Katherine Darras, General Counsel, ISDA

 

 

 

9:15 AM

 

Introduction to IOSCO Principles for Financial Benchmarks, Global Benchmark Reform and Strengthening Existing Benchmarks

 

 

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+.

 

 

Ann Battle, Assistant General Counsel, ISDA
Ilene K. Froom, Partner, Reed Smith LLP
Alex van Voorhees, Director & Assistant General Counsel, Bank of America Merrill Lynch

 

 

 

10:15 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 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.

 

 

Vickie Alvo, Executive Director, Office of Regulatory Affairs, JPMorgan Chase & Co.
David Bowman, Special Advisor to the Board, Federal Reserve Board of Governors

 

 

 

11:15 AM

 

Coffee Break

 

 

 

11:30 AM

 

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.

 

 

Ann Battle, Assistant General Counsel, ISDA
David Bowman,
Special Advisor to the Board, Federal Reserve Board of Governors

 

 

 

12:15 PM

 

The EU Regulation on Financial Benchmarks

 

 

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)
  • 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

 

 

Ann Battle, Assistant General Counsel, ISDA
Ilene K. Froom, Partner, Reed Smith LLP

 

 

 

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.

 

Global Financial Conference Center, 360 Madison Avenue (entrance on 45th Street), 17th Floor, New York, NY 10017 Phone: (212) 901-6000.  Please find a map to the venue here



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


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