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Managing LIBOR Transition: Update and Practical Guidance for UK Financial Institutions and Users
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Agenda

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  • Tuesday, January 26, 2021
    • Tuesday, January 26, 2021
    •  
      8:45 AM  -  9:30 AM
      Registration & Networking
      9:30 AM  -  9:40 AM
      Chair’s Welcome Speech

      Navin Rauniar, Risk Advisory Partner, TCS - LIBOR, ESG & Climate Risk

      Speaker Biogs:
      • Navin Rauniar 
       

      CONDUCT AND RISK MANAGEMENT DURING THE TRANSITION

      9:40 AM  -  10:35 AM
      Panel discussion I

      Please note that this session will be held under the Chatham House Rule

      Regulatory and contractual practicalities to achieve global compliance

      • Regulatory updates and dependencies:  which regulations still need to change to accommodate the transition
      • International variations in requirements – what to prioritise?
      • Providing feedback to regulators
      • Ensuring clarity by addressing the remaining legal and contractual challenges associated with LIBOR
      • Working across multiple jurisdictions
      • Managing multiple regulatory regimes

      Moderator:
      Edward Ocampo, Non-Executive Director, FICC Market Standards Board

      Panel:
      Barry Hadingham, Head of Derivatives & Counterparty Risk, Aviva Investors
      Janet Wood, Managing Director and Associate General Counsel, Bank of America
      Agathi Pafili, Member of the EUR RFR WG – Representative of EFAMA

      Speaker Biogs:
      • Barry Hadingham, 
      • Edward Ocampo, 
      • Agathi Pafili, 
      • Janet Wood 
       

      Break

      10:35 AM  -  11:10 AM
      Morning Networking Break
       

      CONDUCT AND RISK MANAGEMENT DURING THE TRANSITION

      11:10 AM  -  12:00 PM
      Panel discussion II

      Implementation progress: understanding differences, timeframes and possible delays in the migration of financial institutions towards IBOR transition

      • Transitional differences in the UK, EU and US
      • Timelines and transition in current time scales
      • Trading of alternative risk-free rates (RFRs)
      • Clearing house transition
      • 2021 Q1: what still needs to be done by individuals’ firms and the wider industry?

      Moderator
      Stephen Pegge, Managing Director, Commercial Finance, UK Finance

      Panel:
      Thomas Wipf, Vice Chairman, Morgan Stanley
      Ian Fox, Group IBOR Transition Director, Lloyds Bank, Group Corporate Treasury
      Chris Dickens, COO EMEA, HSBC

      Speaker Biogs:
      • Thomas Wipf, 
      • Ian Fox, 
      • Chris Dickens, 
      • Stephen Pegge 
      12:00 PM  -  12:25 PM
      Mitigating conduct and risk during the transition

      Mitigating conduct and risk during the transition

      • Keeping communication and negotiation open
      • inserting robust fall-back provisions in existing contracts (taking effect before or at the time of LIBOR cessation) 
      • Converting the contract to reference an alternative rate
      • Treating customers fairly when replacing LIBOR
      • SMCR

      Edwin Schooling Latter, Director, Markets and Wholesale Policy, FCA

      Speaker Biogs:
      • Edwin Schooling Latter 
       

      Break

      12:25 PM  -  1:25 PM
      Lunchtime Networking Break
       
      1:25 PM  -  1:45 PM
      Presentation I

      Mitigating conduct and risk during the transition: communicating efficiently with customers and partners

      Ben Harrop, Programme Manager, Enterprise Change, Schroders
      Speaker Biogs:
      • Ben Harrop 
       

      CONDUCT AND RISK MANAGEMENT DURING THE TRANSITION

      1:45 PM  -  2:45 PM
      Deep-dive extended panel discussion

      Developments in SONIA, SOFR and €STR: exploring the new rates going forward

      • Changing instruments to new rates: floating loans, swaps, derivatives
      • The adjustment spread in practice
      • Evolution of term rates
      • Improving SONIA issuances and term reference rates
      • Adapting internally to the new rates landscape

      Moderator:
      Max Verheijen, Director Financial Markets, Cardano

      Panel:
      Kam Mahil, Senior Director, Loan Market Association (LMA)
      Daniel Wynne, IBOR Transition SME, National Australia Bank
      Frances Hinden, Vice Chair of Working Group and VP, Treasury Operations, Shell
      Alaistair Sharp, Managing Director, Credit Suisse
      Jason Granet, Managing Director, Goldman Sachs

      Speaker Biogs:
      • Jason Granet, 
      • Frances Hinden, 
      • Kam Mahil, 
      • Alaistair Sharp, 
      • Max Verheijen, 
      • Daniel Wynne 
       
      2:45 PM  -  3:20 PM
      Afternoon Tea
       

      CONDUCT AND RISK MANAGEMENT DURING THE TRANSITION

      3:20 PM  -  3:40 PM
      Case study I – Bond Market

      Transitioning from LIBOR to RFR-linked issuance: the issuer’s perspective

      • Modelling changes needed to facilitate LIBOR phase out and future use of RFRs
      • Risks of a slow transition to RFRs: availability of vendor platforms and understanding of the necessary adjustments
      • New methodologies (lags/shifts/lockouts)
      • The importance of indices
      • Structured products linked to LIBOR
      • Legacy issues

      Katie Kelly, Senior Director, Market Practice & Regulatory Policy, ICMA

      Speaker Biogs:
      • Katie Kelly 
      3:40 PM  -  4:00 PM
      Case study II – Loan market

      Improving SONIA issuance in the loan market

      • What impact will Covid-19 have on the timeline for IBOR transition?
      • Daily compounding & SONIA
      • Changes processes / systems to make use of SONIA loans
      • LMA documentation
      • Cost and timeframe for a full system overhaul
      Speakers
      Daniel Cichocki, Director, LIBOR Transition, Commercial Finance, UK Finance
      Speaker Biogs:
      • Daniel Cichocki 
       

      OPERATIONAL AND LEGAL PRACTICALITIES DURING AND POST TRANSITION

      4:00 PM  -  4:40 PM
      Panel IV

      Please note that this session will be held under the Chatham House Rule

      The current and future ramifications of IBOR transition and the anticipated challenges in 2021

      • Overall impact on the financial industry
      • Effective customer and client engagement and communication best practice to limit conduct risk 
      • How has the removal of LIBOR affected trust between institutions?
      • Ramifications for capital and liquidity
      • Anticipated reactions of clients, customers and stakeholders
      • Market expectations post 2021

      Moderator:
      John Ewan, Director, Benchmark Advisory Services

      Panel:

      Michael Barron, Director, UK Insurance and Pensions, Deutsche Bank AG
      Nabil Owadally, Portfolio Manager, BMO Global Asset Management
      Doug Laurie, Director, Programme Lead, Wholesale Lending Technology and Change, Barclays

      Speaker Biogs:
      • Michael Barron, 
      • John Ewan, 
      • Nabil Owadally, 
      • Doug Laurie 
       
      4:40 PM  -  4:45 PM
      Chair’s Closing Remarks and End of Day
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