International benchmark reform panel at ICMA 50th AGM & Conference, Madrid, May 31, 2018

Описание: Moderator:
Paul Richards, Managing Director, Head of Market Practice and Regulatory Policy, ICMA

Panellists:
Roman Baumann, Head of Money Market, Swiss National Bank
David Bowman, Advisor, Board of Governors, The Federal Reserve
Cornelia Holthausen, Deputy Director General, European Central Bank
Edward Ocampo, Senior Advisor - Markets, Bank of England
Edwin Schooling Latter, Head of Markets Policy, Strategy & Competition, Financial Conduct Authority

The panel on international benchmark reform is about the transition from the IBORs (like LIBOR) to Risk-Free Rates. It is estimated that the notional value of contracts referencing LIBOR and other IBORs is around $350 trillion globally. While the largest proportion by notional value consists of derivatives, the value of contracts outstanding in the cash markets, including the bond market as well as the loan market, is also very large. The panel brought together senior officials representing the Bank of England, the UK Financial Conduct Authority, the European Central Bank, the US Federal Reserve and the Swiss National Bank. They explain why the transition to Risk-Free Rates is important; discuss the key issues that need to be addressed; and give guidance on what member firms need to do to prepare for the change.

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