Libor Summit UK - Prepare for the Libor transition
Libor Summit UK will have expert speakers from leading bank and buy-side firms, specialists professionals in attendance of objective and in-depth content.
- 09:00 – 09:10: Registration opens
- 09:10 – 09:50: Opening remarks by Helen Bartholomew, RISK.NET
- 09:50 – 10:30: Beyond Libor regulatory keynote: managing risks and generating opportunities by Edwin Schooling Latter Financial Conduct Authority
- Key risks to consider as we approach end-2021
- Divergence in transition paths across markets and jurisdictions
- Predictable outcomes and non-regrettable actions
- 09:50 – 10:30:Dangers for corporate, banks and asset managers in the transition panel discussion by Shaun Kennedy Associated British Ports, Joshua Roberts J.C. Rathbone Associates Limited (JCRA), Barry Hadingham Aviva Investors, Robert de Roeck Aberdeen Standard, Edward Ocampo
- The transition impact on leading firms
- Transition planning and programme essentials
- Implementation risks – examples
- 10:30 – 11:15: Morning network break
- 11:15 – 11:45: How to build models in a multi curve world by Emiliano Papa Deutsche Bank
- Alternative reference rate construction
- The wider impacts of losing a rate that is prevalent in valuation, risk and forecasting models
- The potential benefits of concentrating market liquidity on a single risk-free yield curve
- 11:45 – 12:10: Operational readiness panel discussion by Olivier Balpe Societe Generale and Xavier Pujos Sionic
- Operational challenges of moving to new rates
- A checklist for systems upgrades – the size of the IT challenge and what changes firms need to make
- 12:10 – 13:00: Lunch and networking break
- 13:00 – 13:30: Managing the internal and external communication challenges panel discussion Doug Laurie Barclays and Phil Lloyd Natwest Markets
- Client expectations
- Contract negotiations
- Legacy contracts
- Conduct and governance
- Fiduciary duty for asset managers
- Customer care for banks
- 13:30 – 14:00: RFR trading panel: portfolio issues and volumes
- What is the trader’s view of volumes, products and trends?
- What are the emerging product opportunities?
- 14:00 – 14:20: Libor demos: how can technological advances support your firm in the transition?
- Using AI to validate exposure
- Linking structured data and unstructured data
- Contract analytics
- 14:20 – 14:40: Libor Demo: how can technological advances support your firm in the transition? (Sponsored by: numerix) by Juan Vargas Numerix
- 14:40 – 15:00: Libor demo: The Sionic Utility Model – systematic contract repapering and client negotiations (Sponsored by: Sionic) by Paul Dobbs Sionic and Xavier Pujos Sionic. Sionic’s LIBOR-to-RFR utility handles derivatives, loan books, contracts by providing bespoke blends of technology with operational and para-legal support. This enables cost-effective contracts digitisation, risk classification and repapering, covering client outreach, negotiation and revised contracts exchange. Benefits include:
- Integrated legal / triage / outreach teams, providing 24/7 client coverage
- Clear, centralised, single team ownership of repapering for each client
- Flexible, scalable resource within existing and new teams
- Local legal, outreach and relationship management escalation
- Self-sufficiency and cost efficiency through effective devolution to paralegals
- Reduced demand on internal teams, releasing essential resource back to the bank
- 15:00 – 15:30: Afternoon networking break
- 15:30 – 16:00: Implementing new Libor fallback provisions panel by Clare Dawson Loan Market Association, Rick Sandilands International Swaps and Derivatives Association, Katie Kelly International Capital Markets Association and Maurizio Garro Lloyds Banking Group
- Amendment of ISDA’s 2006 definitions for OTC derivatives and adoption for legacy contracts via protocol
- Transitioning away from LIBOR based on existing fallback provisions in FRNs, and adoption of new risk-free rateS
- Fallback provisions for syndicated loans
- Fallback provisions for bilateral loans and securitizations
- 16:00 – 16:30: Libor to SONIA keynote: what happens next?
- 16:30 – 17:15: A detailed debate on how and when Libor will cease
- 17:15 – 17:25: Chair’s summary and closing remarks
- 17:25 – 19:00: Networking drinks