(L)IBOR MIGRATION AND RFRS

“Incisive and fundamental training programme providing focused guidance into operational impact and strategy, best practice and risk assessment within this highly challenging area.”

(L)IBOR MIGRATION AND RFRS

Benchmark rates are changing and this is having a massive impact on financial markets and market participants around the world.

Concerns about benchmark rates have been swirling for years. Even before the London Interbank Offered Rate (LIBOR) scandal hit in 2012, unsecured wholesale borrowing activity had been in decline, and, as the LIBOR scandal made immensely clear, the potential for manipulation was high.

According to the Financial Stability Board, there were more than US$370 trillion worth of notional contracts that were tied to LIBOR, EURIBOR or TIBOR in 2014. And that number has grown since then. In recent times, it has become increasingly clear that there is high demand for a benchmark replacement favouring risk-free rate (RFR) based on transactional data. Central banks have encouraged industry working groups to form to help solve issues arising from establishing and then transitioning to a new more trustworthy benchmark rate.

Due to increasing concern about the future sustainability of LIBOR benchmarks, and uncertainty about the legal position of such contracts if LIBOR became unavailable, the Financial Conduct Authority (FCA) and contributor banks have worked to secure voluntary panel bank support to sustain LIBOR until the end of 2021. It is possible that, ultimately, a number of different benchmark formats will coexist, fulfilling a variety of purposes and market
needs.

Authorities in the United States (US) and the United Kingdom (UK), the European Central Bank, the Swiss National Bank and the Bank of Japan have been working jointly with market participants on a successful market-led transition away from GBP LIBOR to alternative (RFRs). However, there is still significant uncertainty about how the transition to RFRs will pan out. With little clarity on the plan for transitioning away from the established Interbank Offered Rates (IBORs), many financial services organisations are struggling to both manage the risks and efficiently develop their transition strategy.

The Storm-7 Consulting (L)IBOR Migration and RFRs Training Course has been designed to break down the operational impact of the replacement of IBORs, with particular focus on the significance that this will have on banks, asset managers, insurers and their respective clients that issue, sell and manage IBOR benchmarked products. Attendees will be guided through best practices for assessing the risks and impacts to these products and formulating a strategy to remediate.

The expert trainer will break down the challenges that will be faced by market participants, affecting business, operations, technology, contracts and fall-back clauses in financial products that reference IBOR, delta between old IBOR and new RFR, new term rates, repapering and compliance. Ultimately, this training course becomes a fundamental requirement for all market participants that wish to deal with the challenges ahead and accelerate the delivery of change.

BRAND NEW - VIRTUAL TRAINING COURSE ATTENDANCE OPTION

After enormous demand, Storm-7 Consulting are scheduling brand new options for attending training courses for 2020 and beyond. Attendees now have the freedom to choose to secure online attendance at any one of our special schedules of selected virtual training courses. Delegates will enjoy the same scheduled training sessions within each course topic of their choosing, led online by one of our world class Expert Trainers. They will be given close guidance and instruction through training course presentations with our inimitable granular coverage.

Virtual Attendance Package includes:

1 x Full Deck Presentation Slides

1 x Electronic copy of any Session/Workshop Supplementary Materials and Documents

1 x Electonic copy of any Session/Workshop Charts/Graphs/Definitions

1 x Electronic copy of any Session/Workshop Reference Materials and Documents

Online access to Storm-7 Consulting E-course Training Library

This option will also provide attendees with many further advantages:

Securing training course sessions at lower attendance fees;

Convenient attendance from any location in the world;

Direct online interaction with the Expert Trainer;

Access to company discounts and seasonal offers;

CPD and industry training accreditation on applicable courses.

UPCOMING EVENT SCHEDULES

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Disclaimer

ISDA® is a registered trademark of the International Swaps and Derivatives Association, Inc., and Storm-7 Consulting Limited is neither sponsored by nor affiliated with the International Swaps and Derivatives Association, Inc. (ISDA), and the public is hereby informed that Storm-7 Consulting Limited holds no commercial, private, or other relationship with ISDA.