Agenda

Agenda

Libor Summit UK Agenda

08:0009:00

Registration opens

08:00 - 09:00

09:0009:10

Opening remarks

09:00 - 09:10

09:1009:50

Beyond Libor regulatory keynote: managing risks and generating opportunities

09:10 - 09:50

  • Key risks to consider as we approach end-2021
  • Divergence in transition paths across markets and jurisdictions
  • Predictable outcomes and non-regrettable actions
Edwin Schooling Latter

Director of markets and wholesale policy

Financial Conduct Authority

Edwin Schooling Latter is Director of Markets and Wholesale Policy at the Financial Conduct Authority where his responsibilities encompass policy in relation to primary and secondary markets, trading venues, trading conduct, benchmarks, asset management and pensions.  From 2011-2014 Edwin was head of the Financial Market Infrastructure
Directorate at the Bank of England, responsible for supervision of CCPs, securities settlement systems, and systemically important payment systems, and for the Bank’s input to policy making on central clearing and OTC derivatives reforms. Prior to appointment as head of MID, Edwin worked in the Bank’s Financial Stability area for several years, including as secretary to the Bank’s Financial Stability Committee. Edwin was also previously Managing Director of UK payment system, LINK Interchange Network Ltd.

09:5010:30

Dangers for corporate, banks and asset managers in the transition panel discussion

09:50 - 10:30

  • The transition impact on leading firms  
  • Transition planning and programme essentials
  • Implementation risks – examples
Shaun Kennedy

Group treasurer

Associated British Ports

Shaun Kennedy is Group Treasurer at Associated British Ports, responsible for leading the group’s treasury and insurance functions. Shaun has extensive treasury experience and a strong track record working within long term UK infrastructure with previous roles at Affinity Water and Notting Hill Housing Trust amongst others. Shaun is an Associate Member of the Association of Corporate Treasurers and represents Associated British Ports as a member of the Working Group on Sterling Risk-Free Reference Rates.

Joshua Roberts

Associate director (private equity & corporates)

J.C. Rathbone Associates Limited (JCRA)

Joshua advises JCRA’s private equity and corporate clients on how to optimize their interest rate and FX hedging strategies. Joshua also leads the firm’s advisory work on the global transition from interbank offered rates (IBORs) to risk-free rates (RFRs).

 

Barry Hadingham

Head of derivatives & counterparty risk

Aviva Investors

Barry oversees derivatives governance and counterparty risk globally for Aviva Investors.  He has a number of years experience in financial services and has spent a considerable amount of that time working in derivatives related roles within banking, insurance and asset management. Barry is continuing to lead the work to deliver the remaining changes to comply with post crisis OTC regulation across Aviva Investors. He is also a key member of the Aviva Investors team delivering the IBOR transition programme, acting as an SME for derivatives related transition and participates in a number of IBOR industry working groups.  

Robert de Roeck

Head of structured solutions, investment innovation

Aberdeen Standard

Robert leads a team of around twenty front office professionals and fund managers responsible for the design, modelling, and management of more sophisticated investment portfolios and products. As well as on-going portfolio management responsibility for ASI's Liability Aware mandates (c. £50bn), the team's remit spans the asset classes in both funded and derivative instruments to deliver client-focused investment solutions. Accordingly, as the place where investment solution design meets portfolio management, the team plays an important role in connecting and enabling broader business capabilities, as well as influencing and directing innovative product design across the firm.

Robert holds a B.Sc. in Physics from the University of Edinburgh, an M.Sc. in Financial Mathematics from Kings College London, and a Ph.D. in Chemical Engineering from the University of Cambridge. After completing his Ph.D., Robert was recruited directly from university into ABN AMRO's derivatives structuring group.  During his time at ABN, he helped establish the Relative Value (prop) Trading desk, and spent time as a market maker in Danish mortgage-backed bonds. Robert then moved to J.P. Morgan to join a Credit Derivatives Structuring team in New York, where he focused on the more technical side of credit derivative pricing and trading.  Upon his return to London, Robert worked in the Rates and Inflation Structuring team at Lloyds Banking Group, where he gained experience in inflation derivative pricing.  In January, 2010, Robert joined Standard Life Investments where he subsequently became Head of the Structured Solutions Team.

10:3011:15

Morning network break

10:30 - 11:15

11:1511:45

How to build models in a multi curve world

11:15 - 11:45

  • 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
Emiliano Papa

Director and head of interest rates, FX, and hybrids

Deutsche Bank

Emiliano has a PhD in Theoretical Physics from University of Oxford.

After graduation he went for a postdoc and later Lecturer at the University of Texas at Austin and Visiting Scholar at Caltech.

Emiliano then moved into Quantitative Finance and became director at Bank of America.

Since 2014 he has been Director and head of Interest Rates, FX, and Hybrids at Deutsche Bank.

11:4512:10

Operational readiness panel discussion

11:45 - 12:10

  • 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
Olivier Balpe

Head of group IBOR transition program

Societe Generale

TitleOlivier is the Societe Generale representative at the ECB working group on euro risk-free rates 

Xavier Pujos

Managing partner

Sionic

Xavier helps financial institutions address the combined challenges of regulation, capital efficiency and organisational effectiveness. Having begun his career as an interest rates derivatives trader at Paribas, he became head of the foreign exchange trading team. He helped create the market risk department and led the fixed income market risk teams, before becoming deputy COO of fixed income front office. With the merger of BNP and Paribas, Xavier became the COO for BNP Paribas Fixed Income worldwide, managing funding, capital, balance sheet, transfer pricing agreements and a comprehensive regulatory implementation programme for fixed income worldwide. Today, his involvement with SIFMAGFMAISDAFBFEBF, regulators and central banks, underpins his understanding of the context and intention of regulation, as well as its application and impact on end-users.

12:1013:00

Lunch and networking break

12:10 - 13:00

13:0013:30

Managing the internal and external communication challenges panel discussion

13:00 - 13:30

  • Client expectations
  • Contract negotiations
  • Legacy contracts 
  • Conduct and governance
    • Fiduciary duty for asset managers 
    • Customer care for banks
Doug Laurie

Director, programme lead, wholesale lending technology and change

Barclays

Phil Lloyd

Head of market structure & regulatory customer engagement

Natwest Markets

Phil leads NatWest Markets’ customer engagement on external Market Structure and Regulatory Reforms, an ever dynamic area given that industry developments are  accelerating rather than drawing breath. Engaging all types of customers across multiple asset classes and regions globally, Phil has a wealth of knowledge when it comes to
NatWest Markets’ business, having joined the Markets Graduate Programme many years ago following completion of his Masters in Economics. His breadth of experience, given previous roles in Sales, Account Planning and Strategy, has been invaluable in providing him with the basis on which he has built a well-rounded approach to
regulatory change.


In recent years, he has taken the lead in implementing many key post-crisis regulatory reforms, including Dodd-Frank, EMIR and MiFID II. Most recently Phil has been leading the client engagement strategy for Brexit and IBOR reform and is an active member of the Risk-Free Rates (RFRs) forums that are shaping this pivotal market reform.

13:3014:00

RFR trading panel: portfolio issues and volumes

13:30 - 14:00

  • What is the trader’s view of volumes, products and trends?
  • What are the emerging product opportunities?

14:0014:20

Libor demos: how can technological advances support your firm in the transition?

14:00 - 14:20

  • Using AI to validate exposure 
  • Linking structured data and unstructured data 
  • Contract analytics 

14:2014:40

Libor Demo: how can technological advances support your firm in the transition?

14:20 - 14:40

Juan Vargas

VP, financial engineering

Numerix

Mr. Vargas joined Numerix in August 2014, where he is currently working as Senior Financial Engineer. He is focused on developing solutions for clients to price vanilla and exotic products as well as market risk and valuation adjustment measures using Numerix analytics. Before joining Numerix, Mr. Vargas worked as Quantitative Analyst in the valuation services team at Pricing Partners (now part of Thomson Reuters). Mr. Vargas holds a Master’s degree in Financial Engineering from Universite Paris Dauphine.

14:4015:00

Libor demo: The Sionic Utility Model – systematic contract repapering and client negotiations

14:40 - 15:00

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
Paul Dobbs

Director

Sionic

Paul is a risk and regulatory specialist who has worked in banking, capital markets and consultancy for over 15 years. Before joining Sionic, Paul worked in investment banks, for a global technology vendor and in a global credit rating agency, helping to deliver quality risk and regulatory advice across the domains of  data, risk technology, risk analytics and reporting, right through to the application of artificiaI intelligence. Paul has advised many banks globally on risk and regulation, helping them move from regulatory box ticking to producing highly optimised frameworks on workflows, processes, technology and people.

Xavier Pujos

Managing partner

Sionic

Xavier helps financial institutions address the combined challenges of regulation, capital efficiency and organisational effectiveness. Having begun his career as an interest rates derivatives trader at Paribas, he became head of the foreign exchange trading team. He helped create the market risk department and led the fixed income market risk teams, before becoming deputy COO of fixed income front office. With the merger of BNP and Paribas, Xavier became the COO for BNP Paribas Fixed Income worldwide, managing funding, capital, balance sheet, transfer pricing agreements and a comprehensive regulatory implementation programme for fixed income worldwide. Today, his involvement with SIFMAGFMAISDAFBFEBF, regulators and central banks, underpins his understanding of the context and intention of regulation, as well as its application and impact on end-users.

15:0015:30

Afternoon networking break

15:00 - 15:30

15:3016:00

Implementing new Libor fallback provisions panel

15:30 - 16:00

  • 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
Clare Dawson

Chief executive

Loan Market Association

Clare joined the Loan Market Association in 1999 after spending two years in the syndications department at Sumitomo Bank, working on loans in Europe, the Middle East and Africa.  Prior to this she spent two years at the British Museum Development Trust raising funds for the Museum's Great Court project.  Before joining the British Museum, Clare had spent some eight years at Sumitomo in the international department, including two years at the bank's head office in Tokyo, where she helped establish a syndications desk.  In London she worked mainly on origination in various Western European and Nordic countries.

Clare has an honours degree in Modern and Medieval Languages from the University of Cambridge.  She is a member of the Bank of England’s Working Group on Sterling Risk-Free Reference Rates and chairs the Sterling Loans sub-group.

Rick Sandilands

Senior counsel, Europe

International Swaps and Derivatives Association

Rick Sandilands has been Senior Counsel, Europe at ISDA since 2016.  Previously Rick worked Lehman Brothers’ Fixed Income Division, as Head of Rates, FX and Commodities Legal.   During this time, Rick was co-chair of ISDA’s European Documentation Committee. Having moved to Standard Bank, he returned to the Lehman insolvency as Head of Trust Legal to help wind up the European estate’s secured, unsecured and client money claims.  He represents ISDA on the European and Sterling Risk Free Rate Working Groups, led the ISDA Benchmarks Supplement project and helped lead advocacy efforts in relation to the EU Benchmarks Regulation.

Katie Kelly

Senior director, market practice & regulatory policy

International Capital Markets Association

Katie Kelly is a Senior Director in the Market Practice and Regulatory Policy team at ICMA, where she is primarily responsible for representing the interests of ICMA’s primary market issuer constituency (financial issuers and corporates).

More recently, Katie has been working on the transition from LIBOR to risk-free rates and is active in the various associated working groups of the £RFR Working Group, with a particular focus on the adoption of SONIA as the new risk-free rate and the transition of legacy instruments.    

Prior to joining ICMA in 2011, Katie practiced law at Linklaters in both the London and Paris offices before taking a position as Treasury Counsel at British American Tobacco.

Katie studied Law and French in Manchester and took her professional legal exams in York.

Maurizio Garro

Senior lead- ibor transition programme

Lloyds Banking Group

Maurizio Garro works as a Senior Lead BA for the IBOR Transition programme at Lloyds Banking Group, where he is leading the delivery of the changes required for models, curves and products for the transition to the alternative risk-free rates for the Front and Back book. His background is in Model Risk, Market Risk, Counterparty Credit Risk, Pricing, Liquidity and Stress Testing. 

He has a long-standing experience as an internal auditor, consultant and banker in model risk management and previously worked in the Development and Validation teams of top-tier financial institutions in Europe, U.S., and the U.K. for over 15 years.  

Maurizio is a  frequent speaker on various topics in risk management, a member of the Institute of Internal Auditor and the Director of the Global Association of Risk Professional (GARP) London Chapter.

Maurizio Garro received his Master Degree in Economics from the Bocconi University of Milano and a certificate in Financial Risk Management (FRM) from GARP

16:0016:30

Libor to SONIA keynote: what happens next?

16:00 - 16:30

16:3017:15

A detailed debate on how and when Libor will cease

16:30 - 17:15

17:1517:25

Chair's summary and closing remarks

17:15 - 17:25

17:2519:00

Networking drinks

17:25 - 19:00