Libor end game

Mark Cabana is the head of US Short Rates Strategy at BofA Merrill Lynch Global Research, based in New York. In this role, he publishes research and trade recommendations covering US short-term interest rates and macro strategy. He also meets regularly with a broad range of clients to discuss the firm's views on Fed policy, interest rates and financial regulation. He has been with the firm and in this role since 2015.

Before joining the firm, Cabana worked as an officer in the Markets Group at the Federal Reserve Bank of New York, which he joined in January 2007, analyzing global macroeconomic conditions and financial markets. Prior to that role, he was a senior trader/analyst on the Fed’s Treasury Market Policy staff.

Cabana earned a bachelor’s degree in political science and Asian studies at Furman University and a master’s degree from Johns Hopkins University in international relations. He is a CFA charterholder.

Andrew Hauser is the Executive Director for Markets. He is responsible for all aspects of the design and execution of the Bank of England’s operations in financial markets, which includes managing the Bank’s own balance sheet and overseeing the UK’s official foreign exchange reserves on behalf of HM Treasury. In addition to these operational duties, he is responsible for market intelligence gathering and providing the Bank’s Monetary Policy and Financial Policy Committees with analysis of global financial markets.

Andrew joined the Bank in 1992 and has worked in senior roles in most major functions.  Most recently, he was Executive Director for Banking, Payments and Financial Resilience. He oversaw the development of the Bank’s own financial risk framework, the operation and strategic development of payment systems, and wholesale and retail banking operations. He was also the executive sponsor for the Bank’s work on FinTech, including setting up of the FinTech Hub. Prior to this, he led the joint Bank/HMT/FCA Fair and Effective Markets Review.

Andrew was Private Secretary to the Governor in 2009-11. He also represented the United Kingdom as a member of the Executive Board of the International Monetary Fund in Washington DC in 2004-6, had oversight of the Bank’s Inflation Report and regional agency network, and served on the secretariat to the Monetary and Financial Policy Committees.

Andrew has an MSc in Economics from the London School of Economics and an MA in Politics, Philosophy and Economics from Oxford University.  In addition to his role at the Bank of England, he was a Non‐Executive Director and Chair of the Audit and Risk Committee for NHS Resolution between 2013 and 2017.

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.

Philip Whitehurst is Head of Service Development for LCH’s Rates business which includes SwapClear, the market-leading swap clearing service it operates.

Based in London, Philip has over 25 years' experience in the OTC Derivatives markets in a range of functions and firms. Following initial roles trading GBP and DEM interest rate swaps and options, Philip spent more than 10 years structuring fixed income derivatives solutions for institutional and retail clients the APac and EMEA regions for the major international investment banks.

Philip joined LCH in 2009 to lead SwapClear’s Product Management function, and has been heavily involved in the design & development of many of LCH’s recent initiatives including SwapClear’s client clearing models, its compression services and the nascent extension into non-cleared OTC derivatives. He has most recently been representing LCH in industry forums, such as ARRC, established to address the challenge of Benchmark Reform.