Libor Virtual Week

Risk.net is proud to present Libor Virtual Week, summarizing the key next steps firms must take and exploring the remaining challenges ahead of the 2021 deadline – all of which you can access online between June 22-26.

All the information you need to prepare for the transition to new risk-free rates in one week.

In June Risk.net proudly brought together over 350 industry professional, across four days of content for Libor Virtual Week. The event summarized the key next steps firms must take and exploring the remaining challenges ahead of the 2021 deadline.

Thank you to all our attendees, speakers and partners, being able to gather the Libor community together virtually at such a time has been a pleasure and a privilege, we hope that all participants have found it as useful and interesting as we have.

Tom Wipf

Vice chairman of institutional securities.

Morgan Stanley

Tom is responsible for Morgan Stanley’s transition efforts to alternative reference rates to
replace LIBOR through the firm’s Global LIBOR Transition Steering Committee. This
group, spanning ISG, Wealth Management and Investment Management, will ensure that
all businesses and infrastructure organizations have a consistent set of Firm-level
guidelines, their own transition plans and accountability for transition readiness before
year-end 2021.
Tom most recently led the firm’s Global Business Continuity Management Organization,
which is responsible for strategic planning and risk management for potential cyber and
physical disruptions. He is a member of the firm’s Securities Operating Committee, Risk
Management Committee and Asset/ Liability Management Committee.
Prior to being named Vice Chairman, Tom was the Global Head of the Bank Resource
Management Division where he was responsible for the firm's secured funding, securities
lending, global hedging and collateral management activities.
Beginning his career in the industry in 1977, Tom joined Morgan Stanley in 1986 and has
been engaged in the Firm’s funding, collateral and hedging activities throughout his
career at the firm. Based in New York, Tom has also completed multi-year assignments
in Morgan Stanley’s London and Tokyo offices.
In April, 2019, Tom was named Chair of the Alternative Reference Rates Committee
(ARRC) by the Federal Reserve Board. The ARRC is a group of private-market
participants convened to help ensure a successful transition from USD LIBOR to a more
robust reference rate.
Tom was appointed Chair of the US Commodity Futures Trading Commission’s Market
Risk Advisory Committee (MRAC) Interest Rate Benchmark Reform Subcommittee in
October, 2018.
Tom served as Chair of the Treasury Market Practices Group (TMPG) until May 2019.
The TMPG is sponsored by the New York Federal Reserve and is an industry group
committed to supporting the integrity and efficiency of the U.S. Treasury and Agency
Mortgage Securities Markets.
Tom serves on the board of directors of International Swaps and Derivatives Association,
Inc. (ISDA). Tom was appointed to the Alternative Reference Rate Committee,
sponsored by the Board of Governors of the Federal Reserve in 2014. Tom previously
served on the Financial Research Advisory Committee to the US Treasury Office of
Financial Research from 2012 to 2017.

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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.

Ian Fox

Group Ibor transition director

Lloyds Bank

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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.

Libor webinar series

The Risk.net editorial team are running a series of webinars, breaking down the issues facing the market, tracking the progress made and highlighting the remaining questions. The three webinars are available on demand. 

View entire webinar series

LDI/Investors

Tuesday, June 23, 2020

15:00 PM BST

  • How does liquidity stack up in RFR markets?
  • Feedback between fallback arrangements and current market pricing & liquidity
  • Risk, Tech & Operational challenges in transition
  • Moving from test trades to live use

Learn more

Big issuers

Wednesday, June 24, 2020

15:00 PM BST

  • Challenges in RFR issuance and hedging,
  • Navigating multiple RFRs, 
  • How to deal with the legacy book, 
  • The challenge of backward-looking rates


Learn more

Bank treasury

Thursday, June 25, 2020

15:00 PM BST

  • Viewing the balance sheet through an RFR lens
  • Funding across multiple RFRs
  • Dealing with the legacy stock of Libor issuance



Learn more