Libor Virtual Week

Join over 130 leading firms, market-makers and regulators to address how global firms are dealing with the implications of the transition to risk-free rates on cash products, the treasury, the operations functions, and the derivatives market.

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

Global markets have recently experienced a period of extreme volatility and as an industry we face unprecedented challenges during the coronavirus crisis, yet the Libor cessation deadline has not been delayed. Firms continue to race toward the deadline and the demand for clarity, technical information and benchmarking with peers are more important than ever.

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.

What’s on the regulators’ to-do list

Monday, June 22

14.00 - 15.00 BST

Join this session to hear an update on the latest regulatory developments on benchmark reform from the FCA and head of the ARRC.

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The trader's perspective

Tuesday, June 23

10.30 - 11.30 BST

Hear expert speakers from the trading desk at Morgan Stanley on how derivatives markets are developing.

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Non-linear markets – the next frontier for RFR derivatives

Wednesday, June 24

10.30 - 11.30 BST


 

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The loan market

Thursday, June 25

10.30 - 11.30 BST

Expert speakers from the Loan Market Association, Barclays, Lloyds Bank, and Natwest.

 

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What’s involved in Libor-RFR transition

Thursday, June 25

12.30 - 13.30 BST

Market participants describe how they are preparing for the demise of Libor.


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Virtual think tanks

Friday, June 26

11.00 - 15.30 BST

Informal virtual discussion groups set up to exchange insights with industry peers on specific issues such as client communication to pre-cessation fall-backs and triggers.

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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 complimentary to watch or can be added to your Libor Virtual Week ticket.

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

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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


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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



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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.