The view from the Working Group on Sterling Risk-Free Reference Rates is that virtually everyone should be using compounded overnight SONIA in arrears. The challenge for borrowers is to do that without spending huge amounts on systems upgrades, says Shell's Frances Hinden
ISDA Tue 13 Apr 2021 16:19

Our final panel looks at how to manage cash and derivatives during benchmark transition, with panelists from @BankofAmerica, @EBRD, @FannieMae, @LloydsBank and @Shell #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 15:54

The second panel of the day is on the transition of cleared and non-cleared derivatives, featuring @CMEGroup, @EurexGroup, @Fidelity, @GoldmanSachs and @LCH_Clearing #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 15:04

Across the derivatives market, a lot has been done in de-risking legacy LIBOR and now a lot of the focus is on getting more liquidity in SOFR, says Tom Wipf @MorganStanley #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 14:49

The market likes certainty and clarity, and the FCA March 5 announcement provides that. We are now seeing more urgency and more momentum in the transition, says Tanate Phutrakul @ING_news #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 14:39

Next up at the ISDA Benchmarks Strategies Forum: ISDA CEO @ScottOMalia speaks to Tanate Phutrakul @ING_news and Tom Wipf @MorganStanley about the milestones for transition #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 14:39

The liquidity build up in SOFR has been slower than expected but is still steadily growing. We are in the midst of a behavioural shift. We now have certainty over the future of LIBOR, so that behavioural shift will continue over the coming months, says Jack Hattem @blackrock
ISDA Tue 13 Apr 2021 14:09

Fallbacks provide not just a safety net but they also eliminate operational risk and valuation risk. Having certainty and a pathway forward is what’s so crucial here, says Jack Hattem @Blackrock #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:59

Benchmark reform is a massive overhaul of the financial system, and anyone involved should crave certainty. Fallbacks provide that certainty, says Michael Barron @DeutscheBank #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:59

The time that we have shouldn’t be wasted or thought of as a pass to delay. There is a lot of work to be done, says Jack Hattem @Blackrock #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:49

The extension for US dollar LIBOR definitely gives market participants a lot more time to transition to new benchmarks and for more progress to be made in SOFR swaps and non-linear products, says Subadra Rajappa @SocieteGenerale #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:49

The FCA announcement about the end of LIBOR was a non-event in the markets. There should be a continued focus on education - there is still some complacency from some clients, says Subadra Rajappa @SocieteGenerale
ISDA Tue 13 Apr 2021 13:49

The first panel will explore the timetable for LIBOR cessation, with panelists from @Blackrock, @CMEGroup, @DeutscheBank and @SocieteGenerale #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:39

Authorities have been cooperating very closely and will continue to do so. We all understand the importance of solutions that avoid conflicts of law and the benefits of consistency, says Edwin Schooling Latter @TheFCA #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:39

An excessive usage of term rates in derivatives could cannibalize the volume of overnight RFR-based derivatives, and negatively impact the robustness of the term rate, says Edwin Schooling Latter @TheFCA #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:34

It was initially argued that market participants would need a term rate for bonds, but the sterling FRN and securitization market is now almost entirely based on compounded SONIA. Use of compounded SONIA is also growing in loan markets, says Edwin Schooling Latter @TheFCA.
ISDA Tue 13 Apr 2021 13:34

We would not envisage allowing use of synthetic LIBOR where it is straightforward to convert to RFRs - notably, in cleared derivatives contracts, says Edwin Schooling Latter @TheFCA #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:29

We will continue to consider the possibility of requiring publication of a synthetic rate for US dollar LIBOR to help with legacy transactions. But no one should be relying on that, says Edwin Schooling Latter @TheFCA #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:24

There is a clear expectation that use of dollar LIBOR in new contracts should stop by the end of this year, here in the UK, in the US, and in other key jurisdictions, says Edwin Schooling Latter @TheFCA #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:24

There is no longer any doubt that the end dates for LIBOR are real, says Edwin Schooling Latter @TheFCA #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:19

Keynote speaker Edwin Schooling Latter @TheFCA begins his remarks at the ISDA Benchmark Strategies Forum #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:19

Cleared SOFR swaps on CME increased by 138% between Q3 and Q4 2020 as a result of the transition to SOFR discounting, says Sean Tully @CMEGroup #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:19

Global interest rate benchmarks will be a focus in 2021. The future of LIBOR is front and center, says Sean Tully @CMEGroup #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:14

Over the last year, swaps and derivatives markets have responded with resilience to unprecedented levels of uncertainty and volatility, says Sean Tully @CMEGroup #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:14

Sean Tully, global head of financial and OTC products @CMEGroup, starts his welcoming remarks at the ISDA Benchmark Strategies Forum #ISDABenchmarks @ISDAConferences
ISDA Tue 13 Apr 2021 13:14