IBOR 2019

Assessing the impacts and consequences of LIBOR transition including timelines, reference rates and the path forward

IBOR 2019

October 4, 2019 | New York City

Key Agenda Highlights

CUSTOMERS
Reflecting on how customers/clients could be impacted by transition

TRANSITION
Reviewing legacy position transition challenges and how firms can manage transactions linked to LIBOR

SYSTEM CHALLENGES
Understanding the opportunities and challenges of adapting legacy systems

CASH PRODUCTS
Exploring industry approaches to adopting new cash products

INDUSTRY IMPACTS
Debating the potential impacts of LIBOR phase out on liquidity, funds transfer pricing and markets

SOFR
Discussing the challenges faced by implementing SOFR including changes to markets and term structure

Hear From IBOR Experts Including:

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Jason Granet
Head of LIBOR Transition
Goldman Sachs

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Gaurav Shukla
Managing Director
Morgan Stanley

Mark Cabana

Mark Cabana
Director, Head of Short Rates Strategy, Global Research
Bank of America

Gary Levin Head Shot

Gary Levin
Head of Market Risk for Fixed Income in Americas
Société Générale

Priya Misra

Priya Misra
Head of Global Rates Strategy
TD Securities

Frank Sansone Head Shot

Frank Sansone
SVP Treasurer
China Construction Bank

Why Attend?

The announcement of a global phase out of LIBOR will begin to impact financial institutions as they move towards a final transition ahead of 2021, with impacts and potential consequences remaining uncertain. The transition to alternative rates raises a number of questions and poses a number of hurdles in terms of infrastructure and re-documentation. Although the discontinuation of use of IBORs presses ahead, what the final rate looks like globally remains uncertain as disparities emerge in alternatives, questions remain in terms of the impact of the change  on financial institutions, treatment of current contracts, impact to clients and impact to liquidity, markets and funding to highlight just a few.

The Center for Financial Professionals brings together experts from across the industry leading the drive to define transition terms and minimize impact on markets. This one day event will explore some of the key areas for consideration and progress towards a final reference rate that can be adopted across the industry.

IBOR 2019

October 4, 2019 | New York City

AGENDA

08:00 Registration and breakfast
08:50 Chair’s opening remarks


CURRENT OUTLOOK – PANEL DISCUSSION
09:00 Reviewing the current landscape surrounding transition including global approaches, timelines and unanswered questions

  • Global approaches to transition – US, UK, EU & Japan
  • Creating an index to satisfy all industry players
  • Moving away from LIBOR ahead of 2021
  • Regulatory proposal
    • Pros and cons of pre-cessation Trigger
    • Anticipated timeline of switching to SOFR
  • Planning with uncertainty – Migration challenges
  • Outlook for adoption – large vs small firms

Jason Granet, Head of LIBOR Transition, Goldman Sachs
Gaurav Shukla, Managing Director, Morgan Stanley
Gary Levin, Director, Head of Fixed Income Market Risk for Americas, Société Générale
Alexis Pederson, Senior Company Counsel, Wells Fargo
Federal Reserve Bank of New York (tbc)


TRANSITION
10:00 Exploring legacy position transition challenges and the ability to manage outstanding financial transactions linked to LIBOR

  • Kick starting transition
  • When to mobilise – Updating the fall back language and legal documents
  • Models, systems, contracts, loans, leases and derivatives which outlive LIBOR
  • Contract analysis – Terms and the ability to change rates
  • Quantifying & understanding exposure – What exposures are the most important?
    • Identifying contracts which have the most economic exposure
  • Changes to lending and reference rates
  • Defining term structure
    • How it will be calculated
    • Forward looking SOFR term structure compared to LIBOR term structure
    • Risk spreads

Gaurav Shukla, Managing Director, Morgan Stanley


10:40 Morning refreshment break and networking


SOFR
11:10 Examining the expectations and challenges faced by implementing SOFR and changes to behaviour compared to LIBOR

  • Market development
  • Issues with introduction of term structure
  • Other indices to consider – Fed funds, ICE Bank High Yield Index

Blake Gwinn, Head of Front-end Rates Strategy, NatWest Markets


DERIVATIVES
11:50 Discussing the current derivatives market including future build out and development

  • Market liquidity
    • What’s next for liquidity build out?
  • How CME and LCH will deal with it
  • Timeline for un-cleared products to transition to SOFR
  • Changing the discount rate
  • Hedging mismatch between derivatives and cash

Priya Misra, Head of Global Rates Strategy, TD Securities


12:30 Lunch refreshment and networking


SYSTEM CHALLENGES
1:30 Examining firms ability to adapt legacy systems and successfully convert models, infrastructure and contracts

  • System Readiness – Adapting systems to the new rate
  • Building a project plan – Aligning systems and creating inventory
  • Managing and adapting large amounts of contracts
  • Identifying existing contracts/systems which already contemplate the termination of LIBOR and transition to another rate
  • Transitioning systems which have been built around LIBOR
    • Are systems flexible or do they have to be re-developed?
    • In house vs outsourcing
    • Ensuring transition before the deadline
  • Displaying system capability of re-plugging at different rates

Brian Grabenstein, MD and Head of LIBOR Transition Office, Wells Fargo


CASH PRODUCTS
2:10 Identifying industry approaches and challenges to adopting new cash products

  • Industry standard and interpretation
  • Language
  • Timelines – When it will be rolled out
    • When is the right time to go to clients and re-paper
  • Moving book off LIBOR
  • Pricing and operational challenges
  • Operating with new cash and loan products in risk free rates (e.g. SOFR, SONIA)
  • Standard on floating rate loans

2:50 Afternoon refreshment break and networking


CUSTOMERS
3:20 Exploring how clients may be affected by the transition process and how firms can limit disruption to customers

  • Impact on borrowers and investors
  • End user and issuer perspective
  • Changes to consumer loans – Avoiding lawsuits and angry consumers
  • Client education and conduct risk management
  • Legal documentation – Amending future and outstanding contracts
  • Changes to administration
  • Creating a competitive landscape – Will all firms be working off the same rates?
    • Loosing clients to competitors

Mark Cabana, Director, Head of Short Rates Strategy, Global Research, Bank of America


INDUSTRY IMPACTS – PANEL DISCUSSION
4:00 Discussing the potential impacts of LIBOR transition on liquidity, funds transfer pricing and markets

  • How will the changes to systems and rates impact liquidity and funding?
    • Rate sensitive systems used to track liquidity
  • Impact on liquidity premiums
  • Forecasting and stress testing models which use LIBOR as imputing
    • Re-developing models
  • Managing the balance sheet going forward
  • Where will the markets be trading post LIBOR?
  • Impact on derivative and FX market
  • Capital impact

Gary Levin, Director, Head of Fixed Income Market Risk for Americas, Société Générale
Priya Misra, Head of Global Rates Strategy, TD Securities
Frank Sansone, SVP Treasurer, China Construction Bank


 5:00 Chair’s closing remarks
5:10 End of Forum


IBOR 2019

October 4, 2019 | New York City

SPEAKERS

Mark Cabana
Mark Cabana, Director, Head of Short Rates Strategy, Global Research, Bank of America

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.

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Brian Grabenstein, MD and Head of LIBOR Transition Office, Wells Fargo

Brian will be presenting at IBOR USA 2019.

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Jason Granet, Head of LIBOR Transition, Goldman Sachs

Jason will be presenting at IBOR USA 2019.

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Blake Gwinn, Head of Front-end Rates Strategy, NatWest Markets

Blake is the head of Front-End Rates Strategy at NatWest Markets, leading the team’s coverage of front-end rates and contributing to the formulation of the team’s official market views and overall macro outlook. He has a particular expertise on Federal Reserve policy decisions and implementation, fiscal policy, and various regulatory issues. Blake frequently meets with both internal and external clients of the global sales and trading desks to share his views and discuss the outlook for the market.  He is also the primary author of the Front End Dispatch publication, co-author of the daily Treasury Morning Call and US Markets Closing Notes, and a contributor to NatWest Markets flagship Global Macro Weekly.

Blake joined NatWest Markets from the Federal Reserve Bank of New York, where he served in the Markets Group for 7 years. During his tenure, he provided market commentary and analysis to senior policymakers within the Federal Reserve System and US Treasury Department, and worked on the design and implementation of various monetary policy operations.

Blake is active in the New York Money Marketeers, a financial industry professional association, having served on the board and as the club’s Vice President. He has also been heavily involved in “Fed Challenge”, an economic education program for high school and college students.

Gary Levin Head Shot
Gary Levin, Director, Head of Fixed Income Market Risk for Americas, Société Générale

Gary Levin is the Head of the Fixed Income Market Risk for Americas at Societe Generale. Trading desks monitored by Gary’s team include US Repos, Swaps, as well as Exotic Rates and Credit Derivatives. In his role, Gary participates in Societe Generale global IBOR transition streams as well as, specifically, Libor-to-SOFR transition led by US team.
Prior to joining Societe Generale in 2016, Gary spent over 6 years as global head of market risk for FX and Emerging Markets at Morgan Stanley. During and just after the financial crisis of 2008, he has helped Morgan Stanley to improve the limit framework for the business. With implementation of CCAR and other regulatory stress testing, Gary led the effort in bridging the knowledge gap between trading decisions and impact on firm’s capital. In addition to his broad experience in Market Risk, he has traded Emerging Market Credit and Derivatives at Dresdner Kleinwort and, prior to Russian bond crisis of 1998, Eastern European local currency rates.

Gary earned a bachelor’s degree from Wharton School of University of Pennsylvania and an MBA from Columbia University. He is a CFA charterholder.

Priya Misra
Priya Misra, Head of Global Rates Strategy, TD Securities

Priya Misra is head of Global Rates Strategy at TD Securities. Based in New York, Priya is responsible for the US and global interest rate markets and provides investment advice for clients. She ranked in the top three for U.S. Governments Strategy and Federal Agency Debt Strategy in Institutional Investor’s All-America Fixed Income Research team surveys in 2014 and 2015 and from 2003 to 2008. Priya joined TD Securities in September 2015. Prior to this she ran US rates strategy research at BofA Merrill Lynch for 6 years. From 2001 to 2008, she worked at Lehman Brothers as an interest rate strategist, at Barclays Capital as a mortgage strategist and at Nomura Securities, where she was head of U.S. rates strategy. Priya graduated from the Lady Sri Ram College, University of Delhi, with a bachelor’s degree in economics. She has a postgraduate diploma in management, majoring in finance, from the Indian Institute of Management, Bangalore, India.

Alexis Pederson
Alexis Pederson, Senior Company Counsel, Wells Fargo

Alexis Pederson is Senior Company Counsel in the Wells Fargo Legal Department where she leads a Benchmark Transition Team responsible for providing counsel to the company-wide LIBOR Transition Office, a program office established to develop and direct a coordinated strategy to transition numerous LIBOR-linked Wells Fargo products and processes to new benchmark rates. Alexis is a member of the Alternative Reference Rate Committee (ARRC) and a numberof ARRC’s working groups as well as ISDA and SIFMA working groups focused on benchmark reform.

Alexis joined the company in 2006 and most recently served as Capital Markets Counsel in the Derivatives & FX Section of the Legal Department where her primary responsibilities included support of the swap dealer business on regulatory and transactional matters. She is a graduate of the University of Pennsylvania Law School and Cornell University. Prior to joining Wells Fargo, she practiced as an associate at the law firms of Allen & Overy and Schulte Roth & Zabel. She is a member of the New York Bar and is based in New York City.

Frank Sansone Head Shot
Frank Sansone, SVP Treasurer, China Construction Bank

Frank joined China Construction Bank NY branch (CCB) in 2014 as SVP & Treasurer of. Was Treasurer for Dexia Credit Local US , where Frank launched the Dexia US operations as USD global competence center to USD 70 billion, following Treasurer of the National Bank of Kuwait US operations.

Frank chaired the US Liquidity Contingency Committees of both Dexia & NBK; leading Dexia global USD liquidity management efforts during the crisis of 2008, 10 & 11; and NBK during the Iraqi invasion of Kuwait.

A forward thinking seasoned risk strategist and influential thought leader, Frank leverages a thorough understanding of the mechanics of treasury to manage the evolving regulations on treasury.  Frank has worked as an independent advisor and consultant. Recent engagements included European, American, Asian and Middle Eastern banks, hedge funds and a private equity firm specifically focusing on Treasury Best Practices, Liquidity and FTP.

Frank is a regular speaker at industry conferences, moderating the 2012 IIF (Institute of International Finance) Executive Program on Treasury Risk. Presented at the IQPC CFO Conference 2016. Chaired the Marcus Evans Annual 2013 & 2015, 16 Liquidity Conference and 2013, 14, 15, Annual Funds Transfer Pricing and BSM. Presented at 2015 Funds Mgt. Conference.

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Gaurav Shukla, Managing Director, Morgan Stanley

Gaurav Shukla currently leads the Regulatory Affairs Strategy Implementation team at Morgan Stanley. Gaurav joined Morgan Stanley in June 2008 and has been in a number of strategy and execution roles over the last 10 years. Prior to joining Morgan Stanley, Gaurav has worked in corporate strategy and execution roles across other key financial services firms. Gaurav earned a Master’s degree in Mechanical Engineering, graduating in 2001 from MIT.

IBOR 2019

October 4, 2019 | New York City

INSIGHTS

Featured Insight

The future of LIBOR: Reviewing suggested changes and impact on portfolios

By Armel Romeo Kouassi, Head of Balance Sheet Management and Asset Liability Management, Northern Trust

Find our IBOR thought-leadership articles here. These articles feed from our much larger Risk Insights section of our website which provides you with thought-leadership, white papers, articles and more across risk and regulation.

13th May 2019

Third-party due diligence: Has your program evolved enough to keep up with changes in regulations and advancements in technology?

By Bill Hauserman, Senior Director, Compliance Solutions, Bureau van Dijk, A Moody’s Analytics Company
13th May 2019

Full oversight for risk reporting: Aggregating reporting across multiple systems and jurisdictions

By David Stomski, Director, Operational Risk Management, Credit Suisse
9th May 2019

The future of LIBOR: Reviewing suggested changes and impact on portfolios

By Armel Romeo Kouassi, Head of Balance Sheet Management and Asset Liability Management, Northern Trust
9th May 2019

Aligning risk management and strategic planning

By Fabrice Fiol, MD, Deputy Head of ERM, Societe Generale
9th May 2019

Launching new business successfully

By Azlina Wetmore, Head of Commercial Credit Policy and Innovation, Capital One
2nd May 2019

Aggregating reporting across multiple systems and jurisdictions for full oversight for risk reporting

By Roxane Romulus, MBA, Director, Third Party Risk Management, Voya Financial
29th April 2019

Continuous monitoring of vendor and third parties for full portfolio analysis of risks

By Ken Wolckenhauer, VP, Vendor Management, Nordea Bank 
23rd April 2019

The innovation illusion

By Daniel Moore, Chief Risk Officer, Scotiabank
23rd April 2019

A vision of the end-state analytics architecture for your firm

By Stevan Maglic, SVP, Head of Quantitative Risk Analytics, Regions Bank
23rd April 2019

Increasing cyber resilience in an advancing threat landscape

By Philip Masqullette, SVP, CRO, Ulster Savings Bank
23rd April 2019

Effective management of model risk for end to end management

By Wei Ma, Head of Model Risk Management, Sumitomo Mitsui Banking Corp
16th April 2019

Managing risks prior to onboarding through integration of procurement and vendor risk management

By Bob Koszkalda, Director, Third Party Risk Management, SVP, KeyBank
11th April 2019

Model Risk: The backbone of the asset management industry

By Abhisekh Adukia, VP, Model Risk Director, Alliance Bernstein
11th April 2019

Uncovering unknowns: Understanding the intersection of vendor management and business continuity planning

By Michael Berman, Founder & CEO, Ncontracts
9th April 2019

Technology service providers and the road to the vendor management dashboard

By James McPherson, Director, Credit Agricole CIB

IBOR 2019

October 4, 2019 | New York City

SPONSORS

Sponsorship

Can your organization contribute? Please contact the Center for Financial Professionals today to discuss how we can deliver your thought-leadership at the event, help you generate leads, and provide you with unique networking and branding opportunities. For more information on what we can offer, please contact sales@cefpro.com or call us on +1 888 677 7007 where a member of the team will be happy to tailor the right package for you.

Media Partners:

We are happy to support publications, associations and organisations at this event. From a simple company listing with your logo to taking advantage of some of our sponsor benefits listed above. To discuss a media partnership further please email info@cefpro.com or call +1 888 677 7007.

IBOR 2019

October 4, 2019 | New York City

VENUE & FAQs

Venue

DoubleTree by Hilton Hotel Metropolitan,
569 Lexington Avenue,
New York, NY 10022, USA

To check availability and to reserve accommodation at the venue, please click here

CPE

CPE Credits

Attendees can up to 7 CPE Credits for the Forum!

Prerequisites: Knowledge of financial risk management
Advanced Preparation: No advanced preparation is required
Program Level: Intermediate to advanced
Delivery Method: Group-live

The Center for Financial Professionals is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.learningmarket.org

Frequently Asked Questions

Can I present at the IBOR 2019?

Yes, the Center for Financial Professionals are happy to discuss speaking opportunities at IBOR 2019. For further information on this please contact Shannon,harris@cefpro.com or call us on +1 888 677 7007.

Are there any rules on the dress code?

Business attire is requested. The Forum is a formal opportunity to network with like-minded professionals and to gain knowledge from the industry’s finest risk management experts.

What is the cost and what is included in the registration fee?

We offer incentives for ‘early bird’ registrants of the Forum as outlined on our pricing structure. Registration includes breakfast, refreshment breaks, lunches, the cocktail reception at the end of the day, full access to the sessions and exhibition area. Presentations from sessions are also available, subject to speaker approval.

Where can I find the Forum documentation and speaker presentations?

All registered attendees will receive an email with access to documentation and speaker presentations after the Forum* We will work with our presenters to include as many presentations as possible on our Risk Insights App during the Forum. *Please note that our speakers often have to gain permission from their relevant compliance departments to release their presentations. On rare occasions compliance may not allow presentations to be distributed.

Will breakfast, lunch and refreshment be provided?

Yes. As with all of our events the Center for Financial Professionals will be providing brilliant coffee, breakfast, lunch, refreshments, and smaller bites during the networking breaks.

Will there be opportunities to network with other attendees?

There are ample opportunities for networking and interaction throughout the Forum, such as

  • Breakfast, lunch and refreshment breaks
  • Cocktail reception at the end of the day (Subject to confirmation)
  • Q&A, panel discussions and audience participation technology available through the Risk Insights App

I have several colleagues that would like to attend, is there a group discount?

Certainly! We are pleased to offer you a 50% discount on the third registration or provide a fifth registration for free. If you would like to register more than five colleagues please contact us on +1 888 677 7007 Please note:

  • Registrations must be made at the same time
  • Registrations must come from the organisation
  • The lowest registration will be discounted

Are there opportunities to share my thought-leadership at the IBOR 2019?

Yes there are plenty of opportunities for the Center for Financial Professionals to share thought-leadership to the attendees of Payments Forum 2018 and our wider risk professionals community. At the event We can distribute your material to the attendees, offer you an exhibition booth, and provide speaking opportunities so that you may enjoy a more prominent presence at the Forum. Visit the Sponsor tab for further information or contact sales@cefpro.com / +44 (0) 207 164 6582. Risk Insights Feature your content on our Risk Insights website and supporting Risk Insights monthly newsletter. For further information please download our media pack here.

Are media partnerships available for IBOR 2019?

Yes. As part of a media partnership we can offer a variety of options to increase the branding and awareness of your association, company, certificate, publication or media. We are flexible with what we can offer however we usually:

  • Provide a discounted rate to attend
  • Place your logo and profile on the Forum website
  • Place your logo on the Forum brochure
  • Place your logo on promotional content where applicable
  • Distribute your media/marketing at the Forum
  • Promote through social media channels

To discuss this further please contact jesse.hopkins@cefpro.com or call +1 888 677 7007

The 4th Annual Liquidity Risk Management USA Congress is taking place across the two days ahead of IBOR 2019 (October 2-3).
Why not extend your learning and attend both?

REGULATION
Discussing the evolution of US regulation including disparities between domestic firms and FBOs

LIQUIDITY STRESS TESTING
Reviewing the latest trends and developments including modelling, data and regulation

ASSUMPTIONS 
Exploring liquidity assumptions including qualitative approaches and audit perspective

INTRADAY LIQUIDITY
Reviewing the evolution of intraday liquidity including compliance and operational
efficiency

BALANCE SHEET MANAGEMENT
Assessing the viability of the balance sheet and the ability to grow the business

INTEREST RATES
Examining the environment and ability to effectively plan and prepare for multiple outcomes

LIBOR
Timelines, consequences and path forward in the transition from LIBOR and
SOFR

FUNDS TRANSFER PRICING
Exploring the continued management and enhancement of FTP to strengthen the function

ROLE OF LIQUIDITY
Analyzing the role of liquidity risk management within a dynamic and changing industry

Andres-7

Andres Oranges
Chief Operating Officer, Treasury
Société Générale

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Gautam Jha
Director Liquidity Risk
Bank of Tokyo-Mitsubishi

Yujush Saksena

Yujush Saksena
Managing Director and Head of Market Risk
GE Capital

Daniel Weigert

Daniel Weigert
Head of Market and Liquidity Risk,
IDB Bank, NY

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Roberto Severino
Head of Market and Liquidity Risk
Santander

Philippe Rosset

Philippe Rosset
Executive Director, Group Treasury
UBS AG

Armel Romeo Kouassi

Armel R. Kouassi
Head of Balance Sheet & Asset Liability Modeling
Northern Trust

Jennifer

Jennifer Fitzgibbon
Managing Director, Head of Treasury Americas
Rabobank

For full agenda, speaker line-up and registration rates, visit www.cefpro.com/lrmusa

IBOR 2019

October 4, 2019 | New York City

REGISTER

Representing a financial institution – (E.g. Bank, Insurance company, Asset Manager, Regulator)

IBOR 2019 ONLY

Launch Special

$499

Until July 12
SAVE $300

Super Early Bird

$599

Until August 30
SAVE $200

Early Bird

$699

Until September 20
SAVE $100

Standard Rate

$799

After September 20

IBOR +  LIQUIDITY RISK MANAGEMENT USA

$1,598

Until July 12
SAVE $1000

$1,798

Until August 30
SAVE $800

$2,098

Until September 20
SAVE $500

$2,598

After September 20

Representing an information/service provider – (E.g. Consultant, Vendor, Executive Search Firm, Law Firm)

IBOR 2019 ONLY

Super Early Bird

$699

Until August 30
SAVE $400

Early Bird

$899

Until September 20
SAVE $200

Standard Rate

$1,099

After September 20

IBOR +  LIQUIDITY RISK MANAGEMENT USA

$2,198

Until August 30
SAVE $1000

$2,698

Until September 20
SAVE $500

$3,198

After September 20

Group Bookings:

Group rates are available for 3 or more attendees from the same organisation, when registering at the same time. The current rate allows every third colleague to come along for half price or a fifth colleague to attend for free!

Other Ways to Register

1. Register by Email

Simply email us with your e-signature
we will do the rest for you!

We only need your:
– Full name
– Job title
– Company & address
– Contact number

2. Contact Us Directly

+1 888 677 7007

CPE

EARN UP TO 7
CPE CREDITS

To claim your CPE points please contact info@cefpro.com or call +1 888 677 7007

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