Practitioners guide IBOR transition

Practitioners guide to IBOR transition

COMPLIMENTARY CEFPRO WEBINAR

Practitioners guide to IBOR transition

Key agenda topics to be addressed include:

Current industry progress
Best practice so far

Getting started on transition – Building framework
How technology can help manage the process

Understanding your risk/exposure

Tackling practical challenges: Contract management, fall back language, term rates

Future outlook: What needs to be done to reach full transition

INSIGHTS FROM:

Chris Killian

Chris Killian
Managing Director, Securitization and Corporate Credit,
SIFMA

Biography

Chris is responsible for SIFMA’s securitization advocacy and other activities related to housing and securitization. SIFMA has a special focus on agency MBS markets and maintains a collection of market standards and trading practices governing the TBA market. For the last few years, primary mandates in this area have been regulatory reform, the implementation of a single security for TBA trading, FINRA 4210 margin requirements, securitization capital requirements, and the broader world of GSE/housing finance reform.

In the fall of 2018 Chris took over SIFMA’s corporate credit activities in addition to the securitization responsibilities. This includes issues such as fixed income market structure and execution of SIFMA’s Insurance and Risk-Linked Securities Conference.

He is also the primary staffer for SIFMA’s activities related to LIBOR and the transition to alternative reference rates in the US and participates on the Federal Reserve’s Alternative Reference Rates Committee and a number of its subcommittees.

He also helps to coordinate SIFMA’s activities related to fintech.

Chris joined the Bond Market Association (predecessor to SIFMA) in 2005 as the analyst for the MBS and Securitized Products Division. He became head of the Securitization Group in 2013. Prior to joining SIFMA, he was an accountant in the Retail Securitization Accounting and Investor Reporting group at JPMorgan Chase & Co., and was responsible for investor reporting and other administration of auto, student loan, and mortgage securitization transactions.

Chris holds Bachelor’s Degrees in Economics and Government from Franklin and Marshall College.

Tess Virmani

Tess Virmani
Associate Genral Counsel & Executive Vice President, Public Policy,
Loan Syndications & Trading Association

Biography

Tess Virmani is Associate General Counsel & Executive Vice President, Public Policy of the Loan Syndications and Trading Association (LSTA).

Tess focuses on developing market standards and maintaining LSTA documentation. She also leads the LSTA’s sustainable finance and ESG efforts. In addition, Tess participates in the LSTA’s policy initiatives, including market advocacy and spearheading industry solutions to market developments, such as the transition to replacement benchmarks.

Prior to joining the LSTA, Tess practiced as a finance attorney at Skadden, Arps, Slate, Meagher & Flom LLP in New York. She received a B.S. in International Politics from the Walsh School of Foreign Service at Georgetown University and a J.D. from Fordham University School of Law. She is admitted as an attorney in New York.

Spencer Headshot

Spencer Langston
Derivatives Lead, LIBOR Transition Office,
Wells Fargo

Biography

Spencer Langston is the Derivatives Lead for the LIBOR Transition Office (LTO), a position he has held since May 2018.

The LTO is charged with developing and directing the execution of a coordinated strategy to transition the numerous LIBOR-based products and processes across Wells Fargo to alternative reference rates. Among other things, the LTO is responsible for ensuring that Wells Fargo is appropriately represented on industry groups and regulatory committees related to LIBOR transition, communicating clearly and proactively with customers and other stakeholders, and managing the accounting, financial, legal and operational risks related to the transition. The Derivatives Lead for the LTO develops and executes a coordinated strategy to transition the numerous LIBOR based hedging product and processes to the Secured Overnight Financing Rate (SOFR) and the other global alternative rates.

Spencer has over 20 years of experience in banking and capital markets.  Immediately prior to working in the LTO, he structured and marketed interest rate derivative products to various financial institutions as a member of Wells Fargo’s Macro group within the Corporate and Investment Bank.  Prior to that, Mr. Langston was a banker in Wells Fargo’s Asset Backed Finance & Securitization group.   Spencer joined Wells Fargo in 1998.

He was awarded a bachelor’s degree from Carleton College and a Master of Business Administration from the University of North Carolina Chapel Hill.  Mr. Langston also has held a CFA charter.  Spencer is a math tutor in high-poverty elementary schools.

Spencer is based in Charlotte.

Richard Robinson

Richard Robinson (Moderator)
Principal Sales Engineer
Apttus

Biography

Richard Robinson is a Principal Sales Engineer at Apttus leading solution development for Financial Services and Insurance. He works with prospects and clients to design and develop technology-enabled workflows using a methodology of “clicks, not code” to drive agile and scalable solutions that are managed with minimal IT intervention. Prior to joining Apttus, he held leadership roles in FinTech, including S&P Global’s Capital IQ division where he was the Global Head of Integrated Solutions focused on deploying innovative workflow and data architectures. Leveraging his experience in financial technology & data, consulting, equity research, and banking, Richard has become a trusted advisor for Apttus’ top clients in the financial industry looking to transform operational requirements into effective technical frameworks.

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