Market participants with London Interbank Offered Rate (LIBOR) linked exposures are at varying stages in analyzing the business implications of the permanent cessation of IBORs, addressing the risks and demanding implementation requirements to support the transition to alternative reference rates. In addition, the impact of COVID-19 has created new challenges that businesses must adapt to in order to progress with business initiatives like LIBOR transition.

LIBOR is the most important interest rate in the world and is currently linked to about USD 370 trillion worth of financial products around the world. LIBOR is deeply embedded within the financial system across both Wall Street and Main Street. Replacing LIBOR will be a monumental challenge involving significant risk.

Key areas of focus covered during this session include:

• LIBOR reform, ARRC background, USD LIBOR Paced Transition Plan timeline and recent ARRC developments
• IOSCO principles, and the Secured Overnight Financing Rate (SOFR)
• Legacy transaction contractual fallback language and client outreach
• New business on ARR products; derivatives, funding and wholesale vs. retail lending
• Risk management considerations; identification of financial, legal, reputational, conduct and operational risks
• Regulatory expectations for LIBOR transition preparedness
• Enhancements to models, systems and processes
• LIBOR transition governance and program management; budget, planning and near-term priorities
• Moving forward with your LIBOR transition program during COVID-19

About Our Expert
		Marcus Burnett is an experienced Capital Markets consultant focusing on Financial Institutions and is a former interest rate derivatives trader.  He is the Director of SOFR Academy, an education technology Firm specializing in LIBOR transition. Marcus is an IBOR Transition industry leader assisting industry working groups, trade associations, and financial market participants in planning and execution of programs focused on IBOR transition to Alternate Reference Rates (ARR) across the G5 currencies. He has regular conversations with IBOR program leads at multinational Financial Institutions and members of the Alternative Reference Rate Committee (ARRC) as well as with trilateral Regulators. Marcus is a member of the Bank of England sponsored Working Group on Sterling Risk-Free Reference Rates SONIA Regulatory Dependencies Task Force and ‘Tough Legacy’ Task Force both chaired by the Financial Conduct Authority. He has extensive experience in assisting banking and capital markets firms across a range of topics including organized venue trading, funding and liquidity, stress testing (CCAR / DFAST), asset liability management, funds transfer pricing, capital optimization, electronic trading, derivatives reform, deposit and pricing strategy, regulatory change and technology implementation. He has successfully executed client engagements across North America, Europe and Asia Pacific. Marcus earned degrees in Philosophy and Finance and has completed Executive programs from Harvard and Columbia Universities respectively. Marcus is a respected thought leader in the industry and he has been interviewed by the Wall Street Journal and cited by the International Financial Law Review. Marcus is based in New York.

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