Challenges and Impact of LIBOR Transition

Challenges and Impact of LIBOR Transition
You are cordially invited to participate in an invitation-only roundtable discussion on the Challenges and Impact of LIBOR Transition on July 18 in New York City. This is a great opportunity for a peer-to-peer discussion on the implementation challenges facing financial institutions, their preparedness and view of the success and timelines for the LIBOR transition.

Registration will be limited to 20, so RSVP now to reserve your place.

 

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Agenda Speakers

 

Date:

July 18, 2019

Time:

8:00am - 10:00am

Location:
3 West Club
3 West 51st Street
Grand Salon, 3rd Floor

New York, NY 10019


The targeted 2021 date for LIBOR transition is not far away considering the amount of work and challenges which lie ahead. Join us for a discussion of some of the notable industry challenges:

  • Transition Impact Assessment and Structuring: Impact assessment for Trade Economics, Client, Technical, Accounting, Process, etc.
  • Methodology and Risk: Inconsistent fall-back provisions across currencies, challenges in creating new products based on new Alternative Reference Rates (ARRs), Risk Model updates and development
  • Product Strategy: New product and service design, managing the economic impact on the existing LIBOR portfolio
  • Technological, System and Operational Changes: Front, Middle and Back Office all need to undergo significant changes to prepare for the transition to new ARRs
  • Contract Amendments and Reporting: Changes to existing contracts and meeting new requirements for regulatory reporting


Agenda
  Time   Event
  8:00am - 8:30am
  Registration, Breakfast and Networking
  8:30am - 8:35am
  Welcome by Michael Ivie, PRMIA New York Chapter Steering Committee Member
  8:35am - 8:45am
  Opening Remarks to Frame the Discussion by Rei Shinokuza, CFA, FRM, FHLB of New York
  8:45am - 10:00am
  Roundtable Discussion

In July 2017, the UK’s Financial Conduct Authority (FCA) announced that it will cease asking banks to submit LIBOR quotes from 2021. LIBOR currently covers approximately USD 250TN in financial contracts globally. The current view of the PRA and FCA, based on feedback from the “Dear CEO Letter”, is that banks and asset managers are at various stages of preparation for this massive change. While some Tier 1 banks are well-advanced, some buy-side firms have not yet started.

Against this background, we cordially invite you to participate in our discussion on the implementation challenges facing financial institutions, their preparedness and view of the success and timelines for the LIBOR transition.

The breakfast will be hosted under Chatham House Rule to ensure opinions expressed by the participants will not be attributed to a specific person or their company affiliation.

Speakers
     
  Michael Ivie, PRMIA New York Chapter Steering Committee Member and Event Facilitator

Michael is a Managing Partner at a specialized professional services firm that empowers data intensive businesses with subject-matter leadership and execution-focused delivery capabilities. Michael serves on PRMIA’s New York Steering Committee and the Global Finance Committee for PRMIA's Board of Directors.

Michael has over a decade of experience in Finance, Risk and Technology in both public and private sectors. His diverse background as a Trader, Developer, Analyst, Enterprise Risk Manager, and Management Consultant for many of the world’s leading financial institutions has helped him develop a unique perspective on how these organizations function and how to navigate a changing business, technical, and regulatory landscape.

Michael received an MS in Finance and an MBA in Risk Management & Insurance from Georgia State University’s J. Mack Robinson College of Business. He earned a Professional Risk Manager certification from PRMIA, Basel Compliance Professional designation from BCPA, Project Management Professional credential from PMI, and numerous professional industry licenses and data/IT certifications.

  Rei Shinozuka, CFA, FRM, FHLB of New York
Benchmark Index Transition Office, ALM| MBS/ABS Strategy, Research and Modeling

Rei Shinozuka is the Head of the Benchmark Index Transition Office at the Federal Home Loan Bank of New York, coordinating institutional transition strategy with executive management and representatives from Capital Markets, Marketing, Legal, Accounting, Operations, Technology, Risk and Audit departments.  Prior to this role, Mr. Shinozuka was an MBS strategist at UBS, winning Institutional Investor awards in 2007 and 2008 for Structured Securities ABS strategy.  Before this, he was Director of Fixed Income Quantitative Research at PaineWebber and UBS, whose department created structuring and analytics technology for the #1-ranked Agency CMO issuer of the early 2000s.  He also developed CMO and Mortgage Analytics at Morgan Stanley. 

Mr. Shinozuka earned his MBA from the Columbia Graduate School of Business, MS in Computer Science from the Columbia School of Engineering and BA from Columbia College.  He is a CFA® charterholder and Financial Risk Manager certified by the Global Association of Risk Professionals.

Thank You to Our Sponsor
 
 


Registration

Participation in this event is by invitation-only and is free for members and non-members, although registration is required. Click "Register Myself" below to reserve your spot. Make sure to click "Continue" to proceed with your registration. (If this is your first time accessing the PRMIA website you will need to create a short user profile to register.) Support events like this by becoming a member

 
When
7/18/2019 8:00 AM - 10:00 AM
Where
3 West Club Grand Salon, 3rd Floor 3 West 51st Street New York, NY 10019 UNITED STATES
 

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