City & Financial Global Ltd is delighted to announce the second in its three-part series of Managing L/IBOR Transition Virtual Summits, which are specifically designed to provide best practice insights, technical updates and guidance for financial institutions and users as the end of year deadline approaches.

The enormity of the transition challenge for all the parties involved cannot be overstated, not just because of its scale - LIBOR alone underpins around $400 trillion of financial products for customers – but also because of its complexity. Successful management of the transition will require significant change and strategic risk management, including adjusting risk profiles and models and navigating an uncertain regulatory landscape. It has been speculated that, for some firms, this could be a bigger challenge than Brexit.

Since the outbreak of COVID-19, priorities for business and financial institutions have understandably shifted to concentrate on more immediate and pressing problems, but the looming deadline cannot be ignored or put aside as neither lenders nor customers will be able to rely on LIBOR being available post-2021. And with the Bank of England and the Financial Conduct Authority committed to phasing out LIBOR before the end of this year, the time to fully understand the milestones and challenges ahead is now. 

Join City & Financial at the “Managing L/IBOR Transition - Updates on Practical Guidance for Financial Institutions and Users” virtual summit on June 10th and benefit from hearing from the leading regulators and practitioners involved in the transition and implementation process as they guide you through the challenges, differences, timeframes and any possible delays in the migration towards the new regime.

With keynote addresses from Alastair Hughes, Senior Advisor, Markets Directorate, at the Bank of England and Ann Battle, Head of Benchmark Reform at ISDA, this virtual summit focuses, inter alia on the implications that transition will have for loans; the active conversion of legacy contracts; conduct and risk issues; compliance, legal and contractual issues; operational challenges; the UK and regulatory agenda and the impact of Basel III, IV, UMR and Brexit; wider issues relating to IBORs and LIBORs products around the world; and practical next steps. It will also be an opportunity to hear from banks and financial institutions that have already successfully begun their transition away from LIBOR.

Topics to be covered include:

• Update on the transition process and the work of the Sterling Risk-Free Reference Rates Working Group
• Conduct and risk mitigation best practices during the transition
• Update on the ISDA Fallback Protocol for the derivatives market 
• Achieving compliance across a multitude of regulatory regimes
• Completing the conversion of all legacy LIBOR contracts: addressing the remaining legal and contractual challenges and ensuring a robust fallback 
• Mastering the implementation progress: understanding existing differences, timeframes and possible delays in the migration from IBOR 
• Overcoming operational challenges of the transition: efficiently managing systems and legacy
• Understanding and assessing available *IBOR alternative products
• Looking beyond the G7 LIBORs end 2021 (other IBORs around the world)

Conference website