ISDA Symposium® Financial Benchmarks | International Swaps and Derivatives Association Inc. (ISDA) | 12 July 2017 | Global Financial Conference Center New York, 360 Madison Ave, New York, NY 10017, USA

Regulatory intervention on financial benchmarks was not initially part of the regulatory plan agreed by G20 leaders in 2009 but became a focus after some high profile cases of manipulation (e.g., LIBOR). Policymakers globally have been focusing on strengthening key benchmarks to ensure that they are as robust as possible and reduce any likelihood of their manipulation. Much of this work is based on 2013 Principles for Financial Benchmarks published by IOSCO. Currently, the Financial Stability Board is leading and coordinating work at the global level. In the EU, regulation on financial benchmarks applies as of January 1, 2018. In addition to concerns over robust benchmarks and preventing manipulation, authorities in key financial centers are encouraging the market to develop alternative, nearly risk-free rates and designate fallbacks for contracts that continue to reference key inter-bank rates. In the United States, the Alternative Reference Rates Committee recently announced its selection of the Broad Treasuries Repo Financing Rate.

Katherine Darras,
General Counsel, ISDA

Ann M. Battle,
Assistant General Counsel, ISDA

Ilene K. Froom,
Partner, Reed Smith LLP

Alex van Voorhees,
Assistant General Counsel, Bank of America Merrill Lynch

Vickie Alvo,
Executive Director, Office of Regulatory Affairs, JPMorgan Chase & Co.

David Bowman,
Special Advisor to the Board, Federal Reserve Board of Governors