ACT Treasury Network Scotland

Deloitte, 110 Queen Street, Glasgow, G1 3BX
08.00 - 09.30, Tuesday 8 October 2019
ACT Treasury Network Scotland

LIBOR Reform - Market Update and Critical Planning Activities

Regulators globally have signalled clearly that firms should transition away from Interbank Offered Rates (IBORs) to alternative overnight risk-free rates (RFRs).

The London Interbank Offered Rate (LIBOR) underpins contracts affecting banks, asset managers, insurers and corporates estimated at $350 trillion globally on a gross notional basis. This figure underscores the extent to which market participants rely on LIBOR and demonstrates that a sudden and disorderly discontinuation of the rate could give rise to systemic risk. The rate is so embedded in the day-to-day activities of providers and users of financial services, both unregulated and regulated, that even identifying a firm’s exposures to it – which is just one element of what is needed to transition from it successfully – is a highly complex task. Against this background, many market participants have already embarked on transition programmes, but, as some regulators have pointed out, the pace of transition is not yet fast enough. This in part is because of the absence of any formal regulatory or legal mandate. It is vital that Boards take action now to avoid reputational, legal and commercial risk later.

Given the degree of uncertainty and complexity, LIBOR transition is likely to be one of the (if not the) biggest transformation programmes many firms have undertaken.

During this seminar, our speakers will discuss the latest market developments and try to clarify the key issues and potential critical planning activities required as we move towards the LIBOR phase-out anticipated by 2021.


All members and students are welcome. Non-members are also welcome to attend so please feel free to invite colleagues from your respective organisations.


8 October 2019
08.00 Registration and light breakfast
8.30 - 9.30 Seminar starts


Alex Armstrong, Director, Treasury Services, Deloitte

Alex leads the Treasury Services Assurance team in the Deloitte Regions Practice. He has extensive Treasury Audit & Assurance experience working with a number of global corporate and financial institutions. He has coordinated major projects at each stage of the Treasury life-cycle and specialises in Market Risk assessment, management and accounting solutions. Alex provides derivative valuation, modelling and technical accounting support services to some of Deloitte’s largest corporate and financial services clients. Alex is a qualified Chartered Accountant (ICAEW).

John Maciver, Partner, Pinsent Masons LLP

John is a Partner and leads the firm’s banking team in Scotland and Northern Ireland.  John is an experienced banking lawyer specialising in all aspects of banking and finance work, acting for lenders, borrowers and other loan market participants.  John also acts for loan sellers and purchasers, where his client base includes private equity houses and opportunity funds.  John has been rated in 'Band 1' by Chambers UK for the past several years and is qualified to practice law both in Scotland and in England and Wales.

Rachel Coleman, Solicitor, Pinsent Masons LLP

Rachel is a solicitor in the firm's Advanced Delivery Team. She has experience acting for borrowers and lenders in a range of banking and finance work including large due diligence projects relating to the non-performing loan market, ring-fencing and LIBOR transitioning. As a solicitor in the Advanced Delivery Team, she now focusses full time on the delivery of technology-led legal services for clients.


The seminar will be held under the Chatham House Rule as usual, to allow attendees to benefit from as much insight as possible from participants.




110 Queen Street, Glasgow

G1 3BX

Bookings closed

This event is now closed to new bookings. If you have questions please email Zoe Norris,

This event is free to attend

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