"Ensuring that the transition from LIBOR to alternative interest rate benchmarks is orderly will contribute to financial stability. Misplaced confidence in LIBOR's survival will do the opposite, by discouraging transition".
In July 2017 the FCA’s Andrew Bailey signalled in a keynote speech that the FCA would no longer compel LIBOR panel banks to make contributions beyond 2021 and later further underlined this with the strong message quoted above. The arguably most important number in finance, underpinning financial contracts worth trillions of pounds, is going away. And financial markets aren’t prepared. In this webinar, we’ll share the latest thinking on the changes including transition planning, adoption of RFR’s and development of new Term RFR’s.
Key considerations and action points for corporate treasurers, including:
Sarah is currently Associate Director of Policy and Technical at the ACT – tasked with ensuring that members are kept informed about latest market developments and that policy makers are supported in their understanding of the real economy, and corporate treasury matters in particular, as they work through their own agendas. A qualified accountant who spent over two decades working in a wide range of finance and treasury roles, she has extensive corporate experience and now spends her time putting that to practical use. enabling others to understand how the corporate financial world works and the relevance of developments in financial markets on their day to day activities.
Frances Hinden is Vice-Chair of the Bank of England’s Risk Free Rates Working Group. As VP, Treasury Operations, Frances is responsible for liquidity and foreign exchange, cash management, intra-group financing and treasury advice for the Shell Group. A mathematician by training, she joined Shell in an IT role from Cambridge University in 1994. Frances has since had a variety of roles including financial modelling, MI, planning, and Pensions, joining treasury in 2006. In her spare time Frances plays bridge to international standard and enjoys skiing and hill walking.
Steve Bullock heads up the Lloyds Bank Group Corporate Treasury Benchmark Submission & Supervision team which has a primary focus on LIBOR submissions and oversight of other benchmark activities. Lloyds are a contributor to CHF, EUR, GBP, JPY and USD LIBORs. He is also playing an active role in Lloyds Banking Groups wider IBOR transition program and has recently been assisting with the group’s response to the LIBOR transition related “Dear CEO” letter. Steve has worked at Lloyds for c23 years across a variety of roles mainly in the asset backed commercial paper area where he led the Lloyds issuance team and also in other money market sales areas, he commenced his current benchmark role in 2014. Steve is currently a member of the ICE LIBOR Oversight Committee and the Sterling Risk Free Rate Term Sub-Group.
Sharn Hawkins is a qualified accountant having trained at PwC. She then moved into corporate treasury and acted as Treasury Manager for BBA Aviation, gaining the AMCT qualification whilst there. In 2015 she stepped into the banking space, moving to RBS Treasury and then Lloyds Corporate Treasury in 2018 where she supports the senior funding and covered bonds issuance for the group and its operating entities. In September 2018 Lloyds issued its inaugural £750m 3 year covered floating bond linked to SONIA, becoming the first commercial lender to issue a bond linked to the preferred benchmark.
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