The UK’s Financial Conduct Authority (FCA) have announced they will no longer pressure banks to contribute rates to LIBOR from 2021. At the same time, SONIA has been identified by a Bank of England working group as the preferred risk free rate for Sterling. However, SONIA is a very different benchmark both to LIBOR and the other risk free rates being identified in other jurisdictions.
In this ACT webinar, we discuss what the issues for corporates will be and what you can do now to prepare for the end of LIBOR and its replacement.
Donwload the slides here.
Speakers
Sarah is associate director of the ACT Policy and Technical team joining from the ACT Education team where she had responsibility for the technical content of the AMCT qualification and was involved in the development of the ACT Competency Framework and the redevelopment of the Qualifications pathway. Sarah is an ACMA and AMCT who, prior to joining the ACT, has spent two decades working in a wide range of finance and treasury roles and has considerable corporate experience, most recently as Director of Treasury for Cadbury plc.
Edward Ocampo joined the Bank of England as a Senior Advisor in September 2014 to work on the Fair and Effective Markets Review and on the implementation of interest rate benchmark reform for sterling markets. He advises on a range of financial market policy issues from the perspective of a former market practitioner.
Prior to joining the Bank, Mr. Ocampo was a Managing Director for Morgan Stanley in London. Most recently, he was Head of Fixed Income Risk Management for EMEA, a member of the Board of Directors of Morgan Stanley’s UK Bank, and a member of the Board’s audit and risk committees. He has over 25 years’ experience in the investment banking industry. He previously ran Morgan Stanley’s European derivatives marketing and structuring teams in Fixed Income and Debt Capital Markets.
In 2013/14, Mr Ocampo contributed to the Financial Stability Board (FSB) review of interest rate benchmarks as a member of the Market Participants Group. He also chaired the benchmark committee for the board of the International Swaps and Derivatives Association (ISDA). The committee led the process to reform ISDAFIX and select a new administrator for the swap rate benchmark.
Mr Ocampo received his MBA degree from Stanford University in 1983 and his AB degree in Economics from Princeton University in 1979.
Stephen advises on loans, acquisition finance, general banking, capital markets and a wide range of corporate treasury work. Areas include securitisation, structured finance, derivatives, project finance and leasing and other asset finance techniques. He advises corporate treasury departments and banks on a broad range of financing transactions and their corporate aspects.
Stephen's clients are based in the UK and across Europe. They include Aviva, The Association of Corporate Treasurers, Barratt Developments, Diageo, Electrolux, Ericsson, Metsäliitto, Nordea, Skandinaviska Enskilda Banken, Standard Life and AB Volvo. In particular he focuses on the Nordic countries (having spent time based in Sweden).
In the pensions and insurance space, Stephen has developed a leading practice in longevity and other structured solutions for insurance companies, banks and pension funds.
Stephen is a past Co-chair of the Banking Law Committee of the IBA.