LIBOR - Changing the World's Most Important Number
Global & Future Trends
Retail & Business Banking
CPD: 1 Hour(s)
Participants may be able to apply 1 hour towards meeting their annual continuing professional development obligations. It is the individual's obligation to determine relevance of CPD to their license conditions.
Major financial institutions are busy preparing transition plans for the end of LIBOR in 2021. Worth an estimated $10 trillion in financial contracts in Australia, alternative benchmarks for reference rates need to be developed.
In conjunction with ASIC, APRA, and the RBA, all financial and corporate institutions in Australia have been asked to identify the key implications of transition for their own situation, recognising the conduct, reputational and legal risk involved.
Institutions are encouraged to swiftly commence communication and highlight the potential impacts of LIBOR transition to their stakeholders, including end consumers, and raise awareness of the issues more broadly.
The RBA’s Deputy Head of Domestic Markets Department, Andrea Brischetto, will outline the regulators’ request for information on institutional transition plans and provide details of best practice in the planning process. LIBOR specialists David Doyle (ANZ) and Paul Travers (KPMG) will assess potential scenarios in the development of prudential measures to ensure transition success.
Transition planning may include
Conducting industry forums
Analysis of conflict of interest
Initiating training programmes for key staff
Seeking legal advice on contract amendments
Development of risk mitigation processes
This session is a valuable opportunity for finance professionals to gain an understanding of this complex issue.
Andrea Brischetto, Deputy Head of Domestic Markets, Reserve Bank of Australia
Andrea Brischetto is Deputy Head of Domestic Markets Department at the Reserve Bank of Australia. Prior to that she spent three years as the Deputy Secretary of the Reserve Bank. Andrea has also worked in the Reserve Bank’s Economic Group, Financial Markets Group and Payments Policy Department. She holds an MSc in Economics from the London School of Economics and a First Class Bachelor of Economics from the University of Queensland.
David is an experienced Institutional banker with specialist knowledge of financial and capital markets, and extensive understanding of risk management and the finance sector as a whole.
His career spans over 30 years, with experience that includes:
Markets sales and structuring
risk management and advisory;
business & product development and risk assessment;
relationship management, and
learning & development.
David’s current focus is as a member of the ANZ Benchmark Transition Project team focusing on customer engagement and communications. He’s excited about the many and complex challenges that LIBOR transition presents.
Paul Travers, Director Risk Strategy and Technology, KPMG
Paul has over 30 years’ experience in treasury, risk management and banking working from buy, sell and advisory perspectives. As a Director at KPMG, leading their Sydney Treasury Services team, he helps clients manage their key treasury risks and providing an ongoing treasury service. He is also active in the industry through the Finance and Treasury Association as a past President, Board member and chair of the Technical and Congress committee and FINSIA as the chair of their Institutional Markets Industry Council.
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