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IBOR Transition
Interbank Offered Rates (IBORs) have been on the international regulatory agenda since 2008 and headlined since 2012, when the first high-profile LIBOR manipulation settlements were agreed.

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Interbank Offered Rates (IBORs) have been on the international regulatory agenda since 2008 and headlined since 2012, when the first high-profile LIBOR manipulation settlements were agreed. These systemically important benchmarks, underpinning a market of over $370tn, were proven to be vulnerable to manipulation. 

In July 2017, the FCA announced that it would no longer persuade or compel banks to make LIBOR submissions from the end of 2021 and, along with international regulators, urged market participants to transition to alternative reference rates – all of which have now been selected for the relevant currencies. In July 2018, both the FCA and CFTC were unequivocal in reemphasising the urgency to progress the transition and the inevitability of the discontinuation date. 

The purpose of this microsite is to provide an information hub for firms affected by the transition, with a centralised library of relevant documents from regulatory and industry bodies, as well as regular insight and updates on the challenges that face the market.

INSIGHTS
POINT OF VIEW | Parker Fitzgerald | LIBOR
12-02-2019
Managing basis risk in an uncertain LIBOR transition environment
The transition from LIBOR to Alternative Reference Rates (ARRs) promises to be the biggest shake-up in financial markets in recent history.
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POINT OF VIEW | Parker Fitzgerald | Newsletter
31-01-2019
Newsletter - January 2019
This monthly newsletter provides an update on key news relating to RFR transition in GBP markets and others.
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POINT OF VIEW | Parker Fitzgerald | Newsletter
15-12-2018
Newsletter - December 2018
This monthly newsletter provides an update on key news relating to RFR transition in GBP markets and others.
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POINT OF VIEW | Parker Fitzgerald | LIBOR
27-11-2018
Breaking through the liquidity catch 22
The discontinuation of LIBOR is “something that will happen and which firms must be prepared for”, Andrew Bailey made this clear during his speech in July 2018.
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POINT OF VIEW | Parker Fitzgerald | Newsletter
15-11-2018
Newsletter - November 2018
This monthly newsletter provides an update on key news relating to RFR transition in GBP markets and others.
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WHITE PAPER | Parker Fitzgerald | Insurers
01-10-2018
IBOR Transition – Insurance
IBOR Transition could create considerable conduct, reputational, and legal risks for the Insurance sector.
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EXTERNAL REFERENCES
Federal Reserve | SOFR
02-11-2018
Introducing the Secured Overnight Financing Rate (SOFR)
The Federal Reserve Bank of New York has announced that they have selected SOFR as an Alternative Reference Rate of LIBOR.
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Bank of England | Legal
16-10-2018
Syndicated loan replacement of screen rate clause 
This document is of relevance to syndicated loan market participants who are continuing to transact new loan contracts referencing LIBOR.
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Financial Conduct Authority | ESTER
26-09-2018
Term versions of RFR will work – FCA official
Piece by Edwin Schooling-Latter (Head of Markets Policy at FCA), who strongly believes that plans to build curves from Swaps and Futures will work.
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European Central Bank | Benchmark
21-09-2018
Why are Benchmark rates so important?
Tackles the question of why benchmark rates are so important in the smooth functioning of the Financial markets.
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Prudential Regulation Authority | SONIA
19-09-2018
Dear CEO LIBOR letter (banks)
FCA and BoE have jointly issued a letter to financial firms requesting them to assess their exposures to LIBOR and to come up with a plan of actions by Dec 14, 2018.
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Prudential Regulation Authority | SONIA
19-09-2018
Dear CEO LIBOR Letter (Insurers)
FCA and BoE have jointly issued a letter to financial firms requesting them to assess their exposures to LIBOR and to come up with a plan of actions by Dec 14, 2018.
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OUR SERVICES

Our in-depth understanding of capital markets and direct experience leading the implementation of market infrastructure regulations for the world’s largest financial institutions make us your ideal partner for IBOR Transition.

Programme Mobilisation

– Initiation and structuring of the programme, including definition of governance and articulation of overall delivery strategy
– Determination of programme scope and key programme dependencies
– Establishment of programme workstream structure, deliverables and supporting resourcing and cost estimates

Impact / Risk Assessment

– Assessment of economic impacts arising from the adoption of ARRs to inform client transition approach, risk mitigation strategy and overall transition timetable
– Assessment of operational impacts across all functions to determine scope of change across data sources, systems, models, processes and controls

Transition Readiness

– Development of detailed client / product transition plans aligned to jurisdictional adoption
– Define client outreach and communication strategy
– Define internal knowledge and education programmes
– Implementation of all required changes to pricing and risk models, back testing and model validation processes

Transition Execution

– Co-ordination and management of all transition activity including contract re-negotiation and execution of client communication
– Adaptation of all internal policies and embedding of business processes referencing ARRs
– Tracking and reporting or transition activity to senior management, external stakeholders, rating agencies and regulators

Specialist Resourcing

– Deployment of specialists teams and SMEs to support all key stages of IBOR transition
– Deployment of programme management change resources to support with planning,
– Secondment of SMEs to support management of demand within BAU functions arising from IBOR transition activity

OUR PEOPLE
Gerard Jacob
Partner
Global Advisory Practice
Pritesh Patel
Partner
Global Advisory Practice
Joel Kennedy
Director
Global Advisory Practice
Ahraz Sheikh
Director
Global Advisory Practice
Lotfi Baccouche
Partner
Global Advisory Practice
Martin Traverse
Director
Global Advisory Practice
Dario Cziraky
Director
Global Advisory Practice