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Key Sessions

Harriet Hunnable

Setting out the UK Benchmarks Regime: The Application of the EU BMR to the FCA Handbook

FCA

Martina Tambucci

Examining the Transitional Regime: Explicating the Q&As

CONSOB

Nov 28
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08:30 - 09:00 30 mins
Registration
09:00 - 09:15 15 mins
Chairperson's Opening Remarks
  • Steve Farrell - Partner, Deloitte
  • Mark Schaedel - Managing Director, IHS Markit
09:15 - 10:00 45 mins
Setting out the UK Benchmarks Regime: The Application of the EU BMR to the FCA Handbook
  • Harriet Hunnable - Head of Benchmarks Policy, FCA
10:00 - 10:45 45 mins
Info
Panel Discussion: Impact of the EU Benchmarks Regulation Across the Value Chain
  • Naomi Clarke - Head of Data, GAM
  • Stephan Flagel - Global Head of Benchmarks & Indices, Thomson Reuters
  • Inderpal Gujral - Head of Dynamic Strategies Platform, Global Equity Derivatives, UBS
10:45 - 11:05 20 mins
Morning Coffee
11:05 - 11:50 45 mins
Info
The Streamlined Approach to Constructing and Maintaining a Benchmarks Inventory
  • Bruno Piers de Raveschoot - Chief Operating Officer, Regulatory Division, RIMES
11:50 - 12:35 45 mins
A Discussion of Bespoke Indices: Clarifications Required and End-User Concerns
  • Agathi Pafili - Senior Regulatory Policy Advisor, EFAMA
12:35 - 13:35 60 mins
Lunch
13:35 - 14:20 45 mins
Examining the Transitional Regime: Explicating the Q&As
  • Martina Tambucci - Head of Regulation Office, CONSOB
14:20 - 15:05 45 mins
Info
Benchmarks Assurance Standards Guidance
  • Steve Farrell - Partner, Deloitte
15:05 - 15:25 20 mins
Afternoon Coffee
15:25 - 16:10 45 mins
Managing the Public Availability of Benchmarks: The Balance Between Transparency and Regulatory Burden
  • Inderpal Gujral - Head of Dynamic Strategies Platform, Global Equity Derivatives, UBS
16:10 - 16:55 45 mins
Info
The View from the Trading Floor: The Breaking and Fixing of Benchmarks
  • Alexis Stenfors - Senior Lecturer, University of Portsmouth

The benchmark reforms have been underpinned by principles such as ‘professionalism’, ‘correctness’ and ‘formalisation’. Overall, the measures have strived to eliminate, or at least greatly reduce, the incentives of benchmark manipulation. However, with regards to LIBOR, the reforms were neither intended to make the underlying market more transparent, nor to make the benchmark based upon market transactions. Instead, provisions such as the use of ‘expert judgment’ were supposed to address periods of illiquidity in the underlying market. Drawing upon anecdotes and empirical research, this talk focuses on some of the challenges in obtaining correct, reliable and fair benchmark fixings for OTC markets, with emphasis on the post-reform era. It also considers the crowding out liquidity provision, traditionally upheld through mutual understanding among financial institutions – in other words, reciprocity and trust among humans.

16:55 - 17:00 5 mins
Chairperson's Summation
  • Mark Schaedel - Managing Director, IHS Markit
  • Steve Farrell - Partner, Deloitte