About the breakfast briefing
This is an invitation only event – to request an invitation please email Phoebe.Cowan@afme.eu
The Financial Stability Board, strongly supported by European and national authorities such as the European Central Bank (ECB), the European Commission, the European Securities and Markets Authority (ESMA), the Financial Services and Markets Authority (FSMA), the Prudential Regulation Authority of the Bank of England and the Financial Conduct Authority, has urged global financial markets participants, as a high priority, to prepare to transition to risk-free rates (“RFRs”) as a replacement for submissions-based benchmarks such as Euribor and Libor. On 1 January 2020, the transitional provisions of the European Benchmarks Regulation (the “BMR”) will come to an end. In the UK, the FCA has said that it will no longer require submitting banks to provide quotes for LIBOR after December 2021. For overnight rates, it is already widely acknowledged that EONIA will not be compliant with the BMR and the ECB has accordingly announced ESTER as its replacement; ESTER is expected to be published not before October 2019. In the term sector, Euribor is undergoing a change in its methodology by the European Money Markets Institute (EMMI) to ensure its own compliance with the BMR.
Five major regional Reference Rate Working Groups have been established in the US, UK, Eurozone, Japan and Switzerland. In 2018, EY delivered a report and survey of market participants commissioned by ISDA, AFME, SIFMA, SIFMA AMG and ICMA on the market’s preparedness, who was ready and who was not; the report is available here. New benchmarks have already been or are being developed.
The clock is ticking – indeed there is less than a year before the BMR transitional provisions expire. Accordingly, AFME and EY invite you to join us at a breakfast briefing to discuss these important changes on Tuesday, 30 April at Stanhope Hotel Brussels, from 8.15am to 11.00am. The event is kindly sponsored by EY, so there is no admission charge. Registrations can be made through the link below. Invited to attend this seminar are EY clients as well as officials from the European Commission, Council and Parliament, central banks, corporate, investor and other interested associations, and AFME IBOR Working Group and European Public Policy Committee members. We look forward to seeing you there.