Date: Tuesday, January 25, 2022
Time: 07:00 PST (Los Angeles) / 10:00 EST (New York) / 15:00 GMT (London) / 16:00 CET (Frankfurt)
As LIBOR is phased out financial institutions including trade finance participants will need to transition to a replacement reference rate. In 2021, the Alternative Reference Rates Committee (ARRC) formally endorsed CME Term SOFR Reference Rates – a daily set of forward-looking interest rate estimates calculated and published for 1-month, 3-month, 6-month, and 12-month tenors. Derived from CME SOFR futures, CME Term SOFR provides a robust and resilient underlying dataset based on market expectations implied from derivatives markets.
To enable a seamless transition from USD LIBOR to CME Term SOFR, participants must be prepared to optimize approach across their business portfolio.
Overview of the Topics Discussed:
Register today to join BAFT along with CME Group to learn more about practical steps BAFT members need to take to switch to the new benchmark rate.
Marco Bianchi is Executive Director, Client Development & Sales at CME Group. Marco joined CME in 2019 to lead the Americas Sales teams resposible for distribution of CME’s suite of Post-trade and Optimization services. His current responsibilities include spearheading the global licensing effort in support of CME Term SOFR across client segments and global regions. Prior to joining CME Marco ran Product and Business Development for listed derivatives at Flextrade Systems, a leading fintech company. Earlier in his career Marco held a number of senior roles at Intercontinenal Exchange (ICE), NYSE and Euronext-liffe, including US Head of Interest Rates Products and Global Head of Market Development. Marco holds and MBA from Columbia University in New York.
Gavin Lee serves as Senior Director of Benchmark Services at CME Group. He is responsible for the strategy, execution and management of CME benchmark activities. Gavin has over 30 years of experience in the financial markets where he has developed a thorough understanding of derivatives and OTC markets. Prior to joining CME Group he was Head of Sales and Business Development at Rate Validation Services (RVS). In this role, he gained extensive experience in the use of transaction evidence in the calculation and validation of benchmarks. In addition, he has held a broad range of senior management positions at SunGard, Bank One, Citibank and Credit Suisse Gavin has been actively involved at a senior level with leading industry bodies. He has worked with regulators and market associations in developing solutions that are fully compliant with IOSCO Principles to ensure transparent and consistent use of trade data in the calculation of benchmarks.
Diana Rodriguez leads BAFT’s (Bankers Association for Finance and Trade) global government relations strategy, focusing primarily on prudential policy and global trade policy matters. Her advocacy portfolio includes Basel III implementation, reforms to the European banking law and U.S. trade policy. She coordinates joint advocacy with partner trade associations and other global stakeholders to advance BAFT policy priorities. Prior to joining BAFT, Diana served in the Obama Administration as Senior Advisor for International Trade at the U.S. Small Business Administration. There, she advised the SBA Administrator on a global portfolio of trade policy and trade finance matters, and oversaw the Agency’s global entrepreneurship promotion efforts in Asia, Europe and Latin America. Before that, she served as a Director in the U.S. Chamber of Commerce’s International Affairs Division leading trade policy efforts in Mexico.