UBS LIBOR transition podcast series

This episode of the LIBOR Transition Podcast reviews developments around the cessation of some Synthetic GBP LIBOR settings, considers the use of Synthetic USD LIBOR and takes a look at the use of independent advisor fallbacks in bond documentation.

In this episode we discuss the progress made and targets achieved in 2021 across non-USD LIBORs; where the market may heading in its use of SOFR versus replacement rates that cater to credit sensitive indices; and the potential reach and impact of US Federal legislation upon the USD LIBOR transition.

Speakers:

Tom Payne, Head of UBS EMEA Structuring

Sainica Sivadasan, IB Initiative Lead for LIBOR Transition

This episode focuses on the topic of tough legacy contracts; what it means for market participants and avenues to minimise and mitigate it where possible. Our guests will explain what needs to be done, how and by when.

Speakers:

Richard Lamb, Head of UBS EMEA Global Markets Legal team

Hannah Rutledge, Compliance & Operational Risk Control lead within the LIBOR program

In this episode we discuss the the listing of new futures and options contracts referencing the ARRs; and how UBS plans to make adjustments to the fees and commission schedules of impacted clients. Amongst other topics, future episodes will discuss major H2 2021 transition milestones and the forthcoming challenge of managing ‘tough legacy’ contracts.

Speakers:

Helen Hartwell, UBS Clearing Client Consulting team

Nick Short, UBS Clearing Client Consulting team

In this episode we discuss the practical steps you will need to take with UBS, as a Prime Broker or equity swaps counterpart, ahead of the of the 31 December, 2021 regulatory deadline.

Speakers:

Ryan Saviana, EMEA Head of Prime Client Pricing and Analytics, UBS Prime Brokerage

Jayna Devani, UBS Prime Brokerage Sales

This episode focuses on the scope and applicability of the Protocol for new and existing derivative contracts; its unique features relating to entity adherence incorporated into the Protocol; and potential cost/benefit considerations of adhering to the Protocol.

Speakers:

Jane Dixon, Managing Director and the IB Global Head of Documentation

Simon Herbert, Managing Director in the IB global change team

The third episode looks at how LIBOR’s cessation may impact corporate institutions in comparison to traditional financial institutions; the key actions a corporation should consider at this stage of the LIBOR cessation journey; and the progress made by international bond markets to transition to Alternative Reference Rates (ARR) and the constraints these markets face whilst doing so.

Speakers:

Edward Haines, Managing Director and Head of Global Banking Financial Resource Management

Paul Mahoney, Executive Director and Head of European Corporate Debt Capital Markets and Derivatives

In this episode we discuss the EONIA to €STR curve migration at Central Clearing Counterparties (CCPs) and its implications for counterparties that utilise CCPs’ clearing services for OTC swaps; the market outlook for the €STR curve and its potential to become the dominant floating rate in the Euro market; and the readiness activity undertaken by UBS in order to accommodate the migration to €STR

Speakers:

Nick Short, Director in UBS Clearing

Eelis Niemelaninen, Executive Director and Head of Euro Rates

In our first episode we explore the main drivers behind the LIBOR transition; the need to mitigate forecasting and discounting risk; and the impact of the COVID-19 pandemic upon the LIBOR transition

Speakers:

Angus Graham, UBS Deputy Group Controller and Global LIBOR Transition Programme Lead

Chantal Markey, Global Head of XVA Management