EDUCATION SESSION #1180
GLOBAL WEBINAR
 Navigating the LIBOR Transition

Hosted by the 100WF Geneva Education Committee
The move to replace LIBOR (London Inter-bank Offered Rate) by the end of 2021 is a unique event in financial history. Since the mid 1980s, LIBOR has served as a global benchmark for commercial loans and derivative instruments, among other calculations.

Leaving LIBOR is one of the most complex projects ever undertaken in the international financial services industry. Crafting an effective LIBOR transition strategy will require careful selection of a replacement rate and a thoughtfully paced timeline of front-office and back-office changes.

Get an overview of the issues and key considerations facing financial services institutions and asset managers as they manage the transition process. Learn more about the proposed substitute benchmarks SOFR and AMERIBOR (see below) from executives who are intimately involved in the discussions. Consider the challenges and opportunities related to the LIBOR transition in terms of implementation, regulatory risk and mitigation of litigation.

You may send your questions to edugen@100women.org by Monday, July 6, 2020 or submit them during the webinar.

Note:
Secured Overnight. Funding Rate (SOFR) is the cost of borrowing cash overnight collateralized by U.S. Treasury securities as calculated by the Federal Reserve Bank of New York.

AMERIBOR is an index of unsecured overnight lending rates between banks and other financial services institutions taking place across the American Financial Exchange.

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DATE
8 July 2020
TIME
9:00 AM N. America West Coast
12:00 PM N. America East Coast
5:00 PM London
6:00 PM Geneva
8:00 PM UAE

The program will begin promptly. Latecomers may not be able to enter.
PARTICIPANTS

Richard L. Sandor
American Financial Exchange

Tom Wipf
Morgan Stanley

Claire Hall
DLA Piper

Colleen Hsia
FTI Consulting

Isabelle Ord
DLA Piper
HOSTS
FTI Consulting
DLA Piper
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BIOGRAPHIES
Richard L. Sandor
Chairman and CEO, American Financial Exchange

Richard L. Sandor (Ph.D.) is Chairman and CEO of the American Financial Exchange, an electronic marketplace for small and mid-sized banks to lend and borrow short-term funds. He is also the CEO of Environmental Financial Products, which specializes in inventing, designing and developing new financial markets. EFP was established in 1998 and was the predecessor company and incubator to the Chicago Climate Exchange (CCX), the European Climate Exchange (ECX), the Chicago Climate Futures Exchange (CCFE) and the Tianjin Climate Exchange (TCX). Dr. Sandor is currently the Aaron Director Lecturer in Law and Economics at the University of Chicago Law School and a Visiting Fellow with the Smith School of Enterprise and the Environment at Oxford University. He was honored by the City of Chicago for his universal recognition as the “father of financial futures”. In 2002, he was named by TIME Magazine a “Hero of the Planet”; and in 2007 as one of the magazine’s “Heroes of the Environment” for his work as the “Father of Carbon Trading.” In October 2013, Dr. Sandor was awarded the title of Chevalier dans l´ordre de la Légion d´Honneur (Knight in the French National Order of the Legion of Honor), for his accomplishments in the field of environmental finance and carbon trading. He holds an honorary degree of Doctor of Science, honoris causa, from the Swiss Federal Institute of Technology (ETH). Dr. Sandor is a Board Member of the Clean Energy Trust, a Member of the Advisory Board of the Center for Financial Stability and the Smithsonian Tropical Research Institute; and a Senior Fellow of the Milken Institute. He served on the board of directors of leading commodity and futures exchanges in the United States and Europe. His new book, “How I Saw It: Analysis and Commentary on Environmental Finance (1999–2005)” was published by World Scientific in December 2016.

Tom Wipf
Vice Chair of Institutional Securities, Morgan Stanley

Tom Wipf is Vice Chairman of Institutional Securities at Morgan Stanley. Tom is responsible for Morgan Stanley’s transition efforts to alternative reference rates to replace LIBOR through the firm’s Global LIBOR Transition Steering Committee. This group, spanning ISG, Wealth Management and Investment Management, will ensure that all businesses and infrastructure organizations have a consistent set of Firm-level guidelines, their own transition plans and accountability for transition readiness before year-end 2021. Tom most recently led the firm’s Global Business Continuity Management Organization, which is responsible for strategic planning and risk management for potential cyber and physical disruptions. He is a member of the firm’s Securities Operating Committee, Risk Management Committee and Asset/ Liability Management Committee. In April, 2019, Tom was named Chair of the Alternative Reference Rates Committee (ARRC) by the Federal Reserve Board. The ARRC is a group of private-market participants convened to help ensure a successful transition from USD LIBOR to a more robust reference rate. Tom was appointed Chair of the US Commodity Futures Trading Commission’s Market Risk Advisory Committee (MRAC) Interest Rate Benchmark Reform Subcommittee in October, 2018. Tom served as Chair of the Treasury Market Practices Group (TMPG) until May 2019. The TMPG is sponsored by the New York Federal Reserve and is an industry group committed to supporting the integrity and efficiency of the U.S. Treasury and Agency Mortgage Securities Markets. Tom serves on the board of directors of International Swaps and Derivatives Association, Inc. (ISDA).

Claire Hall
Partner, DLA Piper

Claire Hall is a Partner in DLA Piper's finance practice specializing in structured finance and derivatives. Claire joined the firm having previously worked at leading law firms in New York, Los Angeles and London. Claire is co-head of DLA Piper's Derivatives Practice and a co-chair of the LIBOR Transition Practice. With respect to derivatives, Claire has represented financial institutions, funds, asset managers, dealers and end-users across a full range of derivatives products and the negotiation of related documentation. Claire frequently advises on regulatory and compliance matters affecting derivative transactions and the derivatives market, including with respect to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the European Market Infrastructure Regulation (EMIR) including ISDA protocols and related documentation; advising on the migration of OTC products to clearing and the negotiation of cleared derivatives agreements and on-boarding documentation; advising on commodity pool operator and commodity trading adviser issues and global variation margin rules. With respect to structured finance, Claire has advised on numerous types of structured products including credit-linked notes, securitizations, structured swaps, and total return instruments. Claire also has significant experience acting as dealer and manager counsel for US market value and cash flow CLOs. Claire's CLO experience includes new issuances as well as refinancing and reissues. Before the financial crisis Claire worked as part of the CLO structuring team at Deutsche Bank in New York.

Colleen Hsia
Senior Managing Director, FTI Consulting

Colleen Hsia leads a 40+person cross-practice team as Head of Americas Financial Services for FTI Consulting’s Strategic Communications division. She is also a member of the firm’s LIBOR Transition Task Force. For nearly two decades, Ms. Hsia has served as a trusted advisor to senior business leaders at leading banks, asset managers, hedge funds, private equity firms, and trading platforms. At FTI, she works with financial services clients to navigate complex communications challenges related to strategic initiatives, business transformation, regulatory and public affairs, litigation, and crisis/issues management. Before joining FTI, Colleen was global head of marketing at Jane Street, a proprietary trading firm and electronic market maker in equities, options, bonds, and cryptocurrencies. She led the charge to build the firm’s public reputation as a technology-driven, client-centric trading powerhouse. Her experience includes senior leadership roles at BlackRock in New York and Hong Kong – leading teams in institutional marketing, digital marketing, investment communications, and retail product strategy. Colleen has extensive experience in the hedge fund industry - starting as an investment analyst and later leading business development at Magnitude Capital, a fund of hedge funds she helped grow from its early days to a multi-billion-dollar business. She began her career at Salomon Smith Barney, where she was a member of the real estate, gaming and lodging investment banking team.

Isabelle Ord
Partner, DLA Piper

Isabelle Ord is a trial lawyer who resolves complex and high-stakes disputes for national and international businesses and financial institutions. She is the co-chair of DLA Piper's Class Action Litigation practice, US co-chair of DLA Piper's Financial Services Sector and a co-chair of the LIBOR Transition Practice. Her experience includes defending class actions and other complex business disputes involving unfair competition (B&PC 17200), false advertising (B&PC 17500), the Consumer Legal Remedies Act (Civil Code 1750), fraud, breaches of fiduciary duty, Ponzi scheme and investment fraud, and lender liability. She also prosecutes claims for financial institutions and businesses, including credit recovery, loan participation and fraud claims. Isabelle was the 2013 president of the San Francisco Bank Attorneys Association and 2012 chair of the California State Bar's Business Law Section Financial Institutions Committee. She is a former Captain in the United States Army Reserve, Judge Advocate General's Corps, and a paratrooper.
ABOUT
FTI Consulting
FTI Consulting is a global business advisory firm dedicated to helping organizations manage change, mitigate risk and resolve disputes: financial, legal, operational, political & regulatory, reputational and transactional.

DLA Piper
DLA Piper is a leading global law firm with lawyers located in more than 40 countries throughout the Americas, Europe, the Middle East, Africa and Asia Pacific, positioning us to help clients with their legal needs around the world.

100 Women in Finance
100 Women in Finance's more than 15,000 members strengthen the global finance industry by empowering women to achieve their professional potential at each career stage. Its members inspire, equip and advocate for a new generation of industry leadership, in which women and men serve as investment professionals and executives, equal in achievement and impact. Through Education, Peer Engagement and Impact, the organization furthers the progress of women who have chosen finance as a career, and enables their positive influence over pre-career young women.
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