LIBOR – no longer the world’s most important number
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LIBOR – no longer the world’s most important number

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Join this webinar to hear from Ian Fox, Group IBOR Transition Director, Lloyds Banking Group, who will explain why LIBOR had to be replaced, how the transition in GBP went and how the replacement risk free rates work.

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Overview

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Programme outline

Ian will talk through history of LIBOR, why it was no longer fit for purpose, how transition was achieved for various products and the characteristics of the various alternative risk free rates.

The key replacement rate for GBP is SONIA, which is fundamentally different from LIBOR. Ian will explain its characteristics together with the other alternative rates that make interest calculations simpler and that can be used in certain circumstances.

He will also cover developments in the USD market where cessation of LIBOR does not take place until June 2023.

Speaker

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Ian Fox, Group IBOR Transition Director

Ian has over 30 years Treasury experience and was responsible for Lloyds Banking Group’s funding and liquidity for 10 years from 2009. He is now the Group’s IBOR Transition Director, being responsible for the overall transition programme whilst maintaining a significant external presence across the industry and with regulators to help shape and deliver IBOR transition. He has been a member of the UK Working Group on Sterling Risk-Free Reference Rates since 2015 and has served on a number of Task Forces, including Tough Legacy, Term Rates and Loans Enablers. He has been a member of various senior Bank of England market governance committees since 2003 and has been Deputy Chairman of the London Money Market Association for over 15 years.