Quick Find:
Benchmark reform and transition to risk-free rates
ICMA has been engaging with regulators and members on the global issue of benchmark reform for several years.

Most recently, ICMA’s focus is the development of Risk-Free Reference Rates (RFRs), which are being developed in response to recommendations by the Financial Stability Board (FSB) made to increase confidence in the reliability and integrity of interest rate benchmarks.

In particular, ICMA is a member of the Working Group on Sterling Risk-Free Reference Rates, with Paul Richards (Head of Market Practice and Regulatory Policy, ICMA) chairing a sub-group focusing on benchmark transition issues in bond markets. ICMA is also a non-voting member of the Working group on euro risk-free rates established by the ECB, the Belgian Financial Services and Markets Authority, ESMA and the European Commission. ICMA also participates in the National Working Group on Swiss Franc Reference Rates.

Set out below are links to official sector and ICMA information and materials on this topic.
 
 
Transition to risk free rates: the challenges for market participants panel discussion at the 51st ICMA AGM and Conference in Stockholm, May 17, 2019






Selected speeches
For speeches prior to 2019, visit the archive page.



Recent statements and other publications

UK:
  • November 2019: The FCA has answered key questions on conduct risk arising from LIBOR transition, outlining their expectation that: firms have a strategy in place and take necessary action during LIBOR transition, and customers are treated fairly by following their rules and guidance.
  • October 2019: The Working Group on Sterling Risk-Free Reference Rates published its monthly Newsletter. This one page document provides a high level summary of market and official sector developments in the sterling market but also highlights related initiatives across the globe. Previous editions are available on the Bank of England website.
  • October 2019: The Working Group on Sterling Risk-Free Reference Rates published letters to the UK Prudential Regulation Authority, UK Financial Conduct Authority, European Commission and Basel Committee on Banking Supervision regarding regulatory barriers to transition away from LIBOR. These letters request that the issues raised are considered and concrete actions are taken where necessary to ensure a smooth transition reducing risks to safety and soundness from continued reliance on a benchmark that is expected to cease at the end of 2021.
  • October 2019: At its meeting on 2 October, the UK Financial Policy Committee (FPC) stated that in 2019 Q4, the FPC would consider further potential policy and supervisory tools that could be deployed by authorities to reduce the stock of legacy Libor contracts to an irreducible minimum ahead of end-2021.
  • September 2019: In September, Lloyds Bank plc announced a consent solicitation and proposal to the holders of the outstanding £1,000,000,000 Series 2018-3 Floating Rate Covered Bonds due March 2023 (the Series 2018-3 Covered Bonds). The proposal to the holders of the Series 2018-3 Covered Bonds passed. The documentation is available to view here (firewall protected).
  • September 2019: In September, Santander announced a consent solicitation and proposal to the holders of the outstanding HOLMES MASTER ISSUER PLC £250,000,000 Series 1 Class A2 Issue 2017-1 Residential Mortgage-Backed Notes due October 2054 and £300,000,000 Series 1 Class A3 Issue 2018-1 Residential Mortgage-Backed Notes due October 2054. The proposals to the holders of each Series of Notes passed. The Final Terms are available to view here and here.
  • September 2019: The Bank of England “Bank Overground” series is to share internal analysis. Each post summarises a piece of analysis supporting a policy or operational decision; in September 2019, this was on How prepared are the markets for the end of LIBOR?.
  • September 2019: The Loan Market Association (LMA) has published exposure drafts of a compounded SONIA based sterling term and revolving facilities agreement and a compounded SOFR based dollar term and revolving facilities agreement. The documents do not constitute recommended forms of the LMA; they have been published as exposure drafts which are open for comments from market participants. The documents are available to view on the LMA website.
  • August 2019: The £RFR Working Group published minutes from its May meeting (which includes summaries of presentations by potential term rate providers).
  • August 2019: The £RFR Working Group released a Statement on conventions for referencing SONIA in new contracts and a summary of responses to the discussion paper issued in March 2019 seeking feedback from market participants on how to reference SONIA.
  • July 2019: The Working Group on Sterling Risk-Free Reference Rates wrote to the European Insurance and Occupational Pensions Authority (EIOPA) to welcome its decision to add the monitoring of LIBOR transition to their 2019 priorities. The Working Group recognises EIOPA’s planned review of Solvency II in 2020, and would be grateful for further details regarding changes to the Solvency II risk-free reference rate. The letter would welcome EIOPA’s consideration of a pan-European taskforce to address regulatory barriers to LIBOR transition.
Euro area:
  • November 2019: The working group on euro risk-free rates released a report on €STR fallback arrangements. The purpose of this report is to provide supervised entities with guidance on potential ways to comply with Article 28.2 of the EU Benchmarks Regulation (BMR) when using the euro short-term rate (€STR), as the euro risk-free rate, in contracts.
  • November 2019: The working group on euro risk-free rates released a report on the financial accounting implications of the transition from EONIA to the €STR, and the introduction of €STR-based fallbacks for EURIBOR. The report primarily focuses on the EU Benchmarks Regulation (BMR) implications for hedge accounting related topics, and challenges for non-hedge related topics, and sets out relevant key recommendations.
  • November 2019: The working group on euro risk-free rates released high level recommendations for fallback provisions in contracts for cash products and derivatives transactions referencing EURIBOR. The working group recommends that market participants consider incorporating fallback provisions in all new financial instruments and contracts referencing EURIBOR, regardless of whether they fall within the scope of the BMR.
  • October 2019: In October, the Euro RFR WG published its report on the risk management implications of the transition from EONIA to the €STR and the introduction of €STR-based fallbacks for EURIBOR. The report focuses mainly on the risk management implications for banks, but also touches on additional challenges facing the asset management and insurance sectors. It should be read in conjunction with Recommendations of the working group on euro risk-free rates on the EONIA to €STR legal action plan and Report by the working group on euro risk-free rates on the impact of the transition from EONIA to the €STR on cash and derivatives products.
  • October 2019: On 2 October, the European Investment Bank (‘EIB’) printed the market’s first €STR benchmark with a EUR 1bn 3-year bond. The transaction was announced on 19 September, ahead of the first €STR publication date (2 October for 1 October fixings) in order to give investors sufficient time to prepare.
  • October 2019: From 2 October, 2019, €STR (the new Euro RFR) is being published, reflecting trading activity from the previous day. Alongside this, EMMI has for the first time published EONIA (for 1 October) under the reformed determination methodology (€STR + 8.5bp). EMMI also announced that it has now applied for authorisation of EONIA from the Belgian FSMA, under Article 34 of the EU BMR.
  • September 2019: Videos and presentations of the ECB’s second roundtable on euro risk-free rates on Wednesday 25 September are available on the ECB’s website.
  • September 2019: The ECB are hosting their second roundtable on euro risk-free rates on Wednesday 25 September from 09:00 to 13:00 CET at the ECB in Frankfurt.
  • August 2019: The ECB's working group on euro risk-free rates published a report on the impact the transition from the euro overnight index average (EONIA) to the euro short-term rate (€STR) will have on cash and derivatives products. Market participants will need to prepare for this benchmark rate change (for example, adapting IT systems and reviewing documents and procedures) and the report analyses the implications of the transition and provides recommendations to help with the change.
  • July 2019: EMMI published the EURIBOR benchmark statement.
  • July 2019: The final recommendations on the EONIA to €STR legal action plan for the transition from EONIA to €STR were published, together with an associated press release.
  • July 2019: A letter to the International Accounting Standards Board (IASB) from the Chair of the Working Group on Euro Risk-Free Rates was published.
  • July 2019: An updated version of the explainer on benchmark rates was made available on the ECB website.
  • July 2019: The ECB announced that the publication time for €STR will be 8am CET (instead of the previously anticipated 9am CET). If errors are detected following the publication of €STR that affect €STR by more than 2 basis points, the ECB will revise and re-publish €STR on the same day at 9am CET.
  • July 2019: ESMA published updated Q&As on the Benchmark Regulation.
  • July 2019: EMMI was granted authorisation for the administration of EURIBOR from the Belgian FSMA.
  • July 2019: The ECB published a call to benchmark administrators for expressions of interest in producing a €STR-based forward-looking term structure.
  • July 2019: The ECB sent out a Dear CEO Letter to significant institutions with a deadline for responses by 31 July to supply a board-approved summary of key risks relating to benchmark reform and a detailed action plan to mitigate such risks, address pricing issues, and implement process changes, as well as contact points at management level who are in charge of overseeing the implementation of these action plans. In addition they have asked for a reply to a detailed questionnaire attached to the letter by 15 September.
US:
  • November 2019: In order to support a successful transition away from USD LIBOR, and as administrator of SOFR, the New York Fed, in cooperation with the Treasury Department’s Office of Financial Research (OFR), requests comments on a proposal to publish daily three compounded averages of SOFR with tenors of 30-, 90-, and 180-calendar days, and to publish daily a SOFR index that would allow the calculation of compounded average rates over custom time periods. Comments should be submitted to the New York Fed by December 4, 2019. This development has been welcomed by the ARRC.
  • October 2019: The ARRC issued a press release welcoming the US Department of the Treasury and the Internal Revenue Service’s release of proposed regulations providing tax relief related to issues that may arise as a result of the modification of debt, derivative, and other financial contracts from LIBOR-based language to alternative reference rates. The proposed regulations are open for comment until 25 November 2019.
  • September 2019: The ARRC produced its August/September 2019 newsletter.
  • September 2019: The Alternative Reference Rates Committee (ARRC) updated its previously released set of frequently asked questions (FAQs). The FAQs are updated from time to time to reflect developments, provide information about the work of ARRC, its progress to date, and the overall effort to promote voluntary market adoption of SOFR, its recommended alternative to U.S. dollar LIBOR.
  • September 2019: The Alternative Reference Rates Committee (ARRC) today released a practical implementation checklist to help market participants transition to using the SOFR, the ARRC’s recommended alternative to USD LIBOR. The information in the checklist is expected to be especially helpful for market participants that have not fully started taking the steps needed to transition away from LIBOR.
  • August 2019: The ARRC released the Secured Overnight Financing Rate (SOFR) Floating Rate Notes (FRNs) Conventions Matrix. The Matrix identifies considerations relevant to using SOFR – the ARRC’s recommended alternative to U.S. dollar LIBOR – in new floating rate notes and supplements the ARRC’s spring paper, "A User’s Guide to SOFR." The Matrix is accompanied by the SOFR FRNs Comparison Chart, which outlines conventions already being used in the market. Both documents were developed to help market participants as they consider issuing or investing in a SOFR-based FRN and may be updated or supplemented periodically.
  • July 2019: The ARRC published its June/July 2019 newsletter.
  • July 2019: The SEC published a staff statement on LIBOR transition dated 12 July 2019 encouraging market participants to manage transition away from LIBOR and providing guidance in specific areas.
Global:
  • November 2019: The Official Sector Steering Group of the FSB has written to ISDA encouraging it to add a “pre-cessation” trigger alongside the cessation trigger as standard language in the definitions for new derivatives and in a single protocol, without embedded optionality, for outstanding derivative contracts referencing key IBORs. According to the letter, this would help to reduce systemic risk and market fragmentation by ensuring that as much of the swaps market as possible falls back to alternative rates in a coordinated fashion.
  • November 2019: ISDA published a report that summarises responses to a consultation on the final parameters of adjustments that will apply to derivatives fallbacks for certain IBORs. The report follows two earlier consultations that found the overwhelming majority of respondents preferred the ‘compounded setting in arrears rate’ to address differences in tenor between IBORs and overnight risk-free rates, and the ‘historical mean/median approach’ to deal with differences in credit risk and other factors. The new report covers technical issues on specific methodologies for the two adjustments. Responses to the final parameters consultation show that a majority of participants preferred a historical median approach over a five-year lookback period. A majority also preferred not to include a transitional period in the spread adjustment calculation, not to exclude outliers, and not to exclude any negative spreads. For the compounded setting in arrears rate, a clear majority favoured a two-banking-day backward shift adjustment for operational and payment purposes.
  • October 2019: ISDA released the Interest Rate Benchmarks Review, which analyses trading volumes of interest rate derivatives (IRD) transactions in the US referencing SOFR and other selected alternative risk-free rates, including SONIA, SARON and TONA. In In addition, the report analyses IRD traded notional referencing the LIBOR denominated in US dollars, sterling, Swiss franc, yen, euro, as well as EURIBOR and TIBOR.
  • October 2019: On 11 October, the European Commission published its anticipated consultation on a review of the Benchmarks Regulation, two years after its entry into application. The consultation closes on 6 December 2019. The objective of the consultation is to gather stakeholders’ feedback on the functioning of the EU benchmarks regime, two years after its entry into application. The consultation focuses primarily on a number of topics the Benchmark Regulation itself puts forward for review, such as the regime for critical benchmarks and the effectiveness of the mechanism for authorisation and registration of EU benchmark administrators. Broader topics are also explored, such as the categorisation of benchmarks and the rules for third country benchmarks.
  • October 2019: On 21 October, ISDA published an Anonymized Narrative Summary of Responses to the ISDA Pre-Cessation Consultation. A significant majority of respondents stated that generally they would not want to continue referencing a covered IBOR in future derivative contracts following a public statement by a regulator that such IBOR was no longer representative. A smaller majority of respondents replied that generally they would not be content to continue referencing an unrepresentative covered IBOR in legacy contracts following such a statement. However, a notable portion of this majority explained that despite this position, they might nonetheless continue to reference an unrepresentative covered IBOR in certain circumstances. A minority of respondents stated that they would continue to reference an unrepresentative covered IBOR in legacy derivative contracts following a statement by a regulator that such an IBOR is no longer representative. These respondents offered a variety of rationales for this choice, including that they would only take such an approach if no other viable alternative existed, others that would continue referencing an unrepresentative covered IBOR said they would do so to avoid creating a mismatch, and others suggested that only a permanent cessation trigger should be utilized for fallbacks.
  • September 2019: The International Accounting Standards Board (IASB) has amended some of its requirements for hedge accounting. The amendments are designed to support the provision of useful financial information by companies during the period of uncertainty arising from the phasing out of interest-rate benchmarks such as IBORs.
  • September 2019: ISDA released a Consultation on Final Parameters for the Spread and Term Adjustments in Derivatives Fallbacks for Key IBORs. The deadline for responses is 23 October 2019.
  • August 2019: ISDA released a statement regarding the preliminary results of its consultation on pre-cessation issues. This consultation followed a request by the (FSB OSSG) for ISDA to request comment on the events that should trigger a move to a spread-adjusted fallback rate for LIBOR. The results show no clear consensus from the 89 market participants respondents as to the question of whether there should be a pre-cessation trigger based on “unrepresentativeness”.
  • July 2019: ISDA announced that Bloomberg Index Services Limited (BISL) has been selected to calculate and publish adjustments related to fallbacks that ISDA intends to implement for certain interest rate benchmarks in its 2006 ISDA Definitions.
  • July 2019: IOSCO has published a statement setting out matters for market participants to consider if they have exposure to LIBOR, particularly USD LIBOR, in light of its expected cessation after the end of 2021 and USD LIBOR’s widespread global use. The key messages from the statement are: RFRs provide a robust alternative to IBORs and can be used in the majority of products; in both new and existing IBOR contacts, the inclusion of robust fallbacks should be considered a priority; the best risk mitigation to a LIBOR cessation event is moving to RFRs now; and it is prudent risk management for market participants to engage early in the LIBOR transition process in preparation for the cessation of LIBOR post-2021.
  • July 2019: ISDA published a statement summarising the preliminary results of a supplemental consultation on adjustments that would apply to fallback rates in the event certain interbank offered rates (IBORs) are permanently discontinued.
For statements and other publications prior to July 2019, visit the archive page.




General information and materials:



Contacts:

Paul Richards
Managing Director, Head of Market Practice and Regulatory Policy; Member of ICMA's Executive Committee  
Direct line: +44 20 7213 0315

David Hiscock
Managing Director, Deputy Head, Market Practice and Regulatory Policy; secretary to the ICMA Regulatory Policy Committee and to the ICMA Euro Commercial Paper Committee (ECP).
Direct line: +44 20 7213 0321

Katie Kelly
Senior Director, Market Practice and Regulatory Policy; Secretary to the ICMA Financial Institution Issuer Forum (FIIF).
Direct line: +44 20 7213 0331

Charlotte Bellamy
Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal & Documentation Committee and related groups.
Direct line: +44 20 7213 0340

November 2019
ICMA Podcast: The transition from Libor to risk free rates in the bond market by Katie Kelly, ICMA.

10 October 2019
Euro risk-free rate reform by David Hiscock, ICMA. Originally published in the ICMA Quarterly Report, Fourth Quarter 2019.

10 October 2019
Risk-free rates: bond market conventions by Katie Kelly, ICMA. Originally published in the ICMA Quarterly Report, Fourth Quarter 2019.

24 September 2019
Briefing call for ICMA Asia-Pacific members on transition to risk-free rates
(ICMA members only)

16 September 2019
Briefing call for ICMA members on the transition from IBORs to risk-free rates
(ICMA members only)

September 2019
Presentation to the Bank of England on transition issues and market developments in new RFRs for FRNs

11 July 2019
LIBOR and the GMRA by Lisa Cleary, ICMA. Originally published in the ICMA Quarterly Report, Third Quarter 2019.

11 July 2019
The transition to risk-free rates in the bond market by Paul Richards, ICMA. Originally published in the ICMA Quarterly Report, Third Quarter 2019.

11 July 2019
Fallbacks for LIBOR floating rate notes by Catherine Wade, ICMA. Originally published in the ICMA Quarterly Report, Third Quarter 2019.

11 July 2019
Recent publications on the transition to risk-free rates by Katie Kelly, ICMA. Originally published in the ICMA Quarterly Report, Third Quarter 2019.

2 July 2019 [updated on 27 September 2019]
ICMA European Repo and Collateral Committee (ERCC) memorandum outlining recommendations for repo market best practice to address the transition from EONIA to €STR

12 April 2019
Interest rate benchmarks by David Hiscock, ICMA. Originally published in the ICMA Quarterly Report, Second Quarter 2019.

12 April 2019
Legacy sterling LIBOR bonds by Charlotte Bellamy, ICMA. Originally published in the ICMA Quarterly Report, Second Quarter 2019.

12 April 2019
Market conventions for referencing SONIA by Katie Kelly, ICMA. Originally published in the ICMA Quarterly Report, Second Quarter 2019.

10 January 2019
The transition from LIBOR to risk-free rates by Paul Richards, ICMA. Originally published in the ICMA Quarterly Report, First Quarter 2019.

10 January 2019
The transition to risk-free rates in the euro area by David Hiscock and Charlotte Bellamy, ICMA. Originally published in the ICMA Quarterly Report, First Quarter 2019.

10 January 2019
The impact of the EU BMR on the use of third country benchmarks by Patrik Karlsson, ICMA. Originally published in the ICMA Quarterly Report, First Quarter 2019.

16 November 2018
ICMA Legal and Documentation Committee response to ARRC consultation regarding more robust LIBOR fallback contract language for new issuances of USD-LIBOR floating rate notes

11 October 2018
Establishing a euro risk-free rate by David Hiscock, ICMA. Originally published in the ICMA Quarterly Report, Fourth Quarter 2018.

11 October 2018
New sterling bonds referencing LIBOR by Charlotte Bellamy, ICMA. Originally published in the ICMA Quarterly Report, Fourth Quarter 2018.

22 August 2018
Briefing call for ICMA members on the transition to risk-free rates
(ICMA members only)
The call highlighted recent developments related to ICMA’s work and involvement in the Working Group on Sterling Risk-Free Reference Rates, for which Paul Richards, Head of Market Practice and Regulatory Policy, chairs a sub-group focusing on benchmark transition issues in bond markets. We also touched on developments in the euro area (where ICMA is a non-voting member of the Working group on euro risk-free rates) and Switzerland (where ICMA participates in the National Working Group on Swiss Franc Reference Rates).

21 August 2018
ICMA suggested language for EU Benchmark Regulation Article 29(2) statement

5 July 2018
The transition to risk-free rates in the international bond market by Paul Richards, ICMA. Originally published in the ICMA Quarterly Report, Third Quarter 2018.

12 April 2018
The transition from IBORs to near risk-free rates by Paul Richards, David Hiscock and Charlotte Bellamy, ICMA. Originally published in the ICMA Quarterly Report, Second Quarter 2018.

10 January 2018
The transition from LIBOR by Paul Richards, ICMA. Originally published in the ICMA Quarterly Report, First Quarter 2018.

12 October 2017
Benchmark reform and the future of LIBOR: implications for the primary bond markets by Catherine Wade, ICMA. Originally published in the ICMA Quarterly Report, Fourth Quarter 2017

29 September 2017
ICMA response to the Bank of England White Paper “SONIA as the RFR and approaches to adoption”

7 September 2017
Briefing call for ICMA members: Benchmark Reform and the Future of LIBOR - implications for the primary bond markets 
(ICMA members only)
Following the speech by Andrew Bailey of the FCA on 27 July 2017 on the future of LIBOR, Catherine Wade and Ruari Ewing of ICMA gave an overview of recent regulatory initiatives in relation to benchmark reform, and in particular the implications for contracts referencing LIBOR, on a briefing call for members.




Contacts:

Paul Richards
Managing Director, Head of Market Practice and Regulatory Policy; Member of ICMA's Executive Committee  
Direct line: +44 20 7213 0315

David Hiscock
Managing Director, Deputy Head, Market Practice and Regulatory Policy; secretary to the ICMA Regulatory Policy Committee and to the ICMA Euro Commercial Paper Committee (ECP).
Direct line: +44 20 7213 0321

Katie Kelly
Senior Director, Market Practice and Regulatory Policy; Secretary to the ICMA Financial Institution Issuer Forum (FIIF).
Direct line: +44 20 7213 0331

Charlotte Bellamy
Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal & Documentation Committee and related groups.
Direct line: +44 20 7213 0340

October 2019: GFMA released their IBOR transition monthly update, which comprises a collection of relevant publications for transition to new reference rates related to USD, Euro, Japanese Yen, British Pound, Swiss Franc, Australian Dollar, Singapore Dollar, HK Dollar, Brazilian Real, Canadian Dollar, Mexican Peso, South African Rand, China/SHIBOR and Indonesia/JIBOR.

September 2019
The Executives' Meeting of East Asia-Pacific (EMEAP) Working Group on Financial Markets has released a Study on Implications of Financial Benchmark Reforms, which aims to raise market awareness and further enhance market readiness for financial benchmark reforms. The Study focuses on the implications of LIBOR discontinuation, EU Benchmarks Regulation (BMR) and reform of local benchmarks in the EMEAP region.

18 January 2019
ICMSA Bulletin 190118/45: The discontinuation of LIBOR/IBORS - implications for English-law agency roles

1 November 2018
ICMA and SIX Joint Conference - LIBOR to SARON: Are you ready?
Presentations given at this event are available on the ICMA event webpage.

18 October 2018
ICMSA Bulletin 81018/44: Implications for English law Trustees on discontinuation of LIBOR/IBORs

19 September 2018
ISDA Benchmarks Supplement, associated FAQ and press release

12 July 2018
ISDA consultation on Certain Aspects of Fallbacks for Derivatives Referencing GBP LIBOR, CHF LIBOR, JPY LIBOR, TIBOR, Euroyen TIBOR and BBSW

15 February 2017
ICMA response to the ICE Benchmark Administration Limited Additional Consultation on ICE LIBOR Evolution

31 March 2016
ICMA response to ESMA Discussion Paper on Benchmarks Regulation

29 January 2016
ICMA response to EMMI Consultative Position Paper on the Evolution of Euribor

16 October 2015
ICMA response to the ICE Benchmark Administration Limited Second Position Paper on the Evolution of ICE LIBOR

19 September 2014
ICMA response to the ICE Benchmark Administration Error Policy Consultation

29 November 2013
ICMA response to to ILOC / BBALIBOR Joint Consultation Paper on LIBOR Re-fixing

16 May 2013
ICMA response to IOSCO’s consultation on "Principles for Financial Benchmarks"

11 February 2013
ICMA response to IOSCO’s consultation on "Financial Benchmarks"
ICMA response to ESMA-EBA’s joint consultation on “Principles for Benchmark Setting Processes in the EU”

6 December 2012
ICMA response to the BBA’s consultation on "Strengthening LIBOR"

27 November 2012
ICMA response to the European Commission’s "Consultation Document on the Regulation of Indices"

7 September 2012
ICMA submission in relation to the August 2012 initial discussion paper “The Wheatley Review of LIBOR”




Contacts:

Paul Richards
Managing Director, Head of Market Practice and Regulatory Policy; Member of ICMA's Executive Committee  
Direct line: +44 20 7213 0315

David Hiscock
Managing Director, Deputy Head, Market Practice and Regulatory Policy; secretary to the ICMA Regulatory Policy Committee and to the ICMA Euro Commercial Paper Committee (ECP).
Direct line: +44 20 7213 0321

Katie Kelly
Senior Director, Market Practice and Regulatory Policy; Secretary to the ICMA Financial Institution Issuer Forum (FIIF).
Direct line: +44 20 7213 0331

Charlotte Bellamy
Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal & Documentation Committee and related groups.
Direct line: +44 20 7213 0340

25 June 2018
IBOR Global Benchmark Report 2018
Download the press release

1 February 2018
IBOR Global Benchmark Survey 2018 Transition Roadmap
Download the press release

31 January 2018
Joint trade association letter to the FSB regarding implementation of risk free rates and transition away from LIBOR: key issues for the global financial markets




Minutes of LIBOR Trade Association Working Party Meetings

14 October 2019
Minutes of the September 2019 LIBOR Trade Association Working Party meeting

10 July 2019
Minutes of the July 2019 LIBOR Trade Association Working Party meeting

5 June 2019
Minutes of the June 2019 LIBOR Trade Association Working Party meeting

2 May 2019
Minutes of the May 2019 LIBOR Trade Association Working Party meeting

28 March 2019
Minutes of the March 2019 LIBOR Trade Association Working Party meeting

28 February 2019
Minutes of the February 2019 LIBOR Trade Association Working Party meeting

24 January 2019
Minutes of the January 2019 LIBOR Trade Association Working Party meeting

17 December 2018
Minutes of the December 2018 LIBOR Trade Association Working Party meeting

15 November 2018
Minutes of the November 2018 LIBOR Trade Association Working Party meeting

10 October 2018
Minutes of the October 2018 LIBOR Trade Association Working Party meeting

10 September 2018
Minutes of the September 2018 LIBOR Trade Association Working Party meeting




Contacts:

Paul Richards
Managing Director, Head of Market Practice and Regulatory Policy; Member of ICMA's Executive Committee  
Direct line: +44 20 7213 0315

David Hiscock
Managing Director, Deputy Head, Market Practice and Regulatory Policy; secretary to the ICMA Regulatory Policy Committee and to the ICMA Euro Commercial Paper Committee (ECP).
Direct line: +44 20 7213 0321

Katie Kelly
Senior Director, Market Practice and Regulatory Policy; Secretary to the ICMA Financial Institution Issuer Forum (FIIF).
Direct line: +44 20 7213 0331

Charlotte Bellamy
Director, Market Practice and Regulatory Policy; secretary to the ICMA Legal & Documentation Committee and related groups.
Direct line: +44 20 7213 0340