LIBOR Transition: Expert Views
With clear timelines now established for the cessation of the London Inter-bank Offered Rate (LIBOR), all firms should actively prepare. As part of our support for firms during this transition, we’ve interviewed industry leaders and global regulators to hear their views on the latest developments, gleaning advice that can help you manage the process and actively transition your portfolio. Discover the insights they’ve shared.
“Progress has been good, with effective cooperation between public and private sectors.”
Arif Merali
Senior Adviser, Markets Directorate, Bank of England
Arif Merali has been actively involved in the LIBOR transition since 2015, representing his firms on the Working Group on Sterling Risk-Free Reference Rates (RFRWG) before joining the Bank of England in 2020.
“Our objective was and remains to ensure smooth and efficient execution, limiting market impact and ensuring readiness to take advantage of market opportunities as they arose.”
Maria Daniels
Senior LDI Core PM & LDI LIBOR Transition Programme Lead, BlackRock
Maria Daniels is a Senior Portfolio Manager within the EMEA Liability Driven Investment (LDI) business at BlackRock and has been with the company for 10 years. She’s been responsible for the management and execution of the LDI LIBOR transition program across all LDI clients.
“The cessation statement provides much-needed clarity on the path of benchmark reform and, as a result, the market simply cannot delay transitioning away from LIBOR.”
Kari Hallgrimsson
Managing Director and Co-Head of EMEA Rates Trading, J.P. Morgan
Kari Hallgrimsson’s responsibilities at J.P. Morgan include government bond trading, linear and non-linear interest-rate derivatives, inflation-linked products and FX forwards across G10.
“We hope our recent guidance spurs firms to consider more proactive transition activities, by providing certainty of outcome if they are more passive.”
Philip Whitehurst
Head of Service Development, Rates Derivatives, LCH
Philip Whitehurst has 30 years’ experience in the over-the-counter (OTC) derivatives markets, in a range of functions and firms. Recently, he has focused on the post-reform outlook for the OTC derivatives markets, from both a regulatory and commercial perspective, as swaps markets adjust to central clearing.
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