[On Demand Webinar] LIBOR Transition: Why Does the USD Cash Market Need Fallback Rates?
In this recent webinar, now available ON DEMAND, our panel of experts from Refinitiv, the LSTA, Wells Fargo and The U.S. Federal Reserve, discussed the USD Cash Market and the need for fallback rates.
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View our recent livestream on Risk-Free Term Rates
Key discussion points included:
- Overview of USD LIBOR transition timelines
- What is tough legacy and how could it threaten a successful USD LIBOR transition?
- How are the ARRC and law makers helping the industry tackle tough legacy in cash markets?
- What are Refinitiv USD IBOR Cash Fallbacks and how can they support LIBOR transition implementation?
Meet Our Speakers
David Bowman
Senior Associate Director, Board of Governors
U.S. Federal Reserve
David Bowman is a Senior Associate Director at the Board of Governors of the Federal Reserve System. Mr. Bowman serves as the Board’s senior staff liaison to the Alternative Reference Rates Committee, a group of private sector participants convened by the Board of Governors and Federal Reserve Bank of New York to help identify alternatives to LIBOR and to develop strategies to promote their use. Mr. Bowman also serves as the Board’s representative to the FSB’s Official Sector Steering Group (OSSG) and has previously served as a senior staff member supporting Chairman Jerome Powell in his capacity as co-chair of the OSSG and helped to coordinate the OSSG’s work summarized in the 2014 FSB report, Reforming Major Interest Rate Benchmarks, as well as its subsequent reports. Mr. Bowman additionally serves as the Board of Governor’s representative as an observer to the IBA LIBOR Oversight Committee.
Mr. Bowman has a Ph.D. in Economics from the University of California at Berkeley.
Jacob Rank-Broadley
Head of LIBOR Transition, B&I
Refinitiv
Jacob Rank-Broadley is a financial markets executive with over ten years’ experience advising financial institutions on strategic and regulatory issues. He is currently responsible for LIBOR transition within the Refinitiv Benchmarks and Indices business.
Prior to joining Refinitiv, Jacob held strategy and consulting roles at Oliver Wyman and MarketAxess. He holds a Bachelor of Science in Economics (Hons) from the University College London.
Ellen Hefferan
Executive Vice President
Loan Syndications and Trading Association (LSTA)
Ellen Hefferan is the Executive Vice President of Operations and Accounting of the LSTA. She is charged with managing key operational strategies and initiatives, including establishing best practices and settlement standards, that facilitate a more efficient and liquid market. Ms. Hefferan supports the Liquidity Committee and the Operations Steering Group, assessing current operations while identifying opportunities for improvement and standardization. She chairs the T+5 Taskforce, Delayed Compensation, CUSIP, MEI, Custodian and Buy-side Working Groups and co-chairs the ARRC Business Loan Operations Sub-Group which is tasked with operationalizing the transition from LIBOR to a new reference rate.
Previously, Ms. Hefferan served as President of ClearPar from the founding of the settlement platform in 2000 until March of 2006, as Vice President and Senior Counsel at Citigroup where she provided transactional and advisory support to the loan syndications, trading and sales desks and the corporate banking origination units, as an Associate with Winston and Strawn and as a staff accountant in the Audit Division of Arthur Andersen & Co.
She received both a BS in Public Accounting and Marketing and a JD from Fordham University. She is a member of the New York State Bar and is a Certified Public Accountant.
Alexis Pederson
Capital Markets Senior Company Counsel
Wells Fargo & Company
Alexis Pederson is Capital Markets Senior Company Counsel in the Wells Fargo Legal Department currently leading a team of attorneys advising Wells Fargo as it navigates the complex transition away from LIBOR to alternative rates. Alexis represents Wells Fargo on the Alternative Reference Rates Committee (ARRC), a group of private-market participants convened by the Federal Reserve to support markets through the LIBOR transition and she is an active member of other financial industry groups steering the global benchmark transition.
Alexis joined the company in 2006 and most recently served as Capital Markets Counsel in the Legal Department where her primary responsibility was support of derivatives matters. She has extensive experience advising on regulatory and transactional derivatives matters. She received a B.A. in Government from Cornell University and a J.D. from the University of Pennsylvania Law School. She is a member of the New York Bar and is based in New York City.
David French
Director of Sales Strategy, Fixed Income
Refinitiv
David French is a Global Director at Refinitiv, an LSEG business, in Sales Strategy for their Fixed Income business. David previously worked as a bond trader at several foreign banks and dealers prior to joining Reuters.
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