Financial benchmark Programme

2018 Programme

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Financial Benchmark Regulations – Principles of Financial Benchmark

Day 1 - 11 September

08:30

Registration

09:00

Overview

  • Problem identification and regulatory objective
  • LIBOR/EURIBOR/TIBOR, FX and gold benchmark manipulations
  • Wheatley Review in UK
  • IOSCO Principles
  • EU Benchmarks Regulation
10:30

Morning coffee break 

11:30

Benchmark regulation in the APAC region

  • The different type of benchmarks
  • Restrictions on use
  • Exemptions
  • Authorization or registration
  • Equivalence, recognition and endorsement
12:30

Lunch 

13:30

Benchmark submitters

  • Regulation of benchmark submitters
  • Code of conduct
  • Input data
  • Key implementation steps
15:00

Afternoon coffee break 

15:30

Benchmark administrators

  • Implications for administrators
  • Imposing IOSCO principles on benchmark administrators
  • Overseas reforms to regulate benchmark administration
  • The obligations
  • Obtaining authorization
  • Key implementation steps
17:00

End of day 1

Day 2 - 12 September

08:30

Registration

09:00

Benchmark users

  • Compiling an inventory of all the benchmarks and indices
  • Underlying risks related to the benchmarks that are affected by EU BMR
  • Engaging with their benchmark and index providers
  • Maintaining a robust written plan
  • Key implementation steps
10:30

Morning coffee break 

11:00

Timeframe and transitional arrangements

  • Implementation timeline
  • Transitional period
  • Transitional provisions/measures
    • EEA benchmark administrator
    • Non-EEA benchmark administrator
  • The planning process
12:30

Lunch

13:30

Methodology

  • Use of MiFID II and EMIR data to measure benchmarks’ reference value
  • LIBOR and reference rate reform
  • The scope of the obligation to plan for material change or cessation of a benchmark
15:00

Afternoon coffee break 

15:00

Key challenges, market impact and future

  • Practical implementation issues
  • Reporting requirements
  • Penalties
  • What to expect?
  • Suggested action plan
17:00

End of training course