TMAC November Meeting
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When: Thursday November 21, 2019
Where: United States
Presenter: Chris Ekonomidis, BNY Mellon - Saying Goodbye To The World’s Most Important Number

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Saying Goodbye To The World’s Most Important Number

Given the structural weaknesses of LIBOR identified during the regulatory investigations in 2012, a Task Force on Financial Markets was established by The International Organization of Securities Commissions (IOSCO) to develop principles for new financial benchmarks. One of the main recommendations was to require a liquid underlying market in order to derive an acceptable benchmark.

As LIBOR did not satisfy the IOSCO principles, regulators around the globe initiated forums for market participants to identify alternative reference rates. This was primarily to identify rates to utilize in derivatives contracts, but was broadened to include cash products.  Banks will no longer be compelled to submit LIBOR rates after December 31, 2021.


Chris Ekonomidis, BNY Mellon

Chris Ekonomidis is a Director at BNY Mellon focusing on the enterprise transition away from Libor.  He has over 15 years of experience supporting financial market structure reforms and transformation efforts across fixed income, equities and derivatives.  Previously at consultancies including Sapient Global Markets and EY, Chris honed his skills driving innovative strategies to improve business performance and manage risks.