III CNMV Conference on the state of play of interest rate benchmarks reform

The CNMV organizes this III Conference on June 15^th, 2021 in order to facilitate the Libor transition, taking into account the recent announcement by the British authorities confirming its disappearance from next year and granting an additional eighteen-month period to the benchmark in dollars, as well as the transition from Eonia to €STR. At the same time, to inform about the recent recommendation of the working group on euro risk-free rates on fallbacks for the Euribor.

It will be attended by members of the CNMV and representatives of ESMA, the Bank of Spain, the FCA (Financial Conduct Authority) of the United Kingdom, ISDA (International Swaps and Derivatives Association) and of EACH (European Association of CCP Clearing Houses) as well as Spanish financial entities, Banco Santander, BBVA and Caixabank, and non-financial entities, Telefónica.

Agenda

June 15^th, 2021. From 10:00h to 13:30h.

Program

Program (subject to change)

Conference papers

• Adaptation of derivative contracts - Ann Battle
• Remaining milestonesand challengesfor Libor cessation - Mónica López-Monís
• Remaining milestonesand challengesfor Libor cessation - Rafael Plata
• Building liquid and robust markets around €STR - Pablo Lago
• Building liquid and robust markets around €STR - Sergi Castellá
• Euribor: contract robustness and fallback ratesbased on €STR - Jean-Louis Schirmann
• Euribor: contract robustness and fallback ratesbased on €STR - Adolfo Fraguas
• Euribor: contract robustness and fallback ratesbased on €STR - Sergi Castellá
• Euribor: contract robustness and fallback ratesbased on €STR - Michele Mazzoni

Status of interest rate benchmark reform. Presentations at the 3rd Conference organised by the CNMV on 15 June 2021

On 15 June 2021, the CNMV organized the III Conference on the "Status of interest rate benchmark reform" in which the challenges possed by the forthcoming disappearance of Libor, the most widely used benchmark in the world, and its replacement by risk-free rates were highlighted. In the euro zone, the Euribor modernization process is consolidating and the transition to the risk-free benchmark, the €STR, is progressing reasonably. All these issues were analysed by a prominent group of interveners whose contributions are compiled in this publication, thus helping to disseminate the reforms and promote the adaptation of markets and their participants in an orderly manner and without risks to financial stability.

Consult the document: