The London Interbank Offered Rate (LIBOR) underpins trillions of dollars in mortgages, bonds, loans, and financial instruments that directly impact Main Street and other critical parts of the American economy. But LIBOR’s viability has been in doubt ever since the financial crisis, in large part due to its susceptibility to manipulation. A public-private sector working group has launched the Secured Overnight Financing Rate (SOFR) to serve as a more robust and reliable alternative to LIBOR.
The Bipartisan Policy Center and the International Swaps and Derivatives Association took a look at the transition from LIBOR to SOFR and discussed what it means for companies and consumers. The event featured a keynote conversation with Securities and Exchange Commission Chairman Jay Clayton about reference rates and other issues.
Introduction and Opening Remarks
Panel I Discussion
Panel II Discussion
Chairman, U.S. Securities and Exchange Commission
Commissioner, U.S. Commodity Futures Trading Commission
Panel discussions with:
Senior Advisor to the Board, Board of Governors of the Federal Reserve System
Senior Director, Policy, The Structured Finance Industry Group, Inc.
Executive Vice President of Research & Regulation, The Loan Syndications and Trading Association
Vice President & Deputy General Counsel, Fannie Mae
Managing Director, Global Fixed Income, BlackRock
Senior Managing Director & Chief Hedging Officer, MetLife
Managing Director, Global Head of CIB Operational Risk, JPMorgan Chase & Co.
Partner, Oliver Wyman
Editor at Large, CNBC
Chief Executive Officer, The International Swaps and Derivatives Association