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On-Demand Webinar: Time to Rev Up the Digital Evolution for Ops

Ops & the LIBOR Transition

A talk by Jeff Himstreet, Jaime Madell and Misharr Rutnagar
PGIM, Inc., Partner at Kirkland & Ellis LLP and Goldman Sachs

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About this talk

The U.S. financial services industry is moving away from the scandal-ridden London Inter-bank Offered Rate, or LIBOR, and transitioning to the relatively new Secured Overnight Finance Rate (SOFR). The push to SOFR will impact corporate and municipal bonds and loans, floating rate mortgages, asset-backed securities, interest rate swaps and other derivatives. The end of LIBOR will impact SEC-registered investment advisers, broker-dealers, investment companies, municipal advisors, transfer agents, and clearing agencies. Firms will need to revamp their IT systems, controls, processes, and risk/valuation models to incorporate SOFR. In addition, firms will need to embrace new data flows and data distributions for internal and external usage of the benchmark. They are also likely to embrace digitized contracts, and emerging artificial intelligence (A.I.) technologies to ease the way forward.

What you will takeaway from this session:

  • What Ops and IT steps should firms have taken by now for a smooth transition?
  • How has the pandemic lockdown affected the SOFR transition?
  • What are the top operational challenges of the SOFR transition?
  • What aspects of a digital transformation could help resolve these operational woes?
  • What digital solutions (digitized contracts, etc.) could help firms with the legal concerns that firms need to resolve?
  • How should firms transform their LIBOR data infrastructures to make way for the internal and external usage of SOFR?
  • When should firms begin the process of shutting down IT support systems for LIBOR processes?
  • When is it prudent to shut down the IT infrastructure for LIBOR-based efforts?
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