FMLC CEO Joanna Perkins gave a presentation at the annual P.R.I.M.E. Conference at The Hague on the progress and challenges of reforming key interest rate benchmarks. She discussed the process of overhauling benchmarks regulation over the last four-and-a-half years, including proposals to rethink the calculation of LIBOR, SONIA and EURIBOR. In the presentation, Joanna also considered the possibility of frustration risk for financial contracts arising from benchmark withdrawal, cautioning that although it has historically remained low, regulators and administrators ignore the legal risks of benchmark transition at their own peril.
Joanna delivered a similar presentation at an Infoline event entitled Managing Benchmark Regulation Reform.
The speaking notes for the presentation are available below.