Get ahead of Interbank Offered Rate (IBOR) benchmark reform
The end of 2021 and potential cessation of LIBOR publication is fast approaching. With this, most jurisdictions have taken steps to select and create new benchmarks to transition away from LIBOR.
The markets most affected by the transition away from Interbank Offered Rates (IBORs) are the five currencies of LIBOR (US Dollar, Pound Sterling, Euro, Japanese Yen, Swiss Franc), as well as the Australian, Canadian and Hong Kong Dollar markets.
Across jurisdictions, committees are working on alternative Risk-Free Rates (RFRs) to replace IBORs with the underlying promise of better governance and oversight around major interest rate benchmarks. Regulators and central banks along with industry experts from leading financial institutions are driving these discussions.
IHS Markit is helping to lead the conversation in order to help our clients better navigate the transition.
Our WSO business is working with its customers in preparation for IBOR cessation by enhancing existing systems to support compounding in arears interest calculations. A new calculation engine has been developed to feed downstream systems that are not prepared to handle compounding in arrears. Learn more about WSO Software and access our RFR Calculator which has also been reviewed by the Sterling RFR Working Group here.
Mr. Rey leads Sellside Strategic Development for Americas for IHS Markit Derivatives Data and Valuation Services and is Global Lead for the LIBOR Transition. He is based in our New York office. He joined IHS Markit in 2016. With over a decade of experience in the risk and valuations space, he partners with industry participants in financial markets to develop innovative solutions for the industry. He frequently speaks at industry conferences, to financial media and with industry participants in the OTC derivative markets. He focuses on interest rate derivatives valuations, XVA, funding considerations and the LIBOR transition.Prior to joining IHS Markit, Mr. Rey was Head of the EMEA Rates Valuations team at Nomura in London. He began his career at HSBC in Paris where he held various roles in SSA Origination, Market Risk and Valuations.Mr. Rey holds a Master of Science with a dual degree in Econometrics and Quantitative Finance from the Université Paris-Dauphine, France.
- Financial Services
- Financial Indices
- Financial Risk
- Fixed Income
- Over-the-Counter (OTC) Derivatives
- Financial Benchmarks
- Financial Market Data
- Financial Sector Data
- Independent Price Verification (IPV)
- Interest Rate Derivatives
- Valuation Process
Mr. Thomas leads the IHS Markit platform business, which includes Counterparty Manager, KYC, Tax Solutions, and Know Your Third Party (KY3P). In keeping with our vision of driving efficient solutions and services for customer regulatory compliance, he leads our journey towards a next generation platform. Mr. Thomas has launched several new products and innovations over the past few years, including Outreach360 for client and regulatory outreach, Tax form validation utility, KYC services, Onboarding Accelerator, and Legal document digitization and automation. He has over 20 years of experience in driving technology change and helping firms efficiently adapt to global regulations. Prior to IHS Markit, Mr. Thomas worked at both Barclays and UBS where he ran Futures, OTC clearing, led regulatory change programs, and ran business functions across Operations and Technology. He began his career as a management consultant at PwC focusing on Manufacturing & Pharmaceuticals. He has been active in industry organizations and previously co-headed the ISDA Credit Derivatives Implementation Working Group during the financial crisis. Mr. Thomas holds a bachelor's degree in Mechanical and Aeronautical Engineering from Cornell University and received his MBA from the University of Georgia, both United States.
Mrs. Gokh is responsible for the commercial strategy of multi-asset class capabilities and technology innovation of WSO and more broadly within the Credit and Asset Servicer Market segments. Prior to leading our software business, she co-headed client management and led product strategy within WSO Services. In 2004, She joined J.P. Morgan FCS Corp (now part of IHS Markit). Mrs. Gokh holds both the Master of Science in Business Administration and a Bachelor of Science in economics and finance from the University of Texas, United States.
Mr. Moeller leads integration and reporting product strategy for WSO. He is also head of WSO Professional Services overseeing implementation, consulting, compliance and upgrades. Robert is also leading integration and development efforts around LIBOR cessation. In 2005, he joined J.P. Morgan FCS Corp (now part of IHS Markit) as a loan analyst. He held previous roles as an equity trader with Zone Trading Partners and financial analyst with XTO Energy. Mr. Moeller received his Bachelor of Business Administration in Finance from Texas A&M University, College Station, TX. He has held the Financial Risk Manager (FRM) designation since 2010
Allan Cowan, Ph.D.
As global head of Financial Engineering, Dr. Cowan is responsible for the R&D initiatives for the Financial Risk Analytics team. He oversees the research and development of the quantitative libraries and methodology used in the groups counterparty credit risk and xVA solutions. With over 13 years of experience, he is an expert in the field of derivatives valuations, regulatory risk and xVA management. Dr. Cowan joined Markit, now IHS Markit, through the 2011 acquisition of QuIC Financial Technology, where he held the role of senior financial engineer. He took on responsibility for the Financial Engineering team in October 2016. He attained a Ph.D. in physics from the University of British Columbia, Canada.
He is the Global Head of IHS Markit's (now part of S&P Global) Financial Risk Analytics business which provides award winning products and s
- Financial Services
- Financial Risk
- Alternative Data
- Artificial Intelligence (AI)
- Credit Risk
- Credit Valuation Adjustment (CVA)
- Financial Benchmarks
- Financial Model Validation
- Financial Risk Analytics
- Financial Risk Assessment
- Financial Trading
- Fundamental Review of the Trading Book (FRTB)
- Secured Overnight Financing Rate (SOFR)
- SR 11-7
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