This document provides an agenda and overview of a webinar discussing the IBOR transition for the asset management industry. The webinar covers topics such as the progress of the transition, impact on asset managers and products, perspectives from European central banking working groups, and how firms are migrating. It introduces the speakers and their topics. In addition, it provides background on the drivers for IBOR reform, timeline of key milestones, and summaries of transition progress for different jurisdictions.
The Fourth Annual Global Mobility Study [hyperlink] by L.E.K. Consulting, Vision Mobility and CuriosityCX highlights that there is a much greater uptake of ride-hailing and other new mobility options in India and China than in mature western economies. With relatively low levels of car ownership and less developed public transport systems in these Asian countries, new mobility use is now comparable with and set to overtake traditional transport for a segment of the population.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Â
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
Â
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
Â
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At todayâs prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place â among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administratorâs chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
Since last year ended on such a strong note, many of us were optimistic about the prospects for Q1. Though not as strong as the fourth quarter of 2014, the first quarter of 2015 kicked off on a positive note, with 23 technology companies raising US$6.1billion* in proceeds from their IPOs. Thatâs the second highest first quarter proceeds in the past five years and impressive given the increased US market volatility and consistent with the high pre-IPO valuations weâve seen recently. Granted, if you look at the year over year comparison, offerings were down 12% and proceeds declined 11%. And sequentially, the number of technology IPOs declined 32% while proceeds fell by 19%. Still, itâs a promising start for 2015. Learn more at www.pwc.com/globaltechipo
*Deal size greater than US$40 million
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
The Fourth Annual Global Mobility Study [hyperlink] by L.E.K. Consulting, Vision Mobility and CuriosityCX highlights that there is a much greater uptake of ride-hailing and other new mobility options in India and China than in mature western economies. With relatively low levels of car ownership and less developed public transport systems in these Asian countries, new mobility use is now comparable with and set to overtake traditional transport for a segment of the population.
TMT Outlook 2017: A new wave of advances offer opportunities and challengesDeloitte United States
Â
Important trends continue to shape the technology, media, and telecommunications (TMT) industry. What developments should you anticipate in 2017? https://subscriptions.deloitte.com/default.aspx?eventid=1323075
China Exit or Co-Investment Opportunities for German PE InvestorsL.E.K. Consulting
Â
L.E.K.'s Karin von Kienlin recently presented at BVK on a study conducted by L.E.K. Munich and Shanghai. They wished to:
- Understand developments in Chinese equity investments in both the domestic China / pan-Asian market and cross-border investments between China and Germany / Europe
- Identify trends in likely future investment behavior and its drivers
- Defining success factors both for Chinese and German investors / corporates as to how to benefit from the potential opportunities of cross-border investments and cooperation
Learn more in the presentation here.
EY Price Point: global oil and gas market outlook, Q2 | April 2022EY
Â
The theme for this quarter is rearrangement. The loss, or potential loss, of Russian oil and gas supplies is forcing producers, refiners and traders to rethink the flow of crude oil and refined products from the wellhead to the gas pump in light of sanctions, potential sanctions and the risk of reputational damage. Countries, companies and consumers will all be searching for ways to adapt, and the outcome of the race to bring alternatives to market could alter the global energy landscape for years to come.
It is likely crude oil and LNG prices will remain elevated for some time. The process of diverting Russian oil through countries unwilling to sanction it will take time and there is little indication OPEC members are willing (or able) to increase production to make up for the loss of Russian crude. Spare capacity sat at 3.7 mbpd at the end of 2021, just above where it was in January 2020. Currently, sanctioned Venezuelan and Iranian production (about 3 mbpd below their peak) could fill the gap, but political and commercial obstacles remain. At todayâs prices, US shale production is attractive, but the fastest the industry has been able to grow is between 1mbpd and 2mbpd per year. The LNG infrastructure was already stretched before the war in Ukraine and there is little prosect of finding new supplies soon.
As the largest buyer of Russian energy, Europe will be the epicenter. There is a deeply embedded bias there in favor for renewable energy, and the current crisis is certain to result in an all-out effort to accelerate the build-out of wind and solar power. The capacity to add new green energy is limited though by the project pipeline and supply chains for solar panels and wind turbines, and it is likely that much of the shortfall will be made up with the new LNG infrastructure.
The 2016 Strategic Hospital Priorities Study examines the current direction of the industry and, in particular, how Medtech companies can capitalize on the many needs of hospital administrators.
While the healthcare market has steadily evolved since L.E.K. Consulting issued its first hospital study in 2010, many of the same trends remain in place â among them consolidation, non-acute care integration, accountability, technology enhancements and novel pricing schemes.
This Executive Insights addresses a number of key topics, including:
Hospital administratorâs chief priorities
Most valuable medtech services
Focus on IT spending
Outlook for outsourcing
Since last year ended on such a strong note, many of us were optimistic about the prospects for Q1. Though not as strong as the fourth quarter of 2014, the first quarter of 2015 kicked off on a positive note, with 23 technology companies raising US$6.1billion* in proceeds from their IPOs. Thatâs the second highest first quarter proceeds in the past five years and impressive given the increased US market volatility and consistent with the high pre-IPO valuations weâve seen recently. Granted, if you look at the year over year comparison, offerings were down 12% and proceeds declined 11%. And sequentially, the number of technology IPOs declined 32% while proceeds fell by 19%. Still, itâs a promising start for 2015. Learn more at www.pwc.com/globaltechipo
*Deal size greater than US$40 million
The enterprise software industry is being transformed by substantial investor capital, Cloud 2.0, artificial intelligence, data protection, preferred platforms, and a talent shortage, leading stakeholders of all kinds to make big changes, and big choices.
MAPS2018 Keynote address on EY report: Life Sciences 4.0 â Securing value thr...EY
Â
Summary: This keynote address presented by Pamela Spence, EY Global Life Sciences Leader (pspence2@uk.ey.com) at MAPS 2018 â the annual meeting for Medical Affairs Professional Society â discusses our latest life sciences report and the industry demands for a customer-focused, data driven approach to health care. We describe the accelerating pace of change as technological advances and the escalating expectations of payers, physicians and patient consumers are combining to disrupt the life sciences business model. Data and algorithms that maximize health outcomes based on individual needs and preferences are becoming the ultimate health care consumable. To create value now and in a future that we call Life Sciences 4.0, life sciences companies must build â or participate in â interoperable information systems that collect, combine and share data. For more on our report, Progressions 2018 â Life Sciences 4.0, please go to www.ey.com/progressions
Is your energy investment strategy built on the best evidence?
As the energy sector transforms, capital and investment plans must adapt too. Is it time to review your strategies in light of global utilities investment trends? Our latest Power transactions and trends report offers insight and evidence into the major themes and emerging trends driving global power and utilities M&A. Updated quarterly, the report delivers deep insights into each major region.
L.E.K. Consulting recently surveyed more than 200 U.S. brand managers and packaging stakeholders at consumer packaged goods companies to understand their packaging needs and views on trends driving demand.
The survey focused on topics that include:
- Brand trends and their effect on packaging demand
- Shifts within packaging (e.g., new materials, packaging innovations)
- Perspectives on packaging demand (including forecast spend on packaging for their brands)
This Executive Insights analyzes key findings from this proprietary research
Lifting the Barriers to Retail Innovation in ASEAN | A.T. KearneyKearney
Â
Rising incomes and growing demand for consumer goods and services in ASEAN create rich opportunities for retailers in the region, which is especially significant as member nations join forces to become an economic powerhouse. Yet ASEAN retailers have been slow in terms of Innovation and as this market opens up, stepping up innovation is required to capitalize fully on the opportunities.
EY's European Banking Barometer â 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Â
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
Shaping the Sustainable Organization | Accentureaccenture
Â
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...PwC
Â
Hadoop Summit is an industry-leading Hadoop community event for business leaders and technology experts (such as architects, data scientists and Hadoop developers) to learn about the technologies and business drivers transforming data. PwC is helping organizations unlock their data possibilities to make data-driven decisions.
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Â
Has U.S. defense, diplomacy and development adopted a âsmart powerâ approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
Booz Allen Hamilton and Market Connections: C4ISR Survey ReportBooz Allen Hamilton
Â
Booz Allen Hamilton partnered with government market research firm Market Connections, Inc. to conduct the survey of military decision-makers. The research examined the main features of Integrated C4ISR through Enterprise Integration: engineering, operations and acquisition. Two-thirds of respondents (65 percent) agree agile incremental delivery of modular systems with integrated capabilities can enable rapid insertion of new technologies.
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
Â
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investmentsâanything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
L.E.K. Consultingâs annual Media & Entertainment Study
was conducted between December 2018 and January
2019. We surveyed around 2,000 households on their
entertainment choices, preferences and viewing habits.
This Executive Insights analyzes key findings about
movie theater attendance and subscription services.
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
Â
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Â
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
On June 21st, PwCâs Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwCâs HRI anticipates a 6.5% growth rate for 2017âthe same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Secured Overnight Financing Rate and Beyond: The New Benchmark - Expectation...accenture
Â
In this new Accenture Finance & Risk presentation we make the case for the Secured Overnight Financing Rate benchmark, assessing its impact and suggesting actions financial firms should consider.
The UK Financial Conduct Authority (FCA), which is responsible for monitoring the LIBOR (for London Interbank Offered Rate) reference rate, has announced on 27 July 2017 its intention to dismiss banks contributing to LIBOR calculation from their obligation to participate in the LIBOR fixing from 2021 onwards. To support its decision, the FCA argues that LIBOR is based on an insufficient number of underlying transactions and also prone to manipulations.
MAPS2018 Keynote address on EY report: Life Sciences 4.0 â Securing value thr...EY
Â
Summary: This keynote address presented by Pamela Spence, EY Global Life Sciences Leader (pspence2@uk.ey.com) at MAPS 2018 â the annual meeting for Medical Affairs Professional Society â discusses our latest life sciences report and the industry demands for a customer-focused, data driven approach to health care. We describe the accelerating pace of change as technological advances and the escalating expectations of payers, physicians and patient consumers are combining to disrupt the life sciences business model. Data and algorithms that maximize health outcomes based on individual needs and preferences are becoming the ultimate health care consumable. To create value now and in a future that we call Life Sciences 4.0, life sciences companies must build â or participate in â interoperable information systems that collect, combine and share data. For more on our report, Progressions 2018 â Life Sciences 4.0, please go to www.ey.com/progressions
Is your energy investment strategy built on the best evidence?
As the energy sector transforms, capital and investment plans must adapt too. Is it time to review your strategies in light of global utilities investment trends? Our latest Power transactions and trends report offers insight and evidence into the major themes and emerging trends driving global power and utilities M&A. Updated quarterly, the report delivers deep insights into each major region.
L.E.K. Consulting recently surveyed more than 200 U.S. brand managers and packaging stakeholders at consumer packaged goods companies to understand their packaging needs and views on trends driving demand.
The survey focused on topics that include:
- Brand trends and their effect on packaging demand
- Shifts within packaging (e.g., new materials, packaging innovations)
- Perspectives on packaging demand (including forecast spend on packaging for their brands)
This Executive Insights analyzes key findings from this proprietary research
Lifting the Barriers to Retail Innovation in ASEAN | A.T. KearneyKearney
Â
Rising incomes and growing demand for consumer goods and services in ASEAN create rich opportunities for retailers in the region, which is especially significant as member nations join forces to become an economic powerhouse. Yet ASEAN retailers have been slow in terms of Innovation and as this market opens up, stepping up innovation is required to capitalize fully on the opportunities.
EY's European Banking Barometer â 2015 identifies the views of 226 senior European bankers across 11 markets regarding their views of the macro-economic outlook and the impact they think it will have on the banking industry in 2015.
For further information visit: www.ey.com/ebb
When, Where & How AI Will Boost Federal Workforce Productivityaccenture
Â
Accenture developed an economic model to understand how AI will impact the U.S. federal workforce, through automation and augmentation. Learn more: https://accntu.re/3hsRG8O
Shaping the Sustainable Organization | Accentureaccenture
Â
Accenture helps companies unlock the business and environmental value of organizational sustainability by strengthening their sustainability DNA. Read more.
Apache Hadoop Summit 2016: The Future of Apache Hadoop an Enterprise Architec...PwC
Â
Hadoop Summit is an industry-leading Hadoop community event for business leaders and technology experts (such as architects, data scientists and Hadoop developers) to learn about the technologies and business drivers transforming data. PwC is helping organizations unlock their data possibilities to make data-driven decisions.
Joining Forces: Interagency Collaboration and "Smart Power"Booz Allen Hamilton
Â
Has U.S. defense, diplomacy and development adopted a âsmart powerâ approach? In this follow-up to a 2010 report, the Government Business Council (GBC) evaluates progress towards increased interagency collaboration and how budget pressures may change foreign policy. Moderator is GBC's Associate Director of Research Erin Dian Dumbacher and Speakers include Booz Allen senior associate's Cheryl Steele and Jonathan Allen. Download the full report here: http://www.govexec.com/gbc/report/smart_power_2011/
Learn more about Smart Power: http://www.boozallen.com/smartpower
Booz Allen Hamilton and Market Connections: C4ISR Survey ReportBooz Allen Hamilton
Â
Booz Allen Hamilton partnered with government market research firm Market Connections, Inc. to conduct the survey of military decision-makers. The research examined the main features of Integrated C4ISR through Enterprise Integration: engineering, operations and acquisition. Two-thirds of respondents (65 percent) agree agile incremental delivery of modular systems with integrated capabilities can enable rapid insertion of new technologies.
A.T. Kearney 2017 State of Logistics Report: Accelerating into UncertaintyKearney
Â
2017 could be a pivotal year for logistics. Demand patterns are shifting, technological advances are altering industry economics, and new competitors are challenging old business models. This year could bring significant moves that reshape individual sectors and even the industry as a whole. Major business combinations, large-scale shifts in distribution flows, deep capacity cuts, massive infrastructure investmentsâanything is possible. Here are the ten key takeaways from the 2017 State of Logistics report, as well as the four potential scenarios for the future of logistics.
L.E.K. Consultingâs annual Media & Entertainment Study
was conducted between December 2018 and January
2019. We surveyed around 2,000 households on their
entertainment choices, preferences and viewing habits.
This Executive Insights analyzes key findings about
movie theater attendance and subscription services.
The Diversity Imperative: 14th Annual Australian Chief Executive StudyPwC's Strategy&
Â
This report provides insight into the 2013 Australian Chief Executive Study findings, compares the results to the global market and identifies trends. Our analysis looks at trends relating to performance and tenure; reasons for CEO turnover; and the number of insider appointments versus outsider appointments.
18th Annual Global CEO Survey - Technology industry key findingsPwC
Â
Tech CEOs are optimistic about the global economy and both near term and future revenue growth. They view strategic alliances, including partnering with competitors, as a primary means to grow their businesses. We invite you to explore the analysis and contact us to discuss how we can help your business capitalise on the new - but challenging - opportunities for growth. Learn more http://pwc.to/1DaolqY
Website: http://www.pwc.com/gx/en/ceo-survey/2015/industry/technology.jhtml
On June 21st, PwCâs Health Research Institute (HRI) released its annual Medical Cost Trend: Behind the Numbers 2017 report. PwCâs HRI anticipates a 6.5% growth rate for 2017âthe same as was projected for 2016. The report identifies the key inflators and deflators as well as historical context to better understand the medical cost trend for 2017. Increases in the trend due to utilization of convenient care access points and an uptick in behavioral healthcare benefits for employees are being offset by more aggressive strategies by pharmacy benefit
Secured Overnight Financing Rate and Beyond: The New Benchmark - Expectation...accenture
Â
In this new Accenture Finance & Risk presentation we make the case for the Secured Overnight Financing Rate benchmark, assessing its impact and suggesting actions financial firms should consider.
The UK Financial Conduct Authority (FCA), which is responsible for monitoring the LIBOR (for London Interbank Offered Rate) reference rate, has announced on 27 July 2017 its intention to dismiss banks contributing to LIBOR calculation from their obligation to participate in the LIBOR fixing from 2021 onwards. To support its decision, the FCA argues that LIBOR is based on an insufficient number of underlying transactions and also prone to manipulations.
The Implications of Transitioning from IBORaccenture
Â
In this new Accenture Finance & Risk presentation we explore the implications surrounding the transition away from the IBOR benchmark to alternate reference rates.
In the ICMA Quarterly Report for the First Quarter of 2014, the Foreword by Martin Scheck looks at the task facing ICMA in the year ahead. The Quarterly Assessment is on European Banking Union and capital markets. We review new regulatory developments in response to the crisis, both at global and European level; and we consider the impact of new regulations on market practice in the repo and ECP markets; the primary and secondary markets; asset management; and the market infrastructure. There is also an introduction by Lee Goss on ICMA's Sovereign Bond Consultation Paper.
This document brings together a set of latest data points and publicly available information relevant for Resources Industry. We are very excited to share this content and believe that readers will benefit from this periodic publication immensely.
This is a white paper authored in 2013 on behalf of Confluence Technologies, Inc. of Pittsburgh. It addresses the dynamic behind a new regulatory reporting requirement for alternative asset managers (hedge funds, etc.). Since it was produced under contract, the article byline was set to that of a Confluence employee.
Regulatory updates from RR Donnelley December 2015Robert McNamara
Â
December Regulatory Updates covering PRIIPs, Solvency II, European Market Infrastructure Regulation and additional reporting requirements under Irish Domiciled UCITS Funds.
As LIBOR is slowly being phased out universally, SONIA is the go to near risk-free rate. Read more about the challenges and responses required to make a smooth transition by December 2021.
Finch Capital issued its annual State of European fintech report for 2020. The report covers a range of topics impacting the fintech industry: where we are today; the impact of CV-19; the M&A conundrum; and trends the Finch Capital team anticipates will shape FinTech in 2021. This follows an analytical report published in April of this year titled âFinTech: The Future Post CV-19â.
Buy-side chair Organized Trade Execution Exchange No 05369106 WS-I Transitions to OASIS Akadimias 81 PC 10678 E.D.GOUTOS SA.
Government Administration Managing LOU LEI: (AIFMs), Department Member ⊠EUROPĂISCHE KOMMISSION (Registrierungsnummer : 2016/072505) SA.45289(2016/MI) Authorized Economic Operator (ÎÎÎ) E.D. GOUTOS S.A. NCAGE cod: CM200 E.D.GOUTOS.SA. ÎÎ΀ΠARMY GR ÎÎĄÎÎĄÎ 5 HRB 68648 ÎÎÎ ÎÎÎÎÎÎÎÎ ÎÎÎÎÎŁÎÎ EG Credit Central Bank of Cyprus SIC 8888 LEI YUV8PRHOZSRFRC4JO269 and Register Ministry AG HRB68648 = 5299 00 PH63HYJ86ASW55 Cross border ...Address: Ar.G.W.MI. 0000931106 HELLENIC REPUBLIC EIN/TIN - SIC 8888 https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&SIC=8888&owner=include 0000931106. EIN/TINNEW GLOBAL OPEN WEB E BANKING MARKET HANDLING INTERNATIONAL GREEK CHARGES GR0112005674 E.D.GOUTOS SA Postleitzahl 21300 Ort PORTOCHELI GREECE Staat Vereinigte Staaten von Amerika Steuernummer/USt-IdNr. 93172860596 Sitz des Geldinstitutes GREECE Bankleitzahl (Sortcode)
The theme for this quarter is momentum meets uncertainty. The upward trend in crude oil, natural gas, LNG and refined product prices that began in Q1 continued into Q2. Crude oil markets began the quarter just below $100/bbl and have closed below that level on only two days since late April. As we begin Q3, there are increasing concerns about the health of the global economy and how that might affect oil and gas demand.
Quarterly analyst themes of oil and gas earnings, Q1 2022EY
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Financial questions continued to attract the most attention of the analyst community, with major focus on how companies will respond to the war in Ukraine, elevated commodity prices and improved cash flows. Strategic questions focused on how the changing geopolitical environment will affect capital allocation in the short and long term. Operationally, all eyes were on the capacity of companies to step up asset utilization and bring new projects to market quickly. Explore the latest EY quarterly analysts themes.
EY Price Point: global oil and gas market outlookEY
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As the last quarter of the second pandemic year draws to a close, we continue to see heightened contrast
between the medical and economic points of view. While COVID-19 cases are close to their all-time highs, so
are equity prices, and a leading investment bank declared (on 2 December, 2021 after the Omicron outbreak in South Africa) that it was âoptimistic about the possibility of a vibrant 2022.â When news of the variant hit in
late November, the markets were rocked by the prospect of yet another round of local mobility restrictions and
an interrupted return to normal international travel patterns, on top of the Biden Administrationâs announced
release of 50 million barrels of crude from the US Strategic Petroleum Reserve. So far though, with OPEC
standing by its planned gradual return to normal production, oil prices have stabilized, albeit below where they
were in mid-November. Henry Hub prices, always at the mercy of the weather, responded predictably to a
warmer-than-normal early winter in the US, falling from US$6.60/MMBtu in early October to below
US$4.00/MMBtu by mid-December. In Europe and Asia, following a short reprieve at the start of the quarter,
piped natural gas prices have spiked again on concerns triggered by Russian troop buildups on the Ukraine
border and uncertainties surrounding the Nordstream 2 pipeline. Looking forward, OPEC and the U.S. Energy
Information Administration (EIA) in their last forecasts of the year both projected that 2022 oil demand would
be above what we saw in 2019. Although time will tell if those forecasts are realized and other events could
intervene, the response to new virus outbreaks is well-practiced and the trade-off between public health and
economic reality has tipped toward a cautiously optimistic view.
EY Price Point: global oil and gas market outlook, Q2 April 2021EY
Â
The theme for this quarter is governed. Apparent market balance at prices that could be sustainable is the product of calculated choices by market leaders and the cooperation of those who follow them. Economics played their customary role as well, with capital scarcity in North America taking about 2 million barrels per day out of the market, about half of the remaining gap in demand. While inventories are close to their pre-COVID-19 levels, there is still uncertainty. The resolution of the pandemic is in sight, but timing is unclear. Vaccine distribution in the US is having an impact but Europe is struggling to contain a third wave of infections. The taps have opened on economic stimulus, but it remains to be seen if policymakers have done enough or if they have overshot the mark.
The shape of the crude oil forward curve has fundamentally changed since the end of the last quarter. In late December of last year, the Brent forward curve was gradually increasing while today, the curve is backwardated. This is a clear sign that the market sees a short-term dynamic that is disconnected from the medium-to-long-term fundamentals. The lasting impact of the COVID-19 pandemic remains to be seen. While many have opined that COVID-19 marks a turning point in energy transition, the IEA recently released a five-year forecast of oil demand that shows steady growth, albeit at rates that are below historical expectations.
Gas markets are a paradox. At the Henry Hub and at LNG destinations, demand grows, investment lags and prices will occasionally attract attention. Traders, so far though, are unconvinced and futures prices donât indicate imminent scarcity at any link in the value chain.
EY Price Point: global oil and gas market outlookEY
Â
We enter 2021 on a note of cautious optimism for global health, the world economy, and the oil and gas markets. The first weeks of December brought approval in the US and the UK of the first of several COVID-19 vaccines. The speed with which vaccine development occurred is unprecedented, but certainly welcome. In the weeks following the early November announcement of 90+% effectiveness by the manufacturer of the first approved vaccine, the price of WTI crude oil increased by US$10/bbl to US$48/bbl, the highest level since early March. Sustainability hasnât returned yet, and whatever time it takes to get the world to normal, it will take even longer for normalization within the oil and gas markets. Inventories remain at historically high levels and, optimistically, it will take until April before inventory returns to levels observed in the preceding five years. Thatâs an estimate, and there has obviously been some difficulty properly calibrating the expectations of how balance will return and how long it will take. In late November, OPEC met to adjust its output plans because of the anemic rebound in demand. In mid-December, the IEA lowered its demand forecast for 2021 due mostly to continued sluggishness in aviation fuel demand.
A mild winter has interrupted a recovery in North American natural gas prices after a run-up motivated by curtailed capital expenditures, upstream activity and production. After an initial meltdown, with cargo cancellations and dramatic price reversal, LNG markets have made a remarkable comeback, and the spread between Asia and Henry Hub has reached a level we havenât seen in almost three years. It may be the case that interruption in FIDs has brought us to the cusp of a balance that can support reliable returns.
EY Price Point: global oil and gas market outlook (Q4, October 2020)EY
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Oil and gas prices have recovered steadily from their lows and are relatively stable, but that stability is supported by the combination of purposeful withholding of production by oil-producing countries and economic stress on upstream independents. Oil prices closed the quarter roughly where they started it, while refining spreads were down slightly. LNG spreads were substantially higher at the end of Q3 than they were at the beginning of the quarter but are still roughly half of what is generally thought of as sustainable.
Going forward, the market will be looking closely at how the economy and demand respond to new developments with respect to a potential COVID-19 vaccine and the US election.
EY Price Point: global oil and gas market outlookEY
Â
As we close the second quarter of 2020, in most of Europe and Asia, the first (and hopefully last) wave of the COVID-19 crisis appears to be abating. In the parts of the US where the virus hit early, the profile has largely matched Europeâs, while in other parts, the urge to reopen businesses has trumped the desire to contain the virus and uncertainty looms. In the developing world, the crisis has just begun, but without the economic headroom and resources necessary to contain it. As the crisis unfolded, the effect on oil and gas demand has been predictable but difficult to gauge precisely and therefore difficult to manage.
Oil prices have crept up steadily as production has been curtailed through coordinated action (OPEC+) and because of economic reality (unconventional oil in North America). That trend has been subject to momentary spasms when bad news hit the market. It would be understandable if traders were nervous, and it seems that they are. Although nowhere near where it was at the peak of the crisis, option implied volatility is still at historically high levels. Gas markets, without the benefit of coordination on the supply side, continue to deal with the market implications of storage at or near capacity. Interfuel competition in power generation has always provided something of a floor, but those lows have been, and will continue to be, tested.
Zahl der Gewinnwarnungen steigt auf RekordniveauEY
Â
Immer mehr deutsche börsennotierte Unternehmen mĂŒssen ihre eigenen Umsatz- oder Gewinnprognosen nach unten korrigieren. Im ersten Quartal stieg die Zahl der Prognosekorrekturen auf ein neues Rekordniveau: Insgesamt 77 Gewinn- oder Umsatzwarnungen wurden registriert.
Die Corona-Krise trifft auch die Versicherungsbranche mit voller Wucht. Die Versicherer rechnen mit weniger NeugeschĂ€ft. Jeder FĂŒnfte mit Personalabbau und PrĂ€mienerhöhungen.
Liquidity for advanced manufacturing and automotive sectors in the face of Co...EY
Â
With a global economy in crisis due to Covid-19 our liquidity and cash management deck for advanced manufacturing and
mobility companies looks at how these companies should best respond.
Fusionen und Ăbernahmen dĂŒrften nach der Krise zunehmenEY
Â
Folgt auf die Corona-Krise ein M&A-Boom? Laut Capital Confidence Barometer von #EY hoffen 40 Prozent der deutschen Unternehmen auf sinkende Bewertungen von Ăbernahmekandidaten.
EY Price Point: global oil and gas market outlook, Q2, April 2020EY
Â
The first quarter of this year has seen some extraordinary events. As if chronic oversupply, prices stuck below sustainable levels, the looming energy transition, and investor pressure to decarbonize werenât enough, our industry now faces a dramatic, but hopefully temporary, downturn in demand as a result of the ongoing COVID-19 outbreak.
Our Global Chemical Industry Leader Frank Jenner explores the trends and drivers that will shape the chemical industry of tomorrow in our latest Chemical Market Outlook.
Die GeschĂ€ftslage im Mittelstand hat sich leicht verschlechtert, ist in den meisten Branchen aber weiter ĂŒberwiegend gut - die Einstellungsbereitschaft sinkt.
Investitionen stiegen 2019 auf 6,2 Mrd. Euro. Standort Berlin bleibt vorn, MĂŒnchen holt auf. Die Zahl der Investitionsrunden kletterte um 13% auf 704.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
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Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
Â
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how to sell pi coins at high rate quickly.DOT TECH
Â
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
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when will pi network coin be available on crypto exchange.DOT TECH
Â
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how to sell pi coins in South Korea profitably.DOT TECH
Â
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
What website can I sell pi coins securely.DOT TECH
Â
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
Â
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how can I sell pi coins after successfully completing KYCDOT TECH
Â
Pi coins is not launched yet in any exchange đ± this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAYÂ you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers â„ïž
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how can I sell my pi coins for cash in a pi APPDOT TECH
Â
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
Resume
âą Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
âą Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
âą In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
âą The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
âą The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
âą As in March, annual consumer inflation amounted to 3.2% yoy in April.
âą At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
âą Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
The European Unemployment Puzzle: implications from population agingGRAPE
Â
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
2. Impact on asset managers and products4
Transition progress3
ECB EUR RFR working groups perspective5
How are firms migrating?6
Q&A7
Speaker introduction2
Webinar introduction1
Agenda
Joint EFAMA and EY IBOR transition webcast
To ask a question during the session,
please use the Q&A box to the left of
the slides.
Q&A
Page 1 April 2020
3. Speakers
Joint EFAMA and EY IBOR transition webcast
Agathi Pafili
Head of EU Government Relations at
Capital International Management
Company
Dr Anthony Kirby
EMEIA Wealth and Asset Management
Advisory Regulatory Intelligence and
IBOR Lead at EY
Silvia Devulder
Head Geneva Legal, Regulatory and
Compliance for Financial Services and
IBOR Legal Solution Lead, EY
Switzerland
Vincent Ingham
Director, Regulatory Policy at EFAMA,
the European Fund and Asset
Management Association
Page 2 April 2020
4. Speakers
April 2020 Joint EFAMA and EY IBOR transition webcastPage 3
Dr Anthony Kirby
Topic: IBOR transition progress
5. IBOR: historic background to changes foreseen in the markets
April 2020 Joint EFAMA and EY IBOR transition webcastPage 4
Drivers underpinning IBORs reform
Systemic risk due to the uncertainty
surrounding the durability of IBORs
Reluctance from LIBOR and EURIBOR
panel banks to submit quotes
Charges of attempted manipulation
and false reporting
Decline in the liquidity within the
interbank unsecured funding markets
Key reform initiatives by regulators globally and resulting outcomes
âș Wheatley review of LIBOR >2012
âș G20 asked the FSB to reform major interest rate benchmarks
âș The official sector steering group (OSSG) established 2013
âș IOSCO principles published 2013
âș IBOR market participants group (MPG) established 2014
âș Recommendation to enhance existing IBORs and promote alternative
nearly risk-free reference rates (RFRs).
âș Working groups convened to propose alternative RFRs.
âș Market participants have begun to assess the impacts
Interbank Offered Rates (IBORs) impact over $370tn notional value of financial instruments across the globe. Several cases of manipulation by banks of
major benchmarks and indices including IBORs have led to considerable censoring and initiation of reform by regulators globally to restore confidence in the
reliability and robustness of benchmark rates.
6. IBOR transition â situation in Europe
Joint EFAMA and EY IBOR transition webcast
Products affected by LIBOR transition (i.e.,
reference to floating interest rate benchmarks)
2018 2019 2021
High level timeline
Derivatives (ETD, OTC)
Loans (Consumer, Bilateral, Syndicated)
FRNs
Securitizations
Exotic derivatives,
e.g., CCY swaps, floors and caps
Indirectly â funds and mandates (e.g., benchmarks, etc.)
Key industry milestones in the UK: Reformed SONIA as alternative RFR for GBP LIBOR
IBORtransition
Validation of scope
High level impact
assessment
Deep dive gap analysis
Implementation program
setup and support
Embedding new processes LIBOR transitioned out by end 2021
01/04/20
Example timeline for IBOR transition at an asset manager
28 April 2017:
reformed
SONIA selected
23 April 2018:
reformed SONIA
benchmark effective
Dec 2017:
SONIA futures
published
1 January 2018: EU
benchmark regulation
(BMR) effective
End 2021: FCA announced
support to sustain LIBOR until
end of 2021
01 January 2020:
BMR transition
period ends
H2 2019: Term SONIA reference
rate available based on reformed
SONIA-derivatives market.
17 October 2020: LCH plans
Oct 2020 SOFR discounting
switch
2 March 2020: BoE/FCA call to
MMs to change market convention
for new swaps to SONIA
22 June 2020: eurex and
LCH plans Jun 2020 âŹSTR
discounting switch
30 September 2020:
earliest date for withdrawing
LIBOR for loans in UK
2020
Page 5 April 2020
7. Summary of transition progress
Joint EFAMA and EY IBOR transition webcast
Working groups in each jurisdiction have recommended robust, alternative RFRs to transition away from existing IBORs. The RFR benchmarks are overnight whereas current use of IBORs is
largely in term rates.
Jurisdiction
IBORs GBP LIBOR USD LIBOR EURIBOR, Euro LIBOR CHF LIBOR JPY LIBOR, JPY TIBOR,
EUROYENTIBOR
Working Group Working group on sterling
risk-free reference rates
dear CEO letter
Alternative reference
rates committee
Working group on euro
risk-free rates
National working group on
Swiss franc reference Rate
dear CEO letter
Study group on risk-free
reference rates
Alternative RFR Reformed sterling overnight
index average (SONIA)
Secured overnight financing
rate (SOFR)
Euro short-term rate (ESTER) Swiss average rate overnight
(SARON)
Tokyo overnight average
rate (TONAR)
Description âș Unsecured
âș Fully transaction-based
âș Overnight, nearly risk-free
reference rate
âș Includes a volume-weighted
trimmed mean
âș Dear CEO letters issued to
banks/insurers in Sep 2018
and asset managers in Feb
2020
âș Secured
âș Fully transaction-based
âș Overnight, nearly risk-free
reference rate that correlates
closely with other money
market rates
âș Covers multiple repo market
segments, allowing for future
market evolution
âș Unsecured
âș In Sep 2018 ECB has
announced that ESTER is
chosen as ARR. Launched Oct
2019
âș Reflects the wholesale
borrowing costs of euro area
banks
âș Dear CEO letter issued by
ECB to banks in Jul 2019
âș Secured
âș Became the reference
interbank overnight repo
on 25 August 2009
âș Secured rate that reflects
interest paid on interbank
overnight repo
âș Unsecured, transaction-based
âș Uncollateralized overnight call
rate market
âș The Bank of Japan calculates and
publishes the rate daily using
information provided by money
market brokers, Tanshi
âș As an average, weighted by the
volume of transactions
corresponding to the rate
Rate administrator Bank of England Fed. Res. Bank of New York ECB SIX Swiss Exchange Bank of Japan
Page 6 April 2020
8. April 2020 Joint EFAMA and EY IBOR transition webcastPage 7
âFailure to transition away from reliance on the London
Interbank Offered Rate (LIBOR) and other unsustainable
benchmarks may cause harm to market integrity and poor
outcomes for consumers. The FCA has made clear that firms
should plan on the basis that LIBOR will cease from the start of
2022. Your firm should recognise its responsibilities to facilitate
and contribute to an effective transition to new, more
appropriate rates, such as SONIA.â
â Marc Teasdale, Director of Wholesale Supervision
20 January 2020
Dear CEO letter on LIBOR from the FCA was addressed to dual-regulated firms and provided indication
of the FCAâs broad expectations.
âThe continued reliance of global financial markets on Libor poses a risk to financial stability that
can only be reduced through a transition to alternative risk-free rates (RFRs) by end-2021â
â Financial Stability Report by The Financial Policy Committee
The FCAâs âDear CEOâ letter issued (Feb 2020) stated: âLIBOR ending is a market event and the
transition to alternatives is market-led. We expect you to take proactive steps now where
appropriate and not to wait for instructions from clientsâŠâ
âș The FCA expects firms to: â⊠take all reasonable steps to ensure the end of LIBOR does not lead to markets being disrupted or harm to consumers, and to support industry
initiatives to ensure a smooth transitionâ â this is pretty open-ended legally!
âș The FCA recognises three key recommendations made by the Bank of England and Working Group on Sterling Risk-Free Reference Rates;
âș Nick Millerâs letter features five focal points = 1) Products/Services; 2) Governance/Transition Planning; 3) Alternative Rates/Modelling; 4) 3rd Party Mandate Mgmt; 5)
Managing Conflicts;
âș The letter draws attention to a particular Q&A focus on Conduct Risk â the hypertext link however links to a FCA page with examples drawn from the sell-side;
âș Buy-side conduct risk areas, such as cited on link https://www.fca.org.uk/print/markets/libor/conduct-risk-during-libor-transition published 19th November 2019 are more
relevant;
âș The new âtransition for LIBORâ FCA website hypertext link published - https://www.fca.org.uk/markets/libor.
Current Market Position â issue of âDear CEOâ letters by the FCA
This follows the issue of âDear CEOâ letters for dual-regulated firms in Sept. 2018
9. 10 key client considerations
Joint EFAMA and EY IBOR transition webcast
Itâs not just ânew productsâ IBOR has similar traits to previous mega programmes
Front to back nature The need for transition enablers
Number of external dependencies The challenge of appropriate testing
Conduct risk adds complexity Resource constraints
Dependency on key internal decisions Unforeseen downstream impact
Page 8 April 2020
10. Why act now?
Joint EFAMA and EY IBOR transition webcast
Late mobilization of execution could result in:
Increased costs in
2021 as
compressed
timelines and
scarcity of
talent/SMEs driving
project costs
higher
Increased delivery
risk due to reduced
ability to
proactively manage
dependencies and
less time
contingency
Increased
operational risk
due to reduced
time for testing,
with potential
implications for
downstream
consumers of data
Increased conduct
risk, as window to
approve new
products and
migrate clients
safely will be
compressed
Loss of market
share and
competitive
advantage as peers
are able to offer
alternative
products based on
RFRs
A worse client
experience with
greater potential
for confusion,
compounded by
their experience at
more advanced
peer firms
Page 9 April 2020
11. Current market position
EY Risk Management for Asset Management Survey â IBOR
April 2020 Joint EFAMA and EY IBOR transition webcastPage 10
Comparison of IBOR Risk Themes (NB: Early Stages only)
Established governance and organized cross-functional team 73%
Started firm-wide impact assessments to identify IBOR exposures 70%
54%
49%
51%
80%
Designed strategy to communicate implications/transition activities
Implemented 'no regret' actions to support trading of alternative RFRs
Firm started reviewed existing contractual fall-back provisions
Firm employing derivatives to hedge
Established GRC for IBOR migration in each country of scope
Managing Conflicts of Interest considered
Markets & strategic direction modelled
Enterprise Risk Management modelled
Valuation & Risk Mgmt. considered (e.g., Value Transfers/Collateral)
Capital Requirements and cross-impacts considered
Repapering of forward book modelled
Repapering of back book modelled (e.g., fall-backs/disclosures, etc.)
Cash flow hedges/hedge accounting/IAS39 & IFRS9 modelled
Transfer pricing/tax deductabilities, disclosures/returns evaluated
Operating models/operational changes to business delivery examined
Vendor applications examined and IT impact analysis
Communications with end investors started
56%
21%
37%
39%
60%
21%
28%
15%
1%
4%
11%
13%
32%
12. Current market position
WAM Client IBOR Timelines Reflect External Dependencies on Banks
April 2020 Joint EFAMA and EY IBOR transition webcastPage 11
More
Proactive?
More
Reactive?
ApproachtoIBOR
Starting Planning Early Analysis Gap Analysis
46%
22%
32%
KEY: Insurer-captive Bank-captive Independent
âș Preparations are most advanced for Derivative/Swap-based products and
least for Loans. Retail firms are least prepared. The lack of historic data
for new RFRs hampered the calculation of stressed Expected Shortfall,
and will impact terms and contractual agreements such as fall-back
provisions;
âș Firms who are captives of banking or insurance-HQd parents tended to
leverage their parent entities in order to drive specific
âș Firms were relatively concerned at implementing consistent strengthened
fall-back language
âș Consequences of lagging:
1. There could be extra capital add-ons
2. Extra delivery costs in a distressed environment under tight
timeframes leading to conduct/other risks
3. Risk of loss of market-share from more agile competitors
13. Sector Priorities
Program Mobilization and Technology Considerations
April 2020 Joint EFAMA and EY IBOR transition webcastPage 12
Federated
Centralised
6%
12%
30%
12%
6%
6%
24%
Program governance/design/
impact assessment
Modelling markets/
Valuations/ Risk Mgt.
Product governance and
design
Repapering fall-back &
disclosure legal services
Hedge accounting and IFRS
modelling
Tax deductabilities and tax
returns
Business/operating model
implementation
Vendor services and third
party coordination
4%
Expected areas of spend (Estimate at end 2019)Program Governance
14. Speakers
April 2020 Joint EFAMA and EY IBOR transition webcastPage 13
Silvia Devulder
Topic: Continuity of contracts
15. âș With the UK regulatory announcements on 16 January 2020
re-iterating the need to substantially address the legacy
population for GBP trades by Q1 2021 firms must have
detailed and robust plans in place for updating legacy
documentation
âș Most banks are looking to commence repapering of legacy
contracts in H2 of 2020 with most firms expecting the
process to last at least till the end
of 2021
âș Most of the survey participants reported that their legal
teams do not have sufficient BAU capacity to cater for
reviewing all contracts required as part of the IBOR transition
âș Over a third of survey participants stated that their outreach
efforts would involve more than 20,000 clients
Contract repapering
Joint EFAMA and EY IBOR transition webcast
Review and remediation of legacy contracts The majority of banks expect to leverage technology to
streamline efforts around contracts identification and
repapering
33%
33%
24%
19%
14%
We are currently analysing available
internal technology options and
potential external vendor solutions
Yes, for identification and scoping
Yes, for full end-to-end contract process
requirements
No
Other
Note: Percentages do not add up to 100% as some respondents selected more than one
answer option.
Page 14 April 2020
16. Specific areas of documentation impact for asset managers
April 2020 Joint EFAMA and EY IBOR transition webcastPage 15
Bilateral loan
documentation
ISDA/CSA
Local master
agreements
In-house
derivatives
agreements
LMA
syndicated loan
documentation
Non-standard
syndicated
loans
Other IBOR
impacted
agreements
GMRA
GMSLA
Other repo and
stocklending
agreements
Bonds, Floating
Rate Notes,
Certificates,
Commercial
paper, etc.
1 Illustrative
IBOR referred
as Benchmark
Investment
guidelines
IBOR Definition
(calculation
and purpose)
Management
objectives
Fund
prospectus
Performance
fees
Investment
strategy
17. Client transition
Joint EFAMA and EY IBOR transition webcast
âș Perform contract review and due diligence exercise
to identify and remediate impacted contracts,
enabled by technology
âș Determine client cohorts and set cohort treatment
strategy
âș Consider conduct risk across the lifecycle of the
programme and embed into all workstreams
âș Complete client outreach to proactively engage with
clients
Client cohort-led, Technology-enabled
Page 16 April 2020
18. Speakers
April 2020 Joint EFAMA and EY IBOR transition webcastPage 17
Agathi Pafili
Topic: ECB EUR RFR working groupâs
perspective
19. EUR RFR WG â Key features
April 2020 Joint EFAMA and EY IBOR transition webcastPage 18
Mandate
âș Strengthening existing interest rate benchmarks by underpinning them with transaction data as far as possible
âș Developing alternative, nearly risk-free, reference rates (RFRs)
Composition /
Governance
âș ECB, FSMA, ESMA and the EC initiated the launch of the EUR RFRF WG / first meeting in February 2018
âș Private-led / Industry group chaired by a representative from the private sector / members from major banks
âș Secretariat provided by the ECB
âș ESMA, European Commission, FSMA and ECB participating as observers
âș ISDA, EMMI, EFAMA and other industry representatives participate as non-voting members
Major EU
interest rates
âș Euribor & Euro Overnight Index Average (EONIA) are based on the unsecured interbank market and designated as critical by the EC
âș EURIBOR, a quote-based interest rate benchmark, available for several tenors
âș EONIA, an overnight reference rate computed on the basis of real transactions in the interbank market, but has showed declining
geographic representation of the underlying market
20. Key deliverables
April 2020 Joint EFAMA and EY IBOR transition webcastPage 19
Recommend RFRs consistent with the
IOSCO principles & compliant with the
EU Regulation on Benchmarks
Recommend RFRs as best practice for
certain new derivatives and other
contracts, including mortgage
contracts
Alternative RFRs Contract Robustness Legacy contracts
Best practices for contract design
ensuring robustness and resilience to
the possible cessation or material
alteration of the underlying benchmark
Target: involving a broad group of
market participants via consultations
and dedicated hearings and outreach
ISDAâs role given the ongoing work in
the derivatives community
Creation of a plan and timeline for the
transition from current benchmarks
Sub-group for retail contracts in charge
of identifying appropriate alternatives
for term structured benchmarks
21. Milestones
April 2020 Joint EFAMA and EY IBOR transition webcastPage 20
September 2018:
Recommendation for the euro
short-term rate (âŹSTER) to
become the new euro risk-free
rate and replace EONIA / âŹSTER
will also provide a basis for
developing fallbacks for
contracts referencing the Euribor
March 2019: Modification of EONIA
methodology to become âŹSTR plus a fixed
spread until end-2021 to facilitate
transition from EONIA to âŹSTR &
recommendation for a methodology based
on OIS tradeable quotes for calculating a
âŹSTR-based forward-looking term structure
as a fallback in EURIBOR-linked contracts
July 2019: Call for expressions
of interest â administrator for a
âŹSTR-based forward-looking
term structure as a fallback in
EURIBOR-linked contracts
July 2019: Recommendations on
the legal action plan for new and
legacy contracts
August to November 2019:
Reports on the financial
accounting and risk management
implications of the transition and
its impact on cash and
derivatives products
November 2019:
Recommendations for fallback
arrangements for the âŹSTR
22. Latest developments
April 2020 Joint EFAMA and EY IBOR transition webcastPage 21
WGâs actions Market & Regulatory developments
Euribor fallback
provisions
âș High level
recommendations
(November 2019)
âș Fallback provisions in
all new contracts
referencing EURIBOR
âș Legacy contracts
referencing EURIBOR
should be covered by
robust written plans
âș In legacy contracts
without appropriate
fallback provisions,
EURIBOR fallback
provisions should be
introduced
Seamless transition
from EONIA to âŹSTR
âș Recommendations to
support smooth
transfer of EONIA's
liquidity to the âŹSTR
(February 2020)
âș All stakeholders
should be made aware
that EONIA-linked
contracts with
maturities beyond 3
January 2022 entail
significant risks
Feedback on
Swaptions
âș Public consultation
(deadline 30 April) on
Swaptions impacted
by the CCP discount
change from EONIA
to the âŹSTR
âș Feedback requested
as to whether the WG
should issue
recommendations
regarding the
voluntary exchange
(or lack thereof) of
cash compensation
between bilateral
counterparties to
swaption contracts
impacted by the CCP
discounting switch
from EONIA to the
âŹSTR.
EUR discounting
âș Eurex and LCH have
announced that EUR
discounting will switch
from EONIA to âŹSTR
on 22 June 2020
ISDA statement
âș Consultation on
Spread and Term
adjustments for
fallbacks in derivatives
referencing EUR
LIBOR and EURIBOR
âș Majority of responses
ask for âcompounded
setting in arrears rate
approach with a
backward-shift
adjustmentâ and a
spread adjustment
based on a âhistorical
median over a five-
year lookback periodâ
EC endorsement of
IASB phase 1 on IBOR
âș Commissionâs
endorsement of the
IASB phase 1 IBOR
amendments in the
Official Journal.
âș They provide
temporary and narrow
exemptions to the
hedge accounting
requirements of IAS
39, IFRS 9 and IFRS 7
23. Focus on investment funds
April 2020 Joint EFAMA and EY IBOR transition webcastPage 22
No official quantitative data on EONIA/Euribor usage as
an investment objective for funds across the asset
management sector. Nonetheless, the big majority of AMs
are in the process of conducting inventories of benchmark
usage in anticipation of implementing the transition and
assessing compliance with the BMR.
EFAMA surveyed its members on the EONIA usage in
November 2018 (see WG report as revised in March
2019) with the following results
âș Money market and fixed income funds are the main
users of EONIA for benchmarking purposes
âș No strategy change is expected as EONIA does not
have investible constituents, but this would need to be
assessed on a case-by-case basis
âș The most commonly used instruments referencing
EONIA are floating rate notes, repurchase agreements,
interest rate derivatives and loan agreements
Respondents to EFAMA survey expected more than 12
months being necessary for the transition starting from
âŹSTERâs publication
The transition includes among others modifications to
fund prospectuses, communication with clients and
adaptation of systems to cope with EONIA publication on a
T+1 basis
EFAMA also surveyed its members on the transition impact for cash
products and derivatives (see WG report, August 2019). In addition to
the previous findings, some funds, e.g., those pursuing liquid
strategies and total return/absolute strategies, may use EONIA as a
hurdle rate for performance fee calculations. The transition from
EONIA to the âŹSTR will therefore also require amendments to the
calculation formulas and adjustments to the systems used by fund
administrators/ updates to prospectuses
The appropriate timing for a move to the âŹSTR will depend on the
observed increase in liquidity
Risk management implications (see WG report, October 2019)
For NAV and risk calculations the new interest rates need to be
mapped to the respective instruments and a suitable way needs to be
found to move from the old regime to the new (e.g., IT applications)
without creating any disruptions or inconsistencies during the
transfer, for example regarding the effectiveness of hedges
Publication at T+1 could have a substantial impact on internal and
external reporting â especially where reports are produced over night
The transition could affect existing investment guidelines referring to
current IBORs (approval from both fund boards and clients)
Communication to clients: fair treatment and adequate disclosures â
where relevant renegotiate
24. BUT âŠ
April 2020 Joint EFAMA and EY IBOR transition webcastPage 23
âș There are important steps to take on an individual and bilateral basis â INERTIA NOT AN OPTION
âș Following the WGâs recommendations doesnât constitute a compliance safeguard
âș Further engagement with national supervisors and market associations (such as ISDA) working on fallbacks and
contract continuity issues is highly recommended and in some cases necessary
âș The working groupâs recommendations are NOT legally binding on market participants.
âș They provide orientation and represent the prevailing market consensus as regards the preferred euro risk-free rate
and the transition plan that market participants can put in place.
âș Market participants still need to assess internally, negotiate and evaluate options with counterparties/ clients and
decide on the right transition plan on a bilateral basis.
25. Speakers
April 2020 Joint EFAMA and EY IBOR transition webcastPage 24
Dr Anthony Kirby
Topic: How are firms migrating?
26. Checklist of 10 things that asset managers are doing to prepare for transition?
Joint EFAMA and EY IBOR transition webcast
Program mobilization
Processes and systems
Accounting and Tax
Valuation and models
Agreements
Communication
Instruments and portfolios
Governance and controls
Impact assessment
Delegated funds
Project governance and PMO with clear roles and responsibilities to drive IBOR transition including high level solution design and
communication plan.
System capabilities with respect to backward fixing rates and products investigation; high level solution design; contract vendors
for system and valuation models to address external dependencies.
Inventory the impacted processes, policies and procedures, and update frameworks for fair value measurement and hedge
accounting.
Continuously analyze and quantify the financial impact of the valuation risk under different scenarios; strategic decisions
regarding model redevelopment and impact on the whole value chain of models for second order effects.
Inventory impacted customer contracts, and assess whether re-papering (and any updates to risk warnings and disclaimers) is
required. Impact assess client agreements, documentation and related processes, such as client consents.
Communication plan: clients, vendors, professional counterparties, externally managed funds and external funds, regulators and
internal employees.
Develop reinvestment strategy for IBOR related instruments; determine the indirect IBOR impact on funds and portfolios,
including on value, return or fees of a fund.
Review current governance models and existing controls, define a cross-functional governance model, and document and
implement changes to control frameworks.
Assess impacted products and functions, conduct gap assessment to identify Impacts to business and operating models,
particularly concerning data handling; develop a transition roadmap, and implement activities.
Start discussions re delegated funds to ensure alignment in transition approach and possible impact.
Page 25 April 2020
27. Why EY for IBOR?
Joint EFAMA and EY IBOR transition webcast
Strong connections with
global regulators, working
groups and trade bodies
Deep understanding of our
clientsâ businesses, products
and infrastructure
Leading market position for IBOR,
underpinned by numerous client
engagements, accelerators,
methodologies and strategic third
party partnerships
Global integrated team with flexible
delivery models and skilled
resources across full E2E
proposition
WHY
EY?
Page 26 April 2020
28. Key takeaways
Joint EFAMA and EY IBOR transition webcast
IBOR transition will require substantial change for asset managersâ business critical functions and systems.
Country EY Contact Email Address
France Hermin Hologan hermin.hologan@fr.ey.com
Germany Patrick Stoess patrick.stoess@de.ey.com
Ireland Paul Traynor paul.traynor@ie.ey.com
Italy Giovanni Incarnato giovanni-andrea.incarnato@it.ey.com
Luxembourg Rafael Aguilera rafael.aguilera@lu.ey.com
Netherlands Wim Weijgertze wim.weijgertze@nl.ey.com
Nordics Fredrik Stigerud fredrik.stigerud@se.ey.com
Switzerland Christian Rothlin christian.roethlin@ch.ey.com
United Kingdom Simon Turner sturner@uk.ey.com
Page 27 April 2020
For more information, please contact your local EY member office: