On-demand webinar

Euro risk free rates in the loan market: Guidance on real world application

A FTSE Russell conversation with

ESMA and the LMA

The working group on euro risk-free rates recommends that market participants include a forward-looking €STR term rate-based fallback into specific segments of the loan and trade finance market. Hear from experts at the European Securities and Markets Authority (ESMA) and the Loan Market Association (LMA) as they discuss industry progress on adoption of the working group’s recommendations in the European loan market.

Questions answered

What were the final recommendations from the working group?
How much progress has the industry made in implementing the working group’s recommendations?
What are the bar barriers to industry implementation?
What else can be done to support the loan market transition?
Are the recommendations relevant outside of the EU?

Speakers

Michele Mazzoni: Senior Officer, Benchmarks Team, European Securities and Markets Authority
Kam Hessling: Senior Director, Loan Market Association
Jacob Rank-Broadley: Head of LIBOR Transition, FTSE Russell

Find out more about the speakers below.

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Speakers

Michele Mazzoni, Senior Officer, Benchmarks Team - ESMA

Michele Mazzoni currently works as a senior officer in the Benchmarks Team of ESMA. His main responsibility is the supervision of the Euribor administrator, EMMI. From 2021 to end of 2023, he managed the Secretariat of the Working Group on Euro Risk-Free Rates. Mr. Mazzoni joined ESMA in 2013, focusing on policy tasks related to the EU Market Abuse and Short Selling frameworks. Before that, he worked for Deutsche Bank in London and the European Central Bank in Frankfurt. Mr. Mazzoni holds a Master of Science in Finance from Bocconi University (Milan).

Kam Hessling, Senior Director – LMA

Kam joined the LMA in August 2015 and assists with the Association’s documentation projects, education and training events and regulatory and lobbying matters (including the LMA's response to LIBOR transition and has represented the LMA on various industry and currency working groups on the transition to near risk-free rates).

Prior to joining the LMA, Kam was a professional support lawyer at

Linklaters LLP specialising in project finance, acquisition finance, energy and infrastructure. She focused on current awareness (covering both legal and sectoral developments) and developed precedents, know-how and training for the global projects, energy and infrastructure group.

Kam was previously a banking and finance solicitor at Slaughter and May where she acted for a variety of UK and international borrowers, focusing on general syndicated finance, investment grade finance, leveraged acquisition finance and project finance

Jacob Rank-Broadley, Head of LIBOR

Transition, Benchmarks & Indices

Jacob Rank-Broadley is a financial markets executive with fifteen years’ experience advising financial institutions on strategic and regulatory issues. He is currently responsible for LIBOR transition within LSEG’s Benchmarks and Indices business.

Prior to joining LSEG, Jacob held strategy and consulting roles at Oliver Wyman and MarketAxess.

Participant organizations

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