3CL Seminar: 'Developments in Interest Rate Benchmarks: What is Happening to LIBOR?'

Speaker: Heather Pilley (FCA)

Abstract: Heather Pilley will speak on interest rate benchmark developments with a focus on what is happening to LIBOR, by reference to two FCA publications – the text of a 2017 speech and a paper produced in 2022, each dealing with the transition away from LIBOR to (nearly) risk-free rate benchmarks. In particular, she will describe the key steps taken by the market and authorities to move from the position described in 2017 to the current position, followed by a view on implications for financial law and practice from the transition work.

Biography: Heather Pilley works within the Infrastructure & Exchanges Directorate of the Financial Conduct Authority. Heather has been involved in benchmarks policy, amongst other areas. She was a member of UK, EU and international groups working on benchmark reform and managed on an interim basis the team which leads on LIBOR transition. Before joining the FCA/FSA, Heather was in private practice in London as a derivatives/finance partner at White & Case and consultant at Linklaters. She has an LL.M. from Cambridge and an LL.B. from the University of British Columbia. Heather has spoken at numerous conferences and provided contributions to various publications. For the upcoming 3CL event, she will be speaking in her personal capacity.

3CL runs the 3CL Travers Smith Lunchtime Seminar Series, featuring leading academics from the Faculty, and high-profile practitioners.

Enquiries to: 3cl@law.cam.ac.uk