FINAL ICE LIBOR OC Minutes 20160406 REDACTED

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 ICE Benchmark Administration Limited (“IBA”)
Redacted Minutes
Meeting:
LIBOR Oversight Committee (the “Committee”)
Date:
Wednesday 6 April 2016, 15:00 - 17:00
Location:
IBA Offices, Boardroom
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Attendees:
Mary Miller (Chairwoman)
Deborah Land (Secretary)
David Bowman (Observer) (T)
David Clark
Clare Dawson
John Grout
George Handjinicolaou
John Harding
Finbarr Hutcheson
Matthias JÜttner (Observer)
Richard Kennedy (T)
Rod Paris
Will Parry (Observer)
Silvio Schumacher (Observer)
Frederick Sturm (T)
Robert Thurlow
Emma Vick
André Villeneuve
Apologies:
Brad Hurrell
Kevin Ludwick
Guy Sears
In attendance from IBA:
Fanis Vartzopoulos
Circulation:
IBA Website
Agenda Items/Questions Raised
The Chairwoman welcomed all members to the Committee and ran through the meeting agenda, highlighting
the open issues for discussion.
1.
Disclosure – conflict of interest
The Chairwoman asked whether any Committee Members had any conflicts of interest to declare at the
outset of the meeting.
2.
Approval of Minutes from 14 January, 26 January, 8 February and 17 February 2016
Following some minor drafting suggestions all minutes were approved.
3.
Dashboards for January, February and March 2016
IBA ran through the Dashboards for the previous three months and highlighted alerts due to Far Eastern
stock market volatility. In terms of lates and errors, there had been none in January. Two lates and one
error were seen in February (one was an error and a late at the same time, by the same bank). There
were three lates in March and one error.
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Quarterly statistics for Q1 2016 were circulated around the table for the Committee Members in
advance of publication and IBA walked the Committee through them.
4.
Approval and action items
Approval - Policy for handling a concern over a LIBOR submission
Some drafting suggestions were made and adopted:
The Chairwoman asked the Committee for their approval.
Approval was given with no objections.
1 Contingency rate
Some drafting changes were suggested and approved.
The Chairwoman remarked that the document was a framework with some options and not a prescribed
list of what would be done.
The Chairwoman asked the Committee for their approval assuming all changes discussed during the
meeting were made.
All members approved the paper.
5.
Discussion Topics
The Committee was given an update on IBA’s feasibility study into the centralised determination of
LIBOR. An IBA team is working on calculating the rate from bank submissions and a legal review is
underway to determine whether a centralised calculation would fundamentally change LIBOR.
The Committee was also given an update on the LIBOR usage survey that IBA is simultaneously
conducting. The deadline for answering the survey is April 22. A further update will be provided when
the survey is completed.
There was a discussion of the draft LIBOR Code of Conduct. IBA offered to take any comments that
Committee members wanted to make over the next week before circulating a draft to the panel banks
for review before further consideration by the Committee at its next meeting.
6.
Periodic Reviews
Deferred
7.
Information Item – IOSCO review of LIBOR
Committee members were encouraged to review the IOSCO document with a view to discussing open
areas for completion or improvement at the next meeting.
8.
Proposed time and date of next meeting
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19 May, 15:00 – 17:00 BST
9.
AOB
There being no further business the meeting was closed.
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