Bloomberg Wins Regulation Asia’s Best Solution in LIBOR Transition Management

Singapore/Hong Kong, 16 December 2020 – Bloomberg has been awarded “Best Solution in LIBOR Transition Management” at the 3rd Regulation Asia Awards for Excellence 2020. The awards recognise excellence in financial services institutions and service providers in the Asia Pacific region, who have maintained high compliance standards despite an increasingly complex regulatory landscape. The judging panel comprises senior market participants in the regulatory compliance domain.

Bing Li, Head of Asia Pacific, Bloomberg

As a leading financial data and technology provider, Bloomberg has been supporting clients’ transition away from LIBOR and other IBORs (interbank offered rates), engaging with the region’s regulators and industry players for the last three years.  Bloomberg has worked closely with clients on planning and transitioning to alternative reference rates, developing and deploying sophisticated tools to facilitate a smooth transition.

“Bloomberg may have the most comprehensive solution to facilitate the transition from LIBORs to alternative reference rates,” said Lapman Lee, Vice Chair of the British Chamber’s Financial Markets Committee, and a judge on the awards panel. “Of key significance is the MARS [Multi-Asset Risk System] API, which helps financial institutions understand the balance sheet impacts under different transition scenarios, including an early migration to RFRs.”

The impact of the transition on financial institutions’ profit and loss has been a key factor pushing forward transition programs in 2020. “Recognising this, Bloomberg has served not only in its role as a data and technology provider, but as a trusted adviser to help financial institutions identify the operational, organisational and system-related impacts of the transition,” said Regulation Asia co-founder Brad Maclean.

“We will continue to focus on innovation and industry collaboration to develop solutions that support market participants’ needs,” said Bing Li, APAC Head of Bloomberg. “Through our comprehensive suite of data, analytics and portfolios solutions, we provide clients with tools that deliver greater transparency, while enabling them to meet evolving regulatory, market and business needs.”

Bloomberg delivers a comprehensive suite of solutions to support IBOR transition, including scenario analysis to determine the impact of the transition on portfolios. On Bloomberg Terminal, clients can also access fallback datasets to identify IBOR-linked securities in their portfolios and execute trades using Risk Free Rates (RFRs). In addition, Bloomberg publishes term and spread adjustments for the fallbacks that ISDA intends to implement for certain IBORs.

Click here for more information on how Bloomberg is helping clients understand how their portfolios will be affected by the transition.

About the Regulation Asia Awards for Excellence 2020

The Regulation Asia Awards for Excellence recognises financial institutions, technology companies, legal and consulting firms, exchanges and other players that have helped meet the challenges of the ever-changing and increasingly complex regulatory landscape in Asia Pacific. Each year, submissions are diligently evaluated and award winners selected by a panel of industry experts serving as judges. The full list of award winners is available here.

 

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