We are here to help
Broyd Partners LLC is a financial services consulting firm, founded in 2016 by their Principal, Graham Broyd, that provides support to our friends and colleagues in the banking and financial markets industry. All our team are experienced practitioners in the industry. We operate at 2 degrees of separation only, all our consultants and contractors are known to us through personal experience, or well known to another individual on our team. Likewise, we will only engage with clients where we expect that our results will make us their longstanding business friends and colleagues! Through experience, we find this helpful in ensuring mutual expectations, understanding, and benefits.
Our work is focused on Risk Management and Transformational Change at large financial institutions, where we have significant hands-on experience from working at major banks – with all their risk and change issues – from 2005 to 2020. Recent examples of our engagements have brought together the oddest bedfellows – LIBOR Transition, and supporting our client’s expansion into the Digital Asset (crypto) industry.
Graham is an experienced Banker and senior financial advisor, formerly a Bank CEO, with deep experience in managing Foreign Banking Operations, global Markets activities, regulatory actions, FX, and Fixed Income businesses. We have built a team at Broyd Partners with an extensive network of experienced bankers and market professionals, that can be engaged to support and solve client’ issues.
Broyd Partners has deep expertise in all things LIBOR. Graham was a member of the original Federal Reserve Board’s Alternative Reference Rate Committee, convened back in November 2014 and led the original ARRC LIBOR Transition/Implementation Working Group. The Broyd Partners team includes people with experience in all the key aspects of LIBOR transition, including legal, technology, risk, rates management, compliance, controls, business, communications. Graham and the team frequently publish and post articles and regularly presents at industry conferences.
The team is also experienced at working with regulators and with C-Suite managers and leaders all across the financial market’s arena. Broyd Partners has significant experience in helping clients manage trading misconduct, compliance, and control issues. The team has a breadth of background that includes Financial Markets Management, Governance, Leadership, Project Management, Conduct, Behavior, Trading, Sales, FX, Interest Rates, Securities, Securitizations, Clearing, Money Markets, Risk, Regulatory Affairs, and Treasury, including both the support functions and front-line business activities.
Broyd Partners’ purpose is to support the success of our friends and colleagues in the industry. We can advise or guide; program manage; or fill a temporary resource gap. We work with clients to help solve their issues and challenges, by bringing experienced, knowledgeable people who have ‘sat in the client’s seat’.
We are here to help.
“Sick of large consulting firms charging excessive fees, come to Broyd Partners and we will charge you even more!”
(In reality, we have almost no overhead, so what we charge on, a like-for-like basis, will be much lower. You will pay only for what you get.)
We have a team of people with extensive expertise and experience across international banks and global markets activities. We are also privileged to have a network that allows us to source talented and capable bankers and market practitioners. These are people who we know and have worked with and can trust. Broyd Partners bring that expertise and experience to support colleagues and friends to manage their most pressing financial services industry issues.
OUR LEADERSHIP TEAM
OUR RESOURCES – USA
OUR RESOURCES – UK
OUR RESOURCES – AUSTRALIA
“Tired of 27 year-old MBAs from large consulting firms telling you how to manage your business, speak to Broyd Partners, we are old.”
(but experienced, and have probably sat in your seat.)
Broyd Partners’ credentials, experience, insight, and resources are second to none in LIBOR transition. Our work includes preparation support in the following areas:
- Program Management
- Education and Awareness
- Industry Updates
- Industry Benchmarking on Benchmark Preparation
- Scoping and Identification
- Clients and Communications Support
- Real Pricing, Risk and Valuation Assessments
- Transfer Pricing and Gap Management Support
- Risk Management Review
- Model Impact Review
- Contract Review – Systematic Identification and Replacement
We have reviewed trading misconduct as bankers and traders; as consultants; on behalf of regulators; and alongside behavioral scientists. We can provide a unique perspective and hold firms’ hands through any internal review or external action.
FX, Rates, Securities, Derivatives
- Trade Surveillance
- Trading Reviews
- Sales Reviews
- Harms Identification: Front Running, Client Spreads, Order Execution, Barrier Options
- Best Execution Review
- Compliance Reviews
- 1LOD Reviews
- Controls Reviews
- Supervision and Governance Reviews
Our team has extensive experience and background in the full-breadth of Risk Management roles and can support your risk priorities. Many of our team have held the responsibilities for these roles at major financial institutions. We can support your review, assessment, and remediation of:
- Market Risk
- Operational Risk
- Reputational Risk
- Liquidity Risk
- Credit Risk
- Margin and Collateral Reviews
- Model Reviews
- Operations Risk
- Conduct Risk
- Behavior Risk
We can provide old-world banking and markets skills to a new world business. We are believers in the present and future success of the digital asset business and the relevance of the cryptocurrency as a means of exchange and a tradable asset.
- Risk Management
- Trading Infrastructure Build-out
- Collateral and Margin
- FX and Payments
- Regulatory Management
- Compliance Review
- Project Management
We partner with the world’s leading firm in Behavioral Analytics to support your review of culture, conduct and communications effectiveness.
- Artificial Intelligence Tools
- Board Performance Review Model
- Risk Culture Review
- Social Risk Review
- Organizational Performance Review
- Organizational Reputation Review
- Communications Reviews
“Broyd Partners run faster than any other consulting firm (in our age group)”
Part of the Broyd Partners philosophy is to partner with other firms. We have a deep network of experienced financial markets professionals and access to clients. Other firms can provide better connectivity to international markets; pre-approvals at the procurement level; or specialized skillsets that enhance our proposition.
Blackhall and Pearl are leaders in Board Performance reviews, Enterprise Governance, and Risk Management. They combine their extensive experience and creative reasoning with artificial intelligence to improve performance and drive transformation. Blackhall provides this leading expertise to Broyd Partners globally and is our partner for all business in Australia. Visit their website.
Galaxy Advisors are world leaders in the application of behavioral analytics. Supported by leading researchers across the US, Europe, and Asia, Galaxy provides Broyd Partners with the systematic review of communications data and social networks to support our client’s reviews of culture, conduct, and behavior. Visit their website.
A UK based consulting firm with a team of industry experts in financial markets operations, technology, and change. Broyd Partners works with New Link when the client requires resources in the UK and Europe to supplement our primarily US-based resources. Visit their website.
Rubix mobilizes small, high-performing teams of seasoned practitioners to deliver strategic and regulatory change more flexibly and cost-effectively than traditional consulting firms. They specialize in situations that often prove challenging for conventional change programs. Broyd Partners works with Rubix when we require extensive Change and Project Management resources.
Meji Partners is a specialist consultancy with extensive experience in operations, risk and governance transformation, and regulatory technology delivery in financial services.
They have extensive expertise in financial crime, regulatory reporting, risk, and compliance consulting in investment banking, retail banking, and asset management. Broyd partners work with Meji for BSA/AML and Financial Crime related projects. Visit their website.
“Partner with Broyd Partners, your partners for partnerships.”
Do you have the right end date for LIBOR transition?
LIBOR will cease to exist as a ‘Benchmark’ at the end of 2021. The Benchmark’s regulator, the FCA, has been very clear and consistent in this message.
The process to replace IBORs with Risk-Free Reference Rates (RFRs) is a post-financial crisis plan. It was started by the G20 in 2013, has been driven since by the Financial Stability Board, the FCA, then the Federal Reserve Board (FRB) and ARRC – which was convened in November 2014 – and since by all 16 IBOR regulators, and US regulators including FRB, Federal Reserve Bank of New York, OCC, CFTC, SEC and FDIC amongst others. This is not new news. The regulators have been consistent and clear on the broader LIBOR cessation issues.
10 predictions for end of 2021 LIBOR transition outcomes
This is our top 10 list of what we expect to be happening at the end of 2021 when LIBOR disappears.
Agitated Regulators and Supervisors. LIBOR transition will be a top-of-mind regulatory issue. “WHERE ARE YOU ON YOUR LIBOR TRANSITION PREPARATION!”
No institution will be fully and properly prepared for the transition away from LIBOR – firms will have been forced to make risk-based decisions to proceed anyway.
LIBOR Transition Implementation Checklist
The LIBOR transition is a significant event impacting a broad set of financial products and market segments. Given how deeply embedded LIBOR is in the financial ecosystem, it is important to properly plan, mobilize, and execute a program that encompasses all of a firm’s businesses and functions. This checklist was developed to provide considerations for impacted firms.
Simplified practical implementation checklist for SOFR adoption:
Establish Program Governance: Implement a robust governance framework with accountable senior executives to oversee the delivery and coordination of the firm’s enterprise-wide LIBOR transition program.
The FX Code of Conduct – a new priority
The expectation is that beginning in 2020, there will be a US regulatory focus (driven by the Federal Reserve Bank and the UK’s Financial Conduct Authority) on Banks and Financial Services firms evidencing proper implementation and proof of compliance with the FX Global Code of Conduct. This will be a priority item of the FRB’s 2020 supervisory process.
Although the FX Global Code does not impose legal or regulatory obligations on Market Participants, the focus by US Regulators on FX market issues remains high as they continue to deal with legacy and new behavioral issues in the FX Market.
“Broyd Partners ask the difficult and challenging questions, like ‘Why aren’t you doing business with us?’”
Brian Halligan – Chief Risk Officer at TP ICAP: August 2020 to present.
BPL Partner: February – July 2020. Delivered an Enterprise-wide Risk Assessment for the LIBOR Program at a US regional bank.
Annabelle Plotkin – Global Chief Risk Officer at Columbia Threadneedle Investments: May 2021 to present.
BPL Partner: April – September 2020. Delivered a review of Controls design and implementation for the CRO of a US regional Bank.
Elizabeth Campbell – LIBOR Transition Manager at Wells Fargo: August 2020 to present.
BPL Partner: February – August 2020. Designed and delivered the training and education for the LIBOR program at a US regional bank.
Cathy Cullen – Now resident in Cassis, France and formally in charge of BPL’s Anglo-French relations.
BPL Founder Member: August 2019 to September 2020. Delivered all-new Operational Risk policies and procedures for a FinTech.
David Wagner – Now is a Senior Advisor at Houlihan Lokey, where he leads their LIBOR Transition Advisory Services focused on solutions for Asset Managers:
BPL Founder Member and worked with Graham in a Global Markets consulting practice since October 2018.