interest rate benchmarks in need of a fix - intere… · 2/7/2019 · cardano interest rate...
TRANSCRIPT
Interest Rate Benchmarks in Need of a Fix Meeting CFA Society VBA NetherlandsFebruary 7, 2019
© 2019 Deloitte
Contents
1Interest Rate Benchmarks in Need of a Fix
I Regulation and timelines
Important requirements impacting the IBOR transition
II Market updates and recent developments
Euribor transition
EONIA to ESTER transition
Transition scenarios
Loan and swap scenario examples
III IBOR transition programme
Programme outline
© 2019 Deloitte
I. Regulation and timelinesImportant requirements impacting the IBOR transition
2Interest Rate Benchmarks in Need of a Fix
© 2019 Deloitte
After the publication of Benchmark principles is 2013, regulation and technical advice for the European Union followed in 2016
Benchmark regulation overview
3Interest Rate Benchmarks in Need of a Fix
IOSCO – Principles for financial Benchmarks (2013)
• Global standards for regulatory requirements for benchmarks
• Principles related to: governance, quality of the benchmark, quality of the methodology and accountability
European Regulation (EU-2016/1011) – Benchmark regulation (2016)
• Regulatory framework for benchmarks at [EU] Union level, entered into application on January 1, 2018
ESMA – Technical advice under the Benchmarks Regulation (2017)
The Commission requested technical advice from ESMA on five areas: i. definitions;ii. measurement of the reference value
of benchmarks;iii. criteria for the identification of
critical benchmarks;iv. endorsement of a benchmark
provided in a third country; andv. transitional provisions.
FSB – Reforming major interest rate benchmarks (2014)
• Proposals, plans and timelines for the reform and strengthening of existing benchmarks and for additional work on the development and introduction of alternative benchmarks
© 2019 Deloitte
Important legal definitions used within the EU benchmark regulation
Definitions
4Interest Rate Benchmarks in Need of a Fix
Any figure, that is published or made available to the public and regularly determined
Any index used to determine the amount payable under a financial instrument or financial contract, or the value of a financial instrument, or used to measure the performance of an investment fund
Index Benchmark
Benchmark determined on the basis of the rate at which banks may lend or borrowfrom other banks or agents other than banks, in the money market
Interest rate benchmark
Benchmarks is used as a reference for financial instruments or financial contracts or for measuring performance of investment funds, having a value of at least EUR 500 billion on the basis of all the range of maturities of tenors of that benchmark
Critical benchmarks
© 2019 Deloitte
Decreasing number of panel banks, increasing concentration and measurement of interbank risks
Increasing deficiencies of the current Euribor interest rates
5Interest Rate Benchmarks in Need of a Fix
Source: European Money Markets Institute (EMMI)
43
40
33 33 33
31
28
2019
0
10
20
30
40
50
< 2012 2012 2013 2014 2015 2016 2017 2018 2019
Number of Euribor panel banks
© 2019 Deloitte
2022 2023 2024
Regulation (EU) 2016/1011 went into force on 1-1-2018, with a transitional period ending 1-1-2020. EONIA will cease 1-1-2020, LIBOR will end late 2021
Regulatory timelines
6Interest Rate Benchmarks in Need of a Fix
Transition considerations
• Extremely short timelines. ECB has indicated that ESTER will go live in Q3 2019, leaving only one quarter for creating a liquid market and the transition before being compliant with the European Benchmark Regulation (BMR) on January 1, 2020
• Unfair level playing field. For UK and US banks the LIBOR transition deadline is end of 2021, two years after the (current) BMR deadline
• Extension period. Private sector working group of the ECB recommends to keep EONIA until the end of 2021
• Lack of term structure. ESTER, the alternative RFR for EONIA, is an overnight rate and does not provide a term structure
• Potential mismatch between funding and assets. Most complexity is expected during the transition period.
2016 2017 2018 2019 2020 2021
“Existing” benchmarks
30 June 2016Regulation entered into force
Legislative
process
1 January 2018Regulation applies
1 January 2020Transitional arrangements end
EU BMR compliant
“New” EU benchmarks
“Existing” EU benchmarks: Benchmarks created pre 1 January 2018“New” benchmarks: Benchmarks created post 1 January 2018
29 March 2019Brexit
End of 2021 onwardsFCA will not compel panel banks to contribute to LIBOR
April 2018• SOFR started publication by
NY Fed• Reformed SONIA published
by BoE
Sep 2017 onwards• Estimated finalised RTS published• Expected FCA’s CP on applications
Q3 2019Alternative RFR for EONIA and Euribor expected to begin publication
Expected period for applications
July 2017Andrew Bailey announces the FCA will not compel banks to contribute to LIBOR from end of 2021
1 April 2017• ESMA submits
final draft RTS
Regulation andtimelines
Extension period
2020-2021Private sector working group of the ECB recommends to keep EONIA until the end of 2021
Proposal to extend use of critical benchmarks
© 2019 Deloitte
Benchmark regulation will heavily impact benchmark contributors and users
Regulatory requirements
7Interest Rate Benchmarks in Need of a Fix
Effective from 1 January 2018, the EU Benchmark Regulation will impose new requirements for firms that are an administrator for, a contributor to, or a user of a wide range of interest rate, currency, securities and / or commodity indices and / or benchmarks.
The regulation aims to reduce the risk of manipulation of benchmarks by addressing conflicts of interest, governance controls and the use of discretion in the benchmark-setting process. Additionally, benchmarks will now require authorisation and registration by a National Competent Authority (NCA) to protect users and ensuring the integrity and reliability of published benchmarks.
Key implications
• EONIA, Euribor and LIBOR have been recognised as Critical Benchmarks by ESMA. ICE Benchmark Administration Ltd (the administrator of LIBOR) has been authorised as a EU Benchmark Administrator by the FCA in April 2018. EMMI seeks authorisation per January 1st, 2020.
• No financial instruments, financial contracts or measurements of the performance of an investment fund will be able to add a reference to the existing EU benchmark after 1 January 2020 unless administrator is authorised or registered.
• EONIA, Euribor and LIBOR do not currently comply with BMR. EMMI is looking to reform Euribor to be compliant, but will not reform EONIA.
• In September 2018, the industry-led working group announced ESTER as the RFR for the Euro area. The industry-led working group recommends a recalibration approach for the market transition from EONIA to ESTER. Under the recalibration approach, EONIA no longer relies on a banking panel as in the current methodology, but is calculated as a fixed spread over ESTER.
• Regulators are supportive of the efforts to reform Euribor to use a hybrid methodology. Analysis shows however, that volumes may still be insufficient.
• Article 2.2a allows Benchmarks administered by Central Banks such as ESTER, SONIA, TONA and SOFR (by the ECB, Bank of England, Bank of Japan and New York Federal Reserve respectively) to be exempt from the Regulation.
• Responsibility is now on users of EU benchmarks to check their administrator is authorised/registered under ESMA register.
Regulation andtimelines
© 2019 Deloitte
II. Market updates and recent developmentsEONIA, Euribor, fallbacks and transition
8Interest Rate Benchmarks in Need of a Fix
© 2019 Deloitte
II.1 Euribor transition
9Interest Rate Benchmarks in Need of a Fix
Cardano 10Interest Rate Benchmarks in Need of a Fix
Use of EURIBOR more diverse than EONIA
• EURIBOR heavily used in derivatives but also in loan market
• EONIA less used as reference but heavily used as discounting rate
in derivatives
Cardano 11Interest Rate Benchmarks in Need of a Fix
What are we talking about?
EURIBOR RELATED CONTRACTS
World GDP
EU GDP
Σ PFs NL
Cardano 12Interest Rate Benchmarks in Need of a Fix
What are we talking about?
All PF in NL
EURIBOR
contracts
PF KLM
Vliegend
Cardano 13Interest Rate Benchmarks in Need of a Fix
Retail mortgages linked to Euribor in periphery
Cardano 14Interest Rate Benchmarks in Need of a Fix
EURIBOR reform
• We need a new EURIBOR Hybrid EURIBOR
• Fallback rate for EURIBOR ESTER
• But, a fallback rate needs a term structure (the subject of
recent ECB consultation):
- Forward looking (defines rate for upcoming term)
- Backward looking (defines rate for past term)
Possibly different methodologies for different asset classes
• Good news: EURIBOR and EONIA are critical benchmarks
Cardano 15Interest Rate Benchmarks in Need of a Fix
EURIBOR reform: Hybrid EURIBOR
3- level Waterfall structure:
1. Transactions T-1
2. More transactions
3. Expert judgement
I think we need a fallback….
Waterfall
Cardano 16Interest Rate Benchmarks in Need of a Fix
Term structure in ESTER: forward looking
Forward looking
Futures
based
OIS transactions
based
OIS tradeable
quote based
OIS transactions &
quote based
OTC Overnight
Index Swap based
Sufficient transactions?
How to determine fixing?
Manipulation?
Sufficient transactions?
Model (and assumptions)
based
No history
Cardano 17Interest Rate Benchmarks in Need of a Fix
Sufficient transactions in OIS? Clearly not.
Preference ECB working group: OIS Quote Based method
Cardano 18Interest Rate Benchmarks in Need of a Fix
Term structure in ESTER: backward looking
Backward looking
Fixing in advance Fixing in arrears
Compounding Arithmetic mean Compounding Arithmetic mean
1 2
Fixing in advance1 rate is known before the accrual period starts:
𝑡0 𝑡1 𝑡2Rate determination Rate application
Settlement
Fixing in arrears2
observation period is the same as the accrual period:
𝑡0 𝑡1Rate determination = Rate application
Settlement
Derivatives markets prefer: Fixing in arrears, compounding
Backward looking
Fixing in arrears
Compounding
Cardano 19Interest Rate Benchmarks in Need of a Fix
EURIBOR reform scenarios
EURIBOR
reform
succes
Swaps started pre 1 Jan 2020 New swaps after 1 Jan 2020
New EURIBOR
same as existing
EURIBOR
No material impact; smooth transition
New EURIBOR
different from existing
EURIBOR
Transition required: existing
swaps refer to new EURIBOR
or alternative RFR
New swaps to refer to
new EURIBOR
or alternative RFR
EURIBOR
reform
fails
Existing non-BMR
compliant EURIBOR
continue quoted
No transition required:
Existing swaps refer to old
EURIBOR (force majeure) New swaps to refer
Alternative RFR
Existing EURIBOR
ceases to be
quoted (2yrs notice)
Transition required:
Existing swaps refer to new
RFR (after 2yrs at latest)
© 2019 Deloitte
II.2 EONIA to ESTER transition
20Interest Rate Benchmarks in Need of a Fix
Cardano 21Interest Rate Benchmarks in Need of a Fix
Transition from EONIA to ESTER
Design transition path from EONIA to ESTER
- Parallel run
- Contractual alternative
- Pure succession rate big bang EONIA to ESTER
- Recalibration: EONIA = ESTER + Spread
Recommendations of ECB working group (December 2018)
- EONIA = ESTER + Spread
Spread to be calculated: 12M period, 15% trimmed mean
- Transition period until end of 2021
- ESTER to replace EONIA in Credit Support Annex
So, before ultimo 2021 all references to EONIA must be gone
EONIA and ESTER side-by-side
Cardano 22Interest Rate Benchmarks in Need of a Fix
ESTER Spread
• Borrowing (ESTER) versus Lending rate (EONIA)
• ESTER based on wider range of transactions
• ESTER Spread c. 9bps
Cardano 23Interest Rate Benchmarks in Need of a Fix
Transition from EONIA to ESTER
How to create a liquid derivatives market based on ESTER
No counterparty risk in the curve cleared ESTER swaps
Market requires Supply and Demand
- Supply = Banks
Difficulties: FRTB (2021): use of internal models require data
based on history. ESTER has no history more capital required
to quote ESTER product
- Demand = Hedgers
Trigger for pension funds = DNB discount curve. What will DNB
decide on RTS?
Cardano 24Interest Rate Benchmarks in Need of a Fix
Transition from EURIBOR TO ESTER
Current contract: 30Y Fixed versus 6M EURIBOR
discounted at EONIA
Becomes: 30Y Fixed versus [EONIA + 30Y OIS Spread]
discounted at EONIA
Becomes: 30Y Fixed versus [(ESTER + 9) + 30Y OIS Spread]
discounted at (ESTER + 9)
New contracts: 30Y Fixed versus ESTER
discounted at ESTER
Cardano 25Interest Rate Benchmarks in Need of a Fix
Market standard after reform: ESTER discounted swaps
Initial Swap details: 30Y Fixed versus Floating
State Fixed rate Floating Rate CSA par 11
Interest Rate VM
Cash payment
Initial 1.50% 6M EURIBOR EONIA 0
After reform 1 1.50% ESTER + 9bp + OIS Spread ESTER + 9 0
After reform 2 1.51%* ESTER + 9bp + OIS Spread ESTER 0
After reform 3 1.50% ESTER + 9bp + OIS Spread ESTER PV(1bp)*
Alternative 1 not preferred because market standard will move to ESTER
discounted swaps. Two options remain:
- Adjust fixed rate in the swap, or
- Pay out difference in present value
* For illustration purposes only
Cardano 26Interest Rate Benchmarks in Need of a Fix
Fixing the OIS Spread
• OIS Spread might be (ISDA consultation December 2018):
– Spot spread at time of conversion
– Historical average
– Forward approach
• OIS Spread is volatile due to speculation
• Lessons from UK perspective:
Market reaction following Andrew Bailey speech July 2017
“I and my colleagues have therefore spoken to all the current panel banks about
agreeing voluntarily to sustain LIBOR for a four to five year period, i.e. until end-
2021.”
“Our intention is that, at the end of this period, it would no longer be necessary for
the FCA to persuade, or compel, banks to submit to LIBOR.”
“…we do not think markets can rely on LIBOR continuing to be available indefinitely.”
Outcome ISDA consultation
Cardano 27Interest Rate Benchmarks in Need of a Fix
Transition plan: lessons from the UK
LIBOR - SONIA spread (30y, 3m vs Sonia)
Source: Bloomberg
Andrew Bailey “future of
Libor speech”
Outcome ISDA
consultation
Cardano 28Interest Rate Benchmarks in Need of a Fix
Transition plan
EURIBOR – EONIA spread (30y, 3m vs EONIA)
Source: Bloomberg
Cardano 29Interest Rate Benchmarks in Need of a Fix
Transition plan
SONIA spread development
EONIA spread curve 4 February 19
EONIA spread curve Dec19
Cardano 30Interest Rate Benchmarks in Need of a Fix
Managing the OIS Spread (“X”)
• Mitigate exposure to X by simultaneously resetting ITM swaps
Reset:
• Receive (positive) MtM
• Enter into OIS swap: receive EURIBOR, pay ESTER + X
• If X decreases after fixing it in a new swap:
– The new ÒIS swap creates negative value;
– However, the received MtM would have been lower
WE NEED A LIQUID ESTER MARKET!
Cardano 31Interest Rate Benchmarks in Need of a Fix
Impact on solvency? PensioenPro 31 Jan 2019:
‘Uit de eerste berekeningen blijkt dat de hybride euribor 1 tot 5 basispunten lager ligt dan de huidige euribor. Hiermee kan de rts van DNB ook lager komen te liggen, waardoor de verplichtingen van pensioenfondsen toenemen.’
Als DNB besluit de hybride euribor over te nemen, zorgt dit er volgens NN IP voor dat de dekkingsgraad van een gemiddeld pensioenfonds (met 50% renteafdekking) 0,5%-punt daalt.
‘Ester ligt 20 basispunten lager dan de huidige zesmaands euribor. Als DNB ester zou overnemen in de rts, zou dit een daling van de dekkingsgraad betekenen van liefst 2%-punt.
© 2019 Deloitte
II.3 Transition scenarios
32Interest Rate Benchmarks in Need of a Fix
© 2019 Deloitte
not approved
Three scenarios given the uncertainty around the approval and adoption of the hybrid Euribor methodology
Hybrid methodology for Euribor
33Interest Rate Benchmarks in Need of a Fix
Hybrid Euribor methodology approved
by the Financial Services and Markets Authority (FSMA) as competent authority expected for Q2 2019
approved
Scenario 1: Hybrid Euribor (remains) widely adopted by market participants
• Possibly no adjustments to financial contracts referencing Euribor, but exact legal implications unclear.
• Term structure on ESTER might serve as fallback only
Scenario 2: Hybrid Euribor gains limited or no acceptance by market participants
• ESTER becomes the new benchmark including a term structure based on ESTER
Scenario 3: Both Euribor and EONIA will disappear
• ESTER becomes the new benchmark including a term structure based on ESTER
1
2
3
Step 1 - Approval Step 2 - Adoption
approved
© 2019 Deloitte
Mainly forward looking alternatives that are often dependent on the availability of sufficient liquidity and volumes
ECB working group term structure alternatives to RFR
34Interest Rate Benchmarks in Need of a Fix
• OIS transaction based methodology
• Fixing in advance
• Futures based methodology
• OIS quote based methodology
Term structure alternatives
Possible hybrid method
• Fixing in arrears
IBOR tenor (e.g. 3M)
3M * 1D (tenor) RFR realised
3M * 1D (tenor) RFR realised
3M OIS transactions
3M OIS quotes
3M futures
© 2019 Deloitte
Most ISDA definitions and market protocol alternatives are not present value neutral or increase additional complexity
ISDA term structure and credit spread adjustments to RFR
35Interest Rate Benchmarks in Need of a Fix
IBOR tenor (e.g. 3M)
3M * 1D (tenor) RFR realised
• Compounded setting in arears rate
• Compounded setting in advance rate
• Spot overnight rate
• Convexity-adjusted overnight rate
3M * 1D (tenor) RFR realised
• Forward approach
• Historical mean / median approach
• Spot spread approach
Full swap curve credit spread
Spot credit spread
Historical credit spreads per tenor
Term structure alternatives
Credit spread alternatives
1D RFR realised
1D RFR realised + convexity adjustment
Preferred by 90%of respondents
due to compatibility with OIS swap market and reflection of
daily interest rate movements during the
relevant period
Preferred by 67%of respondents
due to simplicity and resistance to
manipulation. Drawback is
potential value transfer in case
fallbacks are triggered
© 2019 Deloitte
III.4
Loan and swap scenario examples
36Interest Rate Benchmarks in Need of a Fix
© 2019 Deloitte
Interest rate landscape
Swap scenario
37Interest Rate Benchmarks in Need of a Fix
Loan
Swap
Coupon / forward curve
Coupon / forward curve
Discount curve
• Assumptions,a. Interbank collateral is assumed to be similar to CSA
collateral (hence bootstrapping curve is similar to collateral implied discount curve)
© 2019 Deloitte
Current situation
Swap scenario #0 – Legacy contracts
38Interest Rate Benchmarks in Need of a Fix
Coupon / forward curve
Coupon / forward curve
Discount curve
Hybrid 6M Euribor
ESTER
6M Euribor
EONIA
(Not BMR compliant)
6M Euribor
(Not BMR compliant)
Hybrid 6M Euribor
ESTER + spread
(ISDA Fallback)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
Loan
Swap
• Coupon of both loan and interest rate swap match, based on 6M Euribor • Discounting based on EONIA curve
(Not BMR compliant)
ESTER + fixed spread(Bilateral spread)
© 2019 Deloitte
Paradise, there is a liquid ESTER and BMR compliant Hybrid Euribor for new contracts, as of 31 December 2019
Swap scenario #1 – New contracts
39Interest Rate Benchmarks in Need of a Fix
Coupon / forward curve
Coupon / forward curve
Discount curve
Hybrid 6M Euribor
ESTER
Hybrid 6M Euribor
ESTER + spread
(ISDA Fallback)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
Loan
Swap
• Coupon of both loan and interest rate swap match, based on the revised hybrid 6M Euribor• Discounting based on ESTER curve
6M Euribor
EONIA
(Not BMR compliant)
6M Euribor
(Not BMR compliant)
(Not BMR compliant)
ESTER + fixed spread(Bilateral spread)
© 2019 Deloitte
Single curve discounting, hybrid Euribor gains limited or no acceptance by market participants
Swap scenario #2 – New contracts
40Interest Rate Benchmarks in Need of a Fix
Coupon / forward curve
Coupon / forward curve
Discount curve
Hybrid 6M Euribor
Hybrid 6M Euribor
ESTER + spread
(ISDA Fallback)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
Loan
Swap
• Coupon of both loan and interest rate swap match, based on a forward looking term structure for ESTER• Discounting based on ESTER curve
6M Euribor
EONIA
(Not BMR compliant)
6M Euribor
(Not BMR compliant)
(Not BMR compliant)
ESTERESTER + fixed
spread(Bilateral spread)
© 2019 Deloitte
Hybrid Euribor gains limited or no acceptance by market participants, so existing contracts also need to move away from Euribor to ESTER. Fixed spread on ESTER discounting to prevent direct value transfer
Swap scenario #3 – Legacy contracts
41Interest Rate Benchmarks in Need of a Fix
Coupon / forward curve
Coupon / forward curve
Discount curve
Hybrid 6M Euribor
Hybrid 6M Euribor
ESTER + spread
(ISDA Fallback)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
Loan
Swap
• Coupon of both loan and interest rate swap match, based on a forward looking term structure for ESTER• Discounting based on ESTER curve, plus a bilateral agreed spread to prevent value transfer
6M Euribor
EONIA
(Not BMR compliant)
6M Euribor
(Not BMR compliant)
(Not BMR compliant)
ESTERESTER + fixed
spread(Bilateral spread)
© 2019 Deloitte
No voluntary transition or agreement reached before ISDA fallback trigger is hit
Swap scenario #4 – Legacy contracts
42Interest Rate Benchmarks in Need of a Fix
Coupon / forward curve
Coupon / forward curve
Discount curve
Hybrid 6M Euribor
Hybrid 6M Euribor
ESTER + spread
(ISDA Fallback)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(ISDA Fallback)
ESTER + term structure
(Forward looking)
Loan
Swap
• Coupon of both loan and legacy swap do not necessarily match, as both have different fallbacks, creating a basis risk between the loan swap
• Discounting based on ESTER curve as fallback, plus ISDA determined spread to prevent value transfer
6M Euribor
EONIA
(Not BMR compliant)
6M Euribor
(Not BMR compliant)
(Not BMR compliant)
ESTER
ESTER + term structure
(Forward looking)
ESTER + fixed spread(Bilateral spread)
© 2019 Deloitte
III. IBOR transition programme outlineShaping and mobilising the IBOR Reform programme
43Interest Rate Benchmarks in Need of a Fix
© 2019 Deloitte
Key priorities and challenges for the IBOR transition
Transition impact
44Interest Rate Benchmarks in Need of a Fix
Achieve senior level understanding, support and sponsorship
Shape and mobilise their delivery programme
Complete the impact analysis
Stop the problem getting worse
Engage externally, monitor industry developments and the response of clients and competitors
• Convincing stakeholders of the scale and complexity of IBOR reform, and the need to understand the impacts now
• Engaging the right people across business divisions and geographies• Defining the role of the central / core programme team – ‘thick’ vs ‘thin’
• Establishing the scenarios and assumptions• Defining the scope, methodology, tooling and technology• Gathering and analysing the data needed to complete the assessment• Updating the impact analysis periodically
• Updating fallback provisions for new trades / contracts• Agreeing the timing of switching to products linked to Alternative Risk
Free Rates (ARFR)
• Lack of buy-side intent to move away from IBOR• Educating and managing customers• Understanding how the market is responding to conduct and competition
issues
IBOR transitionprogram outline
© 2019 Deloitte
Questions?
45Interest Rate Benchmarks in Need of a Fix
© 2019 Deloitte
Contact information
46Interest Rate Benchmarks in Need of a Fix
Sjoerd Kampen
Senior Manager
+31 (0)6 83 555 111
Bram de Rooij
Senior Consultant
+31 (0)6 53 846 931
Max Verheijen
Director Financial Markets
+31 10 2815 994 [email protected]
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.nl/about to learn more about our global network of member firms.
Deloitte provides audit & assurance, consulting, financial advisory, risk advisory, tax and related services to public and private clients spanning multiple industries. Deloitte serves four out of five Fortune Global 500® companies through a globally connected network of member firms in more than 150 countries and territories bringing world-class capabilities, insights and service to address clients’ most complex business challenges. To learn more about how Deloitte’s approximately 264,000 professionals make an impact that matters, please connect with us on Facebook, LinkedIn, or Twitter.
This communication contains general information only, and none of Deloitte Touche Tohmatsu Limited, its member firms, or their related entities (collectively, the “Deloitte network”) is, by means of this communication, rendering professional advice or services. Before making any decision or taking any action that may affect your finances or your business, you should consult a qualified professional adviser. No entity in the Deloitte network shall be responsible for any loss whatsoever sustained by any person who relies on this communication.
© 2019 Deloitte