World  Business and Economic Analysis 

Finding Common Ground

Patricia Duff, The Common Good

Editors’ Note

           

Duff founded The Common Good in New York in 2007. Immediately after graduating from college, Duff worked with the House Select Committee on Assassinations as Special Assistant to the Chief Counsel, Senior Researcher, and Public Information Officer. She then worked with former Presidential speech writer, John McLaughlin, to produce his live political talk radio show. She left to work for the re-election campaign of President Jimmy Carter at the Democratic National Committee and with presidential pollster Pat Caddell. Following her work on that campaign, she became a Vice President of Caddell’s firm and worked on many political statewide campaigns and corporate marketing campaigns until she was hired by Bob Squier to join the Squier-Eskew consulting firm as Vice President. Duff moved to Los Angeles in 1984 to work with the Gary Hart Presidential campaign. In the late 1980s, she started an entertainment industry-related non-partisan political organization called Show Coalition, which became an important element in the nexus between Washington politics and Hollywood, and the precursor to The Common Good.

Organization Brief

           

The Common Good (commongood.net; TCG) is a nonprofit, non-partisan organization that strives to inspire broad participation in democracy through the free exchange of ideas and civil dialogue, and seeks to find ways to bridge the growing divisions that threaten the nation. They are dedicated to finding common ground and, through forums and initiatives, encourage the civic engagement essential for a thriving democracy.

What are the key areas of focus and initiatives for The Common Good?

One of our core initiatives is to bring smart, accomplished people together with leaders across disciplines and party lines to discuss the hottest topics in public policy. It’s a way to be better informed, to meet some of our important leaders, and to be inspired to get more involved. It also reminds our leaders of the expectations of some of the nation’s citizens to have leaders who answer tough questions and remain accountable.

Hard, settled thinking or extreme views have caused enormous trouble throughout time. In a rapidly changing world, we need to be open to new ideas, and learn and adapt constantly – so smart thinking and reasoned debate are part of TCG’s DNA.

How do you evaluate the success of your efforts and are you able to put metrics in place that track impact?

Our political system has changed dramatically over the years, and not for the better, and we try to push back against that. Government, particularly Congress, isn’t functioning, and we can’t expect to continue to lead the world for long if our democracy doesn’t work. We cannot use political capital for short-term political advantage and continue to obstruct or refuse to work across the aisle to get the nation’s work done. We are a congressional system, not a parliamentarian one. This means factions and parties must be willing and prepared to work together. This is one of the big messages we carry to the leaders we meet with and to our audience.

Even a cursory look at how the U.S. compares to other nations on education, healthcare, infrastructure, etc, would show how U.S. leadership in these areas has slipped dramatically. Yet, most Americans still think we are superior in most regards. We really need to open our eyes.

What needs to be done to ensure that the best and brightest are attracted to public service?

A few things might help. For one, we could stop vilifying government and those who choose public service. We’re a democracy – government of and by the people. We need government. The government is a reflection of us. But we also need to make it better and more effective, and shake it up every once in a while.

On another note, we could look at how we have driven too much talent out of politics with “gotcha” tactics that may have wreaked more havoc than helped. Yes, the public may at times need to know about personal shortcomings like adultery, but should we effectively cripple governance by endless forays into personal lives and of the private lives of our leaders’ spouses and children? Our vetting system for appointees to government is ridiculously hobbled. Surely there are incredible leaders in business and other areas who would never put themselves or their families through the relentless examination by the press and public. This is our loss. With all of the challenges ahead, we need all of the talent we can muster.

In terms of the gridlock in Washington, what can be done to change the landscape?

We have to speak out loudly, and often against the rigid and extreme idea that “compromise” is a dirty word. Politics is often the art of the possible. In a sharply divided nation, with no strong mandate for a particular approach, finding a solid block of support for one side or the other may be impossible, but there is often plenty of room for a principled approach and being pragmatic enough to move forward, albeit imperfectly, if we can compromise.

Even with the toughest-to-tackle policies, with a bit more of a give-and-take approach, solutions to these big issues can be found.

The contrast between our crumbling infrastructure and that of other countries is striking. Are we going to wait until we’re really behind to make normal and needed investments? While we certainly need to watch for waste, the inability to move forward on some of these critical building projects errs to the other extreme. It’s gotten to the point that even debate and discussion of these things has been squelched.

The opportunities for women to lead in politics and business have grown substantially, but don’t they need to be accelerated?

I started working just when women were beginning to pour into the workforce. My skirts were long, I wore a little conservative blouse and twisted my hair up in a bun. But I watched happily as many of the barriers that I grew up with came down. There were so many amazing women who somehow managed to break through the proverbial glass ceiling to prove women can do it all – CEOs of major corporations, top lawmakers, athletes, entrepreneurs, scientists, and doctors.

Yet, women still have a long way to go. I am struck by how Europe has been ahead of the U.S. with women as heads of state. After World War II, American women were encouraged to leave the factories, go home, and have families. European women stayed in the workforce because of the loss of so many of their men. Their workplaces better accommodated families, and recognized the reality and importance of the family. Perhaps we should examine their experience in these areas to make it more attractive to women to go into and stay in the workforce.

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ICE Benchmark Administration (IBA) publishes position paper on the evolution and enhancement of ICE LIBOR (“LIBOR”)

       LONDON--(BUSINESS WIRE)-- Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced that ICE Benchmark Administration (“IBA”) has today published a Position Paper on the Evolution of ICE LIBOR.

Having taken over the administration of LIBOR in February 2014, IBA has already established rigorous oversight and surveillance mechanisms for LIBOR and the Paper sets out:

       
  •     IBA’s key findings so far on the administration of LIBOR;    
  •    
  •     A summary of recent improvements to the LIBOR administration process;     and    
  •    
  •     Proposals for consultation on further enhancements to the LIBOR     submission process.    

IBA welcomed the publication of the Financial Stability Board’s July 2014 report, “Reforming Major Interest Rate Benchmarks”, which created additional momentum for change and clearly signaled that LIBOR should be underpinned to the greatest extent possible with transaction data.

IBA now invites comments on proposed enhancements to elements of LIBOR:

       
  •     Setting a universal approach, with a more prescriptive calculation     methodology using pre-defined parameters that the LIBOR Oversight     Committee will keep under review    
  •    
  •     Expanding the universe of transactions to reflect changes in recent     years in activity in the interbank market    
  •    
  •     Ensuring that transaction-based submissions are used to the extent     possible and defining a waterfall methodology for use when there are     insufficient transactions to produce a reliable submission    
  •    
  •     Allowing transactions in all representative locations to be used by     submitters    
  •    
  •     Allowing all wholesale and professional entities to be regarded as     eligible counterparty types, recognizing that bank funding has changed     over the years    
  •    
  •     Widening the window for eligible transactions so that LIBOR is based     on as many transactions as possible    
  •    
  •     Creating robust analytical tools to solidify the methodology to     produce a matrix of eligible transaction sizes as well as minimum     aggregated volume for each currency and tenor    
  •    
  •     Defining the role of qualitative methods: expert judgment should only     have a place as a fall-back of last resort    

Finbarr Hutcheson, President of IBA, said: “LIBOR provides the financial markets with a common language, enabling banks around the world to do business with each other and creditors to enter into long term contracts with confidence. Today represents a significant step forward in the LIBOR journey. At IBA, we are seeking to make LIBOR ever more robust by creating a methodology that can keep pace with today’s fast moving markets. We believe that IBA’s approach to evolving benchmarks will benefit LIBOR’s many and diverse stakeholders.”

IBA is seeking feedback on its proposals from all LIBOR stakeholders. Comments should be submitted to IBA by Friday, 19th December, 2014. https://www.theice.com/publicdocs/ICE_LIBOR_Position_Paper.pdf

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures and Liffe.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, New York Stock Exchange and LIFFE. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at www.intercontinentalexchange.com/terms-of-use

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 14, 2014.

About ICE Benchmark Administration Limited

ICE Benchmark Administration Limited (IBA) is a UK company based in London. It was established for the sole purpose of administering benchmarks and is now a wholly-owned subsidiary of the Intercontinental Exchange group (ICE). The Wheatley Review concluded that there should be statutory regulation around LIBOR. Both administering LIBOR and making submissions to LIBOR became regulated activities from April 2013. LIBOR is the first benchmark to be regulated. As the new administrator for LIBOR, IBA became authorised and regulated by the FCA in February 2014. In August 2014 IBA became administrator for ISDAFIX, the leading global benchmark for interest rate swaps.

About LIBOR

LIBOR has global significance. It is referenced by an estimated US$ 350 trillion of outstanding business in maturities ranging from overnight to more than 30 years. LIBOR indicates the interest rate that banks pay when they borrow from each other on an unsecured basis. It is fundamental to the operation of both UK and international financial markets, including markets in interest rate derivatives contracts. LIBOR is used to determine payments made under credit products and derivatives by a wide range of counterparties including small businesses, large financial institutions and public authorities. LIBOR is published every UK business day for five currencies: US Dollars; Pounds Sterling; Euros; Japanese Yen; and Swiss Francs. Each currency has seven maturities ranging from Overnight to 12 Months. The banks’ submissions are ranked for each maturity in each currency and then the highest 25% and lowest 25% of submissions are excluded. The remaining contributions are arithmetically averaged to create the final LIBOR rates which IBA then publishes and distributes to data vendors.

SOURCE: Intercontinental Exchange

ICE-CORP

 

Source: Intercontinental Exchange

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ICE Benchmark Administration (IBA) publishes position paper on the evolution and enhancement of ICE LIBOR (“LIBOR”)

       LONDON--(BUSINESS WIRE)-- Intercontinental Exchange (NYSE: ICE), the leading global network of exchanges and clearing houses, announced that ICE Benchmark Administration (“IBA”) has today published a Position Paper on the Evolution of ICE LIBOR.

Having taken over the administration of LIBOR in February 2014, IBA has already established rigorous oversight and surveillance mechanisms for LIBOR and the Paper sets out:

       
  •     IBA’s key findings so far on the administration of LIBOR;    
  •    
  •     A summary of recent improvements to the LIBOR administration process;     and    
  •    
  •     Proposals for consultation on further enhancements to the LIBOR     submission process.    

IBA welcomed the publication of the Financial Stability Board’s July 2014 report, “Reforming Major Interest Rate Benchmarks”, which created additional momentum for change and clearly signaled that LIBOR should be underpinned to the greatest extent possible with transaction data.

IBA now invites comments on proposed enhancements to elements of LIBOR:

       
  •     Setting a universal approach, with a more prescriptive calculation     methodology using pre-defined parameters that the LIBOR Oversight     Committee will keep under review    
  •    
  •     Expanding the universe of transactions to reflect changes in recent     years in activity in the interbank market    
  •    
  •     Ensuring that transaction-based submissions are used to the extent     possible and defining a waterfall methodology for use when there are     insufficient transactions to produce a reliable submission    
  •    
  •     Allowing transactions in all representative locations to be used by     submitters    
  •    
  •     Allowing all wholesale and professional entities to be regarded as     eligible counterparty types, recognizing that bank funding has changed     over the years    
  •    
  •     Widening the window for eligible transactions so that LIBOR is based     on as many transactions as possible    
  •    
  •     Creating robust analytical tools to solidify the methodology to     produce a matrix of eligible transaction sizes as well as minimum     aggregated volume for each currency and tenor    
  •    
  •     Defining the role of qualitative methods: expert judgment should only     have a place as a fall-back of last resort    

Finbarr Hutcheson, President of IBA, said: “LIBOR provides the financial markets with a common language, enabling banks around the world to do business with each other and creditors to enter into long term contracts with confidence. Today represents a significant step forward in the LIBOR journey. At IBA, we are seeking to make LIBOR ever more robust by creating a methodology that can keep pace with today’s fast moving markets. We believe that IBA’s approach to evolving benchmarks will benefit LIBOR’s many and diverse stakeholders.”

IBA is seeking feedback on its proposals from all LIBOR stakeholders. Comments should be submitted to IBA by Friday, 19th December, 2014. https://www.theice.com/publicdocs/ICE_LIBOR_Position_Paper.pdf

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is the leading network of regulated exchanges and clearing houses for financial and commodity markets. ICE delivers transparent, reliable and accessible data, technology and risk management services to markets around the world through its portfolio of exchanges, including the New York Stock Exchange, ICE Futures and Liffe.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE, New York Stock Exchange and LIFFE. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located at www.intercontinentalexchange.com/terms-of-use

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 - Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2013, as filed with the SEC on February 14, 2014.

About ICE Benchmark Administration Limited

ICE Benchmark Administration Limited (IBA) is a UK company based in London. It was established for the sole purpose of administering benchmarks and is now a wholly-owned subsidiary of the Intercontinental Exchange group (ICE). The Wheatley Review concluded that there should be statutory regulation around LIBOR. Both administering LIBOR and making submissions to LIBOR became regulated activities from April 2013. LIBOR is the first benchmark to be regulated. As the new administrator for LIBOR, IBA became authorised and regulated by the FCA in February 2014. In August 2014 IBA became administrator for ISDAFIX, the leading global benchmark for interest rate swaps.

About LIBOR

LIBOR has global significance. It is referenced by an estimated US$ 350 trillion of outstanding business in maturities ranging from overnight to more than 30 years. LIBOR indicates the interest rate that banks pay when they borrow from each other on an unsecured basis. It is fundamental to the operation of both UK and international financial markets, including markets in interest rate derivatives contracts. LIBOR is used to determine payments made under credit products and derivatives by a wide range of counterparties including small businesses, large financial institutions and public authorities. LIBOR is published every UK business day for five currencies: US Dollars; Pounds Sterling; Euros; Japanese Yen; and Swiss Francs. Each currency has seven maturities ranging from Overnight to 12 Months. The banks’ submissions are ranked for each maturity in each currency and then the highest 25% and lowest 25% of submissions are excluded. The remaining contributions are arithmetically averaged to create the final LIBOR rates which IBA then publishes and distributes to data vendors.

SOURCE: Intercontinental Exchange

ICE-CORP

 

Source: Intercontinental Exchange

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