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Podcast: CFTC Issues LIBOR Transition Relief for Swaps
LIBOR (London Interbank Offered Rate) is a set of interest rate benchmarks based on the rates at which banks are willing to borrow wholesale-unsecured funds. It is used in numerous financial instruments such as loans,...more
On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”) agreed to align itself with the International Swaps and Derivatives Association, Inc. (“ISDA”), in recommending to the market a “spread adjustment”...more
The reference rate provided by selected panel banks to the LIBOR administrator, ICE Benchmark Administration (IBA) and that is used to establish interest rates on many loans, notes, bonds and other financings, derivatives,...more
The Bank of England, U.K. Prudential Regulation Authority, U.K. Financial Conduct Authority and the Working Group on Sterling Risk-Free Reference Rates have published a set of documents outlining priorities and milestones for...more
The International Swaps and Derivatives Association has published a letter in which it responds to the Financial Stability Board's November 15, 2019 letter on pre-cessation triggers. The co-Chairs of the FSB's Official Sector...more
On 27 July 2017, the chief executive of the Financial Conduct Authority, Andrew Bailey, announced that the London Interbank Offered Rate (LIBOR) may not continue to be available after 2021. Since this announcement, a number...more
The staffs of the Securities and Exchange Commission’s Division of Corporation Finance, Division of Investment Management (IM Division), Division of Trading and Markets, and Office of Chief Accountant (collectively, Staff) on...more
SOFR – the secured overnight funding rate in USD – is a rate published by the New York federal reserve based upon secured overnight transactions in the repo market. It is of increasing importance, since it has been regarded...more
In 2012, the Wheatley Review recommended reform rather than replacement of LIBOR, on the basis that a transition to a new benchmark would pose an unacceptably high risk of financial instability. Reform came in the form of a...more
With over $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization. Many...more
On May 16, the International Swaps and Derivatives Association, Inc. (“ISDA”) published two consultations in connection with the potential discontinuation of certain interbank offered rates (“IBORs”), seeking input on (i) the...more
• The International Swaps and Derivatives Association Inc. (ISDA) is soliciting market feedback on methodology for determining fallback to the Secured Overnight Financing Rate (SOFR) upon U.S. Dollar Libor (USD Libor)...more
BMR continues to develop its impact in the different industry sectors that rely on benchmarks, e.g., derivatives, capital markets, banking, etc., as well domestic regulations. In this article, we do not look at a particular...more
Six months have now passed since publication of the Dechert OnPoint, LIBOR – Where Are We Now?, and in that period progress on benchmark reform and the development of alternative risk-free-rates (RFRs) has gathered pace. At a...more
A practical guide to the cessation of LIBOR and the transition to a new replacement benchmark rate. Unquestionably, the London Inter-Bank Offered Rate ("LIBOR") is an integral part of nearly every type of financial product...more
In July 2017, the CEO of the U.K. Financial Conduct Authority (FCA), Andrew Bailey, announced that the FCA will discontinue the London interbank offered rate (LIBOR) at the end of 2021. LIBOR is an interest rate index that is...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on US-EU equivalence of certain OTC derivative rules; the FCA asset management...more
As you may know, on July 27, 2017 the UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey announced that market participants should not rely on the London Interbank Offered Rate (LIBOR) being available after...more
A compact summary of the most recent regulatory developments relevant to the UK asset management industry. This issue includes details on ESMA's updated Q&As on the Benchmark Regulation and European Commission delegated...more
Plans to end the long reign of the London Interbank Offered Rate (LIBOR) as one of the world's most often-used interest rate benchmarks have recently been confirmed by several top financial regulators. On July 27, 2017,...more
At the annual Mansion House speech to the City on Wednesday, 10 June, Bank of England (BoE) Governor Mark Carney announced an end to “the age of irresponsibility”. Shortly before the Mansion House speeches began, the...more