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Benchmarks Libor

LIBOR Replacement Plans Bring Regulatory Considerations for Derivatives

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

Preparing for the End of LIBOR

by Barley Snyder on

The U.K. Financial Conduct Authority has stated it intends to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. LIBOR is used regularly as an interest rate index in variable rate loans, and is the...more

The End of an Accrual Period? Replacing LIBOR Benchmark Rate

by King & Spalding on

The U.K. Financial Conduct Authority (the “FCA”) announced on July 27, 2017 that it expects to eliminate the London Interbank Offered Rate (commonly known as “LIBOR”) as a benchmark rate by 2021. No hard deadline has been...more

LIBOR Set for Elimination in 2021

by Stinson Leonard Street on

The London Interbank Offered Rate (LIBOR), the interest rate tied to trillions of dollars in loans and other financial products, will be eliminated by the end of 2021. British regulators announced the timeline on Thursday,...more

FCA announces end to LIBOR in 2021: what next for loan contracts?

by Dentons on

On 27 July 2017, Andrew Bailey, the CEO of the Financial Conduct Authority (FCA), announced in a speech at Bloomberg that LIBOR is to be phased out by 2021. This note considers what might replace LIBOR, and how this...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The DOJ is dismissing charges against former JPMorgan employees allegedly mixed up in the London Whale trading scandal that cost JPM more than $6 billion....more

New Broad Treasuries Repo Rate “Best Practice” Benchmark

by Bryan Cave on

On June 22, the Alternative Reference Rates Committee (the “ARRC”) identified a broad Treasuries repo financing rate (the “Broad Treasuries Financing Rate”) that, according to the ARRC, in its consensus view represents best...more

Setting the New Benchmark: EU Regulation on Financial Benchmarks

by Morrison & Foerster LLP on

Background - The integrity of benchmarks used in financial transactions has been the subject of increasing focus from regulators since the investigations into manipulation of the setting of LIBOR, EURIBOR and other...more

Second Review of Implementation of the International Principles for Financial Benchmarks

by Shearman & Sterling LLP on

The International Organization of Securities Commissions published its Second Review of the Implementation of IOSCO's Principles for Financial Benchmarks by Administrators of the Euro Inter-Bank Offer Rate, the London...more

IBA feeds back on LIBOR evolution

by Dentons on

IBA has published a feedback statement to its summer update on the evolution of ICE LIBOR (see FReD 7 August). Views received on the update suggest that benchmark submitters should transmit eligible transaction data to IBA,...more

The New EU Benchmark Regulation

by DLA Piper on

There has been increased pressure on the EU to restore confidence in the integrity and accuracy of benchmarks following the LIBOR and EURIBOR market-rigging scandals. Multi-million Euro fines have already been levied against...more

UK Regulators Address Manipulation of Trading Benchmarks and Other Misconduct

Concluding a year-long review, UK regulators issued the final report of the Fair and Effective Markets Review Committee last week, making a number of recommendations intended to restore confidence in the trading markets for...more

Benchmarks: Agreement Reached on ECON Committee

On March 31, the European Parliament’s Committee on Economic and Monetary Affairs (ECON) adopted its report on benchmarks. Key issues include: The Economic and Monetary Affairs Committee backed a draft EU law to make the...more

Financial Services Regulation: Exchange International Newsletter - Issue 25 - February 2015

by DLA Piper on

DLA Piper’s Financial Services International Regulatory team welcomes you to the twenty-fifth edition of ‘Exchange – International’ – an international newsletter designed to keep you informed of regulatory developments in the...more

FCA to Regulate Seven Additional Financial Benchmarks

On December 22, 2014, the UK Financial Conduct Authority (FCA) issued a consultation paper with respect to extending the FCA’s regulation of the London Interbank Offered Rate (LIBOR) benchmark to seven additional major...more

Reviews into LIBOR, EURIBOR and TIBOR

On July 22, the International Organisation of Securities Commissions (IOSCO) published a Web page on its review of the implementation of IOSCO’s principles for financial benchmarks by administrators of the London Interbank...more

European Commission Proposes Measures to Restore Confidence in Benchmarks

by McDermott Will & Emery on

On 18 September 2013, the European Commission (the Commission) published a draft proposal for a regulation on indices used as benchmarks in financial instruments and financial contracts (the Regulation). The Regulation will...more

European Authorities Propose to Take Control of Libor from London

On June 6, the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA) published their final report setting out principles for benchmark-setting processes in the EU (ESMA/2013/659)....more

IOSCO Consultation Report on Financial Benchmarks

by Morrison & Foerster LLP on

Background - As we have previously reported, a Task Force of the International Organization of Securities Commissions (“IOSCO”) published a consultation on financial benchmarks on 11 January 2013 in response, in part,...more

Ticking Time Bomb: Private LIBOR Litigation

by Michael Volkov on

One by one global banks are being ensnared in the LIBOR prosecution net. Late last year UBS, the Swiss banking giant, entered into a massive settlement in which it agreed to pay approximately $1.5 billion in fines and...more

FSA Consults on Regulation of Benchmarks

by Katten Muchin Rosenman LLP on

On December 5, the UK Financial Services Authority (FSA) announced a consultation on its new regulatory framework for financial benchmarks – CP12/36 The Regulation and Supervision of Benchmarks. This follows on from the work...more

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