Construction Webinar Series: Construction Contractors: Considerations in Subcontracting Plans and OFCCP Compliance
Carrie Penman on Helpline Data Since the Pandemic
Podcast: CFTC Issues LIBOR Transition Relief for Swaps
The U.K. Financial Conduct Authority's new rules permitting legacy use of certain synthetic sterling and yen LIBOR settings enter into force today. The FCA has published its final notice confirming that ICE Benchmark...more
The end of March has welcomed Spring, and this year it marks a new era for the financial markets, particularly for loans and financial products which would usually use Sterling LIBOR as the benchmark for calculation of...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
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
SIFMA hosted a briefing on July 15 at which presenters from the NY Fed, FCA, ARRC, Wells Fargo, Freddie Mac, Fannie Mae and SIFMA discussed the progress that has been made thus far in preparing for the transition from LIBOR...more
Following the announcement that LIBOR is to be replaced, the process of finding a suitable replacement is proving troublesome. Financial Institutions will no longer be required by the FCA to provide LIBOR rates after...more
While we are waiting on the LMA's Working Sub-Group on Transition Issues in Syndicated Loan Markets to produce draft provisions dealing with the transition to SONIA, their US counterpart, the Alternative Reference Rates...more
With LMA guidance being issued, LIBOR transition continues, but there is still a long way to go. Work continues on the transition to risk-free rates, but progress is slow—FCA publishes timetable and milestones. ...more
The Bank of England has confirmed that it has implemented its reforms to the SONIA interest rate benchmark. SONIA, the Sterling Overnight Interbank Average Rate, which has been administered since April 2016 by the BoE, is the...more
The Financial Conduct Authority (FCA) of the United Kingdom plans to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. LIBOR is the benchmark rate that many banks use to set interest rates in loan...more
The London Interbank Offered Rate (ICE LIBOR, often referred to colloquially as Libor) is an important interest rate benchmark. It is currently set with reference to the rate at which certain large and financially sound Libor...more
A London seminar considers what may become of the long-time benchmark interest rate as it faces possible obsolescence—and what might take its place. Although the 2021 deadline, after which LIBOR will not be supported by...more
After a long and at times scandalous life, LIBOR is retiring. Earlier this year, Andrew Bailey, chief executive officer of the United Kingdom’s Financial Conduct Authority (FCA), the regulator of the London Interbank Offered...more
The Financial Conduct Authority has confirmed that the 20 panel banks for the LIBOR benchmark have agreed to support LIBOR until at least 2021. The announcement follows the statement by the FCA's Chief Executive, Andrew...more
The Bank of England has announced the implementation date for the reformed Sterling Overnight Index Average Interest Rate Benchmark, known as SONIA. The BoE took over as administrator of SONIA on April 25, 2016. SONIA is...more
By 2021, it is likely that LIBOR will no longer exist, and even more likely that it will no longer be the leading global benchmark interest rate. This news comes from the U.K. Financial Conduct Authority’s (FCA) announcement...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
Following the investigations into alleged manipulation of the London Interbank Offered Rate (Libor), in July the head of the Financial Conduct Authority (FCA), Andrew Bailey, announced plans to abandon this “unsustainable”...more
In the wake of multiple criminal and regulatory investigations into alleged manipulation of the London Interbank Offered Rate (“LIBOR”), Andrew Bailey, Chief Executive of the UK Financial Conduct Authority (“FCA”) has...more