Cornerstone Research Experts in Focus: Andrea Eisfeldt
Videocast: Asset management regulation in 2020 videocast series – Regulators step up pressure to implement LIBOR transition plans
Podcast: CFTC Issues LIBOR Transition Relief for Swaps
Podcast: Credit Funds: Replacing LIBOR – Steps To Consider Taking Now
Wayward Financial Institutions Facing Increasingly Stricter Punishment
Weekly Brief: New DOJ Tact Pushes Bank Subsidiaries To Admit Guilt
Weekly Brief: Will RBS Plead Guilty In LIBOR Scandal?
Corporate Law Report: U.S. Manufacturing, Social Media, Online Endorsements, Hart Scott Rodino, More
Weekly Brief: Lawyers Advised To Accept New Reality
Jonathan Armstrong on Global Regulatory Cooperation
1. Repos in the Islamic market - In our article titled "Repos in Islamic Finance"1 we concluded that Shari'ah-compliant repurchase transactions ("Repos") could play a useful role as a liquidity management instrument to...more
31 July - ESG: The European Commission adopted a Commission Delegated Regulation, setting out the first set of European Sustainability Reporting Standards (“ESRS”), together with a Q&A (see press release). The ESRS specify...more
On July 29, 2021, the Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve formally announced and recommended1 CME Group’s forwardlooking Term Secured Overnight Financing Rate (“Term SOFR”) rates.2 Important...more
This is an update to a previous post. This update highlights the formal endorsement of Term SOFR by the ARRC, expands the discussion to include Ameribor and dives more deeply into the issues associated with Term SOFR swaps...more
Wednesday, the ARRC announced (HERE) the expectation to endorse CME’s Term SOFR in late July or early August. One of the bigger pieces to this announcement is the announcement that U.S. regulators will also permit Term SOFR...more
Based upon the records of the New York Fed and the Federal Reserve Economic Data (FRED) of the St. Louis Fed, the level of reverse repo activity on June 17th -18th reached unprecedented levels. It was previously reported...more
It was previously reported that there were significant repurchase agreement (repo) disruptions with consequent disruptions in the Secured Overnight Financing Rate (SOFR). Explained - During the market turmoil...more
On March 3, the U.S. Securities and Exchange Commission announced its examination priorities for 2021, providing a much-anticipated glimpse into the Biden administration's overall priorities for white collar criminal...more
UK ring-fencing and proprietary trading independent reviews: Terms of Reference - HM Treasury has published the Terms of Reference for the upcoming statutory reviews of the ring-fencing regime legislation and banks'...more
In order to deal with the tremendous recent market disruptions and related liquidity needs, the Federal Reserve System, through the Federal Reserve Bank of New York (New York Fed), on March 12 offered $500 billion in 3-month...more
Last week, most observers focused on the more than 11% drop in the stock market due to public health and related supply concerns. In response, the Federal Reserve made an aggressive 50 basis point interest rate cut on March...more
Fed Liquidity – Recent Actual Infusions (1Q 2020) - Week of February 3rd - As recently reported, during the week of February 3rd, the New York Fed infused, through the repo market, an aggregate of $112.3 billion with...more
Previous Repos - In the last Client Alert, it was reported that the New York Fed recently infused approximately $220 billion into the banking system – $70 billion of overnight repos and $150 billion in term repos....more
In another sign of progress, the Federal Deposit Insurance Corporation (FDIC) proposed easing a rule that requires banks to put cash aside to safeguard derivatives trades among affiliates. The proposal would remove the...more
U.S. Financial Industry Developments - ISDA, AFME, ICMA, SIFMA and SIFMA AMG Publish Global Benchmark Report - The International Swaps and Derivatives Association (ISDA), the Association of Financial Markets in Europe...more
On April 3, the New York Federal Reserve Bank began publishing the Secured Overnight Financing Rate (SOFR), a daily, broad Treasury repo financing rate that the bank’s Alternative Reference Rate Committee (ARRC) recommended...more