An update from the Dechert LIBOR taskforce - On July 29, 2021, the Alternative Reference Rates Committee (the “ARRC”) formally recommended the forward-looking term rates based on the secured overnight financing rate (“SOFR”)...more
On Friday, 5 March 2021, the Financial Conduct Authority (FCA) announced that all 35 LIBOR benchmark settings as currently published by ICE Benchmark Administration (IBA), the administrator of LIBOR, will either cease to be...more
2020 was a busy year for global benchmark transition, and the coronavirus pandemic did little to slow the pace. The end of 2020 saw an unexpected development that caused the market to pause – the potential delay of the...more
On October 9, 2020, ISDA announced that on October 23, 2020 it will launch (1) the IBOR Fallbacks Supplement (Supplement) to the 2006 ISDA Definitions (Definitions) and (2) the ISDA 2020 IBOR Fallbacks Protocol (Protocol)....more
10/15/2020
/ Antitrust Division ,
Department of Justice (DOJ) ,
Derivatives ,
Financial Conduct Authority (FCA) ,
IBOR Fallbacks Supplement (Supplement) ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
ISDA 2020 IBOR Fallbacks Protocol (Protocol) ,
Libor ,
Risk Free Rates (RFRs)
The LIBOR transition plods onward. Last Wednesday, the Alternative Reference Rates Committee (ARRC) announced its recommended spread adjustment methodology for cash products referencing LIBOR. Regulators around the world...more
It is time to start originating Single Asset Single Borrower (SASB) large loans priced on SOFR. There, I said it. Not just LIBOR indexed loans containing a SOFR fall back when LIBOR inevitably goes away, but new loans indexed...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
9/25/2019
/ Adjustable Rate Financial Products ,
Alternative Reference Rates Committee (ARRC) ,
Banks ,
Benchmarks ,
Broker-Dealer ,
Contract Amendments ,
Contract Terms ,
Derivatives ,
Division of Corporate Finance ,
Division of Investment Management ,
Division of Trading and Markets ,
FASB ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Agencies ,
IASB ,
ICE Benchmark Administration (IBA) ,
Insurance Industry ,
Interest Rates ,
Investment Adviser ,
Investment Companies ,
Libor ,
Market Participants ,
Modification ,
Policies and Procedures ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Transitional Arrangements