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LMA Publish Recommended Form of Reference Rate Selection Agreement

On June 4, 2021, the Loan Market Association (LMA) published a recommended form of its reference rate selection agreement (the Selection Agreement), which has been updated following market feedback. The Selection Agreement...more

FCA Consults on Use of New LIBOR Transition Powers

On May 20, 2021, the UK Financial Conduct Authority (FCA) published a consultation on its proposed policy framework for exercising two of its new powers under the Benchmarks Regulation, as introduced by the UK Financial...more

Mark the Date: Important Announcements by IBA, FCA and ISDA

March 5, 2021 marks an important day in the LIBOR transition process as the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and ISDA made important announcements on the cessation of LIBOR. In recent...more

GBP Working Group publishes Q&A and Best Practice Guide

As the end of Q1 2021 draws closer, the Working Group on Sterling Risk-Free Reference Rates (the Working Group) published a Q&A that aims to address the end-Q1 milestone for no new GBP LIBOR lending and a best practice guide...more

3/2/2021  /  Banking Sector , Libor , Working Groups

A Market Divided: EURIBOR Consultation Shows a Divide Among Market Participants

On November 20, 2020, the working group on euro risk-free rates (the Euro Working Group) published two consultations on fallback rates to EURIBOR. Market participants were invited to provide their views on the potential...more

2/24/2021  /  EU , EURIBOR , ISDA , Working Groups

UK HM Treasury Consults on Safe Harbor Rules for Legacy LIBOR Contracts

On February 15, 2021, the UK Treasury published a consultation paper on potential legal ‘safe harbor’ rules for legacy LIBOR-referencing contracts which have been amended by the Financial Conduct Authority (the FCA) under the...more

European Union’s Legislative Fix for the Cessation of LIBOR

On February 13, 2021, the European Union’s (EU) amendments to the Benchmarks Regulation (2016/1011) (the Amended BMR) came into force, which provides a legislative fix for the cessation of LIBOR in legacy contracts. The...more

2/16/2021  /  Benchmarks , EU , Financial Markets , Libor

LMA Publishes RFR Facility Documentation

On January 28, 2021, the UK Loan Market Association (LMA) published exposure drafts of two multicurrency term and revolving facilities agreements which incorporate, among others, backward-looking compounded risk-free rates...more

Key Date Reminder: ISDA’s IBOR Fallbacks Goes Live

ISDA’s IBOR Fallbacks Supplement and Protocol came into effect today. These fallbacks, will be incorporated with immediate effect into all new derivatives contracts which incorporate the 2006 ISDA Definitions, and in all...more

Roadmap to the End of LIBOR – Where Are You?

With the end of LIBOR in sight, on January 11, 2021 the Bank of England, FCA and Working Group on Sterling Risk-Free Reference Rates (the Working Group) published a joint statement on the final countdown to the ceasing of...more

UK Working Group Publishes Paper on Credit Adjustment Spread Methodologies

With the end of LIBOR drawing closer, the FCA, Bank of England and the Working Group on Sterling Risk-Free Reference Rates (the Working Group) are encouraging market participants to actively transition from referencing LIBOR...more

1/15/2021  /  Banking Sector , Borrowers , ISDA , Lenders , UK

Key Date Reminder: Go-live of ISDA’s IBOR Fallbacks Supplement and Protocol

Following years of consultations, ISDA published its long-awaited IBOR Fallbacks Supplement to the 2006 ISDA Definitions (the Supplement) and Protocol on October 23, 2020. The Supplement and Protocol provide a standardized...more

UK Loan Market Association Publishes New and Updated LIBOR Transition Documentation

On November 23, 2020, the Loan Market Association (the “LMA”) announced the publication of several new and revised documents, with the purpose of helping market participants incorporate appropriate transition mechanisms into...more

11/30/2020  /  Libor , Loan Market Association , Loans , UK

ICE Benchmark Administration and UK FCA Announce LIBOR Endgame Consultations

On November 18, 2020, the LIBOR administrator ICE Benchmark Administration (IBA) announced that they will consult on their intention to cease publication of GBP, EUR, CHF and JPY LIBOR settings across all tenors. Their...more

“Leave the World Behind” - ISDA Publishes 2020 IBOR Fallbacks Supplement and Protocol

On October 23, 2020, ISDA published its long-awaited IBOR Fallbacks Supplement to the 2006 ISDA Definitions (the Supplement) and Protocol. The publication is a result of years of consultations with regulators and market...more

UK Financial Services Bill: Amendments to the Benchmarks Regulation to support LIBOR transition

On October 21, 2020, the UK Government introduced the Financial Services Bill (the Bill) to Parliament. The Bill is seen as a vital step towards ensuring the UK’s continued status as a global finance hub in the post-Brexit...more

ISDA Announce Launch Date and Effective Date for IBOR Supplement and Protocol

Following the DOJ’s favourable business review letter published on October 1, 2020, on October 9, 2020 ISDA released a statement from its Board of Directors in relation to the IBOR Fallbacks Supplement and Protocol. In it,...more

U.S. Department of Justice Issues Favourable Business Review Letter to ISDA’s IBOR Supplement and Protocol

On October 1, 2020, the U.S. Department of Justice’s (DOJ) Antitrust Division announced that it had completed its review of ISDA’s proposed amendments to its standard documentation to deal with IBOR discontinuation (by way of...more

Impact of the COVID-19 Pandemic on Derivatives Transactions

The emergence of the novel coronavirus (COVID-19) as a pandemic has caused global stock markets to plummet, and has seen countries around the world take measures to try to stop its spread, including the imposition of travel...more

Preparing for a No-Deal Brexit: Update on Current State of Play

With the exit date of 29 March 2019 fast approaching and the UK government currently looking to renegotiate certain terms of its EU withdrawal agreement, there is no certainty that the UK and the EU will reach an agreement,...more

Update on LIBOR Reforms and ISDA Documentation

In September 2018, the International Swaps and Derivatives Association (ISDA) published the ISDA Benchmarks Supplement as a response to the EU Benchmarks Regulation (BMR), which regulates the use of benchmarks....more

2/28/2019  /  Benchmarks , Derivatives , ISDA , Libor , Swaps , UK
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