Although July 3 was the first business day on which no USD LIBOR was published, many financial instruments will not reset until the next reset date, based upon the tenor of each instruments’ underlying benchmark, which could...more
Nearly 14 years ago, guidance was provided by federal regulators to facilitate commercial real estate loan work-outs.
Rather than ‘extend & pretend,’ regulators had encouraged, and are encouraging, banks to work with...more
Subject to appeal, ICE Benchmark Administration Limited (IBA) will be required to publish synthetic USD LIBOR beginning on July 1 so as to reduce any market disruption and maintain the orderliness of the financial system....more
Last year, the United Kingdom Financial Conduct Authority (UK FCA) announced the following: -
‘Zombie’ USD LIBOR for proposed use from July 1, 2023, through September 30, 2024, except for cleared derivatives -
1-Month and...more
On September 29, 2021, the UK Financial Conduct Authority (UK FCA) proposed that synthetic LIBOR rates (i.e. ‘Zombie’ LIBOR) be published next year for certain currencies, for a maximum of ten (10) years. In addition, it also...more
Everything you need to know to be prepared for the LIBOR-SOFR transition.
What to Know -
It had been recommended that the US Dollar (USD) London Interbank Offered Rate (LIBOR) be replaced by the Secured Overnight...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
12/30/2019
/ Banking Sector ,
CFTC ,
Enforcement Actions ,
Federal Reserve ,
FOMC ,
Interest Rates ,
Libor ,
Liquidity ,
Market Manipulation ,
Secured Overnight Funding Rate (SOFR) ,
Swaps
The following is based upon the Fixed Income Market Structure Advisory Committee Panel meeting held on Monday, November 5 entitled ‘LIBOR Transition Update and SOFR Volatility,’ and related statements from the Federal Reserve...more