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 US Department of the Treasury (the Treasury), with the assistance of the Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York, conducts a mandatory benchmark survey every five years. ...more
Summary - After pausing last month in its ongoing series of rate increases, the Federal Reserve Board today bumped up its benchmark interest rate, the fed funds rate, by .25% to a range of 5.25% to 5.50%—a 22-year high....more
On December 16, 2022, the Board of Governors of the Federal Reserve System (the “Board”) adopted a final rule (the “Final Rule”) to implement the Adjustable Interest Rate (LIBOR) Act (the “LIBOR Act”). The Final Rule follows...more
The Federal Reserve has adopted a final rule that provides benchmark replacement rates based on SOFR (Secured Overnight Financing Rate) for contracts governed by U.S. law that reference the overnight and one-, three-, six-,...more
The Federal Reserve Board issued a final rule last week that establishes default rules for benchmark replacements in certain contracts that use the London Interbank Offered Rate (LIBOR) as a reference rate. LIBOR will be...more
Market Overview - Q2 2022 - Downturn in Credit Markets: In its continued effort to combat rising inflation, the Federal Reserve Bank raised its benchmark interest rate in each of March, May, June and July of this year by...more
Headlines - ..New Federal Guidance Issued on Customer Due Diligence and Risk Management ..Fed Proposes Rule to Mandate LIBOR-Replacement Benchmark Rates in Contracts ..CFPB Clarifies Permissible Purposes for Furnishing,...more
On July 19, the Federal Reserve issued a notice of proposed rulemaking (“NPR”) that would implement the Federal LIBOR Act. The NPR focuses primarily on identifying the particular version of SOFR that will apply to legacy...more
Why I’m bothering to write about SOFR transition at this point is a bit of a mystery. Hasn’t this topic now finally exhausted both our energy and interest? Oh, and a European war is being fought as I write which, to say the...more
The Great Index Reformation is coming. (I note in passing that the last Reformation led to the 100 Years War…just saying.) This is a massive change to our market that did not bubble up from the great unwashed on the...more
In our October 2019 alert, we advised that LIBOR (London Interbank Offered Rate) will not be available for use as an interest rate index after December 31, 2021 (the LIBOR Cessation). As the end of 2021 approaches, here is...more
On April 6, 2021, New York Governor Andrew Cuomo signed into law the New York State Legislature’s Senate Bill 297B/Assembly Bill 164B (the New York LIBOR Legislation), strengthening the groundwork for the forthcoming...more
On November 30, 2020, the ICE Benchmark Administration Limited (commonly referred to as “ICE”) announced its plan to extend the date that most U.S. LIBOR values would cease being computed and announced from December 31, 2021...more
Publication of U.S. dollar (USD) LIBOR rates used in many financial instruments may continue longer than expected. On November 30, 2020, ICE Benchmark Administration (IBA), the administrator of LIBOR, released a statement...more
The Intercontinental Exchange (ICE) Benchmark Administration (IBA), which is the administrator of the London Interbank Offered Rate (Libor), announced on Nov. 30, 2020, that it will consult in early December on its intention...more
The Board of Governors of the Federal Reserve System and the Federal Reserve Bank of New York convened the Alternative Reference Rates Committee (ARRC) in 2014 to develop an alternative rate and conversion methodology for the...more
On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”) agreed to align itself with the International Swaps and Derivatives Association, Inc. (“ISDA”), in recommending to the market a “spread adjustment”...more
On March 6, 2020, the Alternative Rate Reference Committee (ARRC), the Federal Reserve’s LIBOR-transition working group comprised of private-sector entities and industry regulators, released its New York State legislative...more
Federal Reserve Chairman Jerome Powell gave a speech on Tuesday, October 8, that touched upon recent events in the repo market. We discuss below certain aspects of this speech in the context of the market discussion regarding...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
With over $370 trillion of global financial contracts referencing LIBOR (London Inter-bank Offered Rate), many oil and gas companies are curious about how the phase-out of LIBOR by 2021 could impact their organization. Many...more
LIBOR (or the London Inter-bank Offered Rate), the most widely utilized reference rate for financial transactions in the world, will cease to be quoted at the end of 2021. A mind-boggling $200 trillion in LIBOR-based...more
In August 2019, the U.S. Department of the Treasury (Treasury) and the Federal Reserve Bank of New York (FRBNY) will conduct a benchmark survey of foreign residents’ holdings of U.S. issuers’ securities. The information will...more
Big Euro (and global) financial news emerging on Tuesday, as European officials rather surprisingly nominated current IMF chief Christine Lagarde to succeed Mario Draghi as European Central Bank president....more