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Benchmarks Interest Rates International Swaps and Derivatives Association

Cadwalader, Wickersham & Taft LLP

FCA Seeks Feedback on ‘Synthetic’ USD LIBOR

On November 23, the UK’s Financial Conduct Authority (“FCA”) released its further consultation to require the administrator of LIBOR to publish a synthetic version of 1-, 3-, and 6-month U.S. dollar LIBOR settings for a...more

Holland & Knight LLP

Libor Steaming Toward June 2023 Transition

Holland & Knight LLP on

The U.S. dollar London Interbank Offered Rate (Libor) publication is scheduled to end by June 30, 2023. With roughly nine months to go as of this writing, parties still have time to make modifications to existing debt...more

Morgan Lewis

New York Enacts Legislative ‘Fix’ for Legacy LIBOR Contracts Governed by NY Law; Will a Federal Fix Be Next?

Morgan Lewis on

The State of New York has enacted a new law that should ease the transition away from US dollar LIBOR for legacy financial contracts that are governed by New York law but do not contain modern benchmark fallback provisions. ...more

K&L Gates LLP

The End is Nigh-Bor For Good Old LIBOR: Important Transition Dates as New York Legislative Fix Becomes Law

K&L Gates LLP on

This is an update on recent events in the cessation of the London Inter-bank Offered Rate (LIBOR): InterContinental Benchmark Exchange (ICE), the organization that administers and announces LIBOR, and the United Kingdom’s...more

Latham & Watkins LLP

FCA Confirms Dates for Cessation of LIBOR Benchmarks

Latham & Watkins LLP on

On 5 March 2021, the UK’s Financial Conduct Authority (FCA) formally announced the dates for the cessation of all London Interbank Offered Rate (LIBOR) benchmark settings currently published by ICE Benchmark Administration...more

Kramer Levin Naftalis & Frankel LLP

The End of LIBOR

On March 5, 2021, the ICE Benchmark Administration (IBA), UK Financial Conduct Authority (FCA) and International Swaps and Derivatives Association (ISDA) made important announcements regarding the timelines of the cessations...more

Eversheds Sutherland (US) LLP

FCA announcement triggers LIBOR endgame

On 5 March 2021, the UK Financial Conduct Authority (FCA) and the administrator of LIBOR, ICE Benchmark Administration (IBA) each made important announcements for parties to instruments or other contracts referencing LIBOR. ...more

Lowndes

ARRC and ISDA Cement the Long-Anticipated Shift Away from USD LIBOR

Lowndes on

On Friday, the end-date for the long-anticipated shift away from USD LIBOR was finally cemented, and this morning, the Alternative Reference Rates Committee (ARRC) confirmed that a “Benchmark Transition Event” has occurred...more

Adler Pollock & Sheehan P.C.

The LIBOR Phase-Out: What Borrowers Should Know Now

The London Interbank Offered Rate (“LIBOR”) is a benchmark interest rate index used in setting the interest rate for many variable-rate loans and other financial obligations. LIBOR is currently set to be phased out in...more

Latham & Watkins LLP

Using the ISDA IBOR Fallbacks Supplement in Finance-Linked Hedging Transactions

Latham & Watkins LLP on

While a welcome development for parties to derivatives transactions generally, the launch of ISDA’s robust benchmark fallbacks may not be the most appropriate solution for IBOR cessation in finance-linked hedging transactions...more

Dechert LLP

Dechert on LIBOR – A New Year Special

Dechert LLP on

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

Dechert LLP

Dechert on LIBOR - A New Year Special

Dechert LLP on

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

Orrick, Herrington & Sutcliffe LLP

USD LIBOR Transition Update: December 31, 2021 June 30, 2023!

Homestretch to December 31, 2021, and the end of LIBOR? Not so fast. All the relevant regulators and other authorities clearly indicated for some time that USD LIBOR would no longer be available after December 31, 2021,...more

Skadden, Arps, Slate, Meagher & Flom LLP

ISDA Publishes Supplement and Protocol for Transition From IBOR to Alternative Benchmark Rates

On October 23, 2020, the International Swaps and Derivatives Association (ISDA) published its long-awaited IBOR Fallbacks Supplement (Supplement) and IBOR Fallbacks Protocol (Protocol), marking a major milestone in the effort...more

Holland & Knight LLP

A Closer Look at ISDA's New 2020 IBOR Fallbacks Protocol and Amendments to 2006 Definitions

Holland & Knight LLP on

The International Swaps and Derivatives Association Inc. (ISDA) has published its long-awaited 2020 IBOR Fallbacks Protocol (the Protocol) and related Amendments to the 2006 ISDA Definitions (the Amendments). These documents,...more

Latham & Watkins LLP

ISDA Gearing up to Launch IBOR Fallbacks Protocol

Latham & Watkins LLP on

Regulators and industry groups strongly encourage market participants to adopt ISDA’s much-anticipated IBOR Fallbacks Protocol and Definitions Supplement. The International Swaps and Derivatives Association (ISDA) has...more

A&O Shearman

Revised ISDA 2006 Definitions Implementing Pre-Cessation Fallbacks Expected in July 2020

A&O Shearman on

The International Swaps and Derivatives Association has published a summary, prepared by the Brattle group, of the responses to the ISDA 2020 consultation on how to implement pre-cessation fallbacks in derivatives....more

Moore & Van Allen PLLC

Never Waste a Crisis: How Coronavirus May Help Shape the LIBOR Transition

Moore & Van Allen PLLC on

The transition away from LIBOR was born from the financial crisis. For years regulators have been pushing for an alternative to the dominant market benchmark. The underlying market was illiquid. The rate was set by opinion,...more

Orrick, Herrington & Sutcliffe LLP

The LIBOR Transition – What a Legacy!: Legislative Solutions/ Constitutional Law Considerations

As noted in our Financial Industry Alert published on January 17, 2020, one of the most daunting challenges for the forthcoming transition from LIBOR to an alternative reference rate has to be the impact of the prospective...more

A&O Shearman

International Securities and Derivatives Association Publishes FAQs on IBOR Fallback Rate Adjustments

A&O Shearman on

The International Securities and Derivatives Association has published a set of Frequently Asked Questions on Interbank Offered Rate Fallback Rate adjustments. The FAQs are part of ISDA's preparations for the sweeping changes...more

Dechert LLP

Quick Note: The ARRC Spread Adjustment Consultation

Dechert LLP on

The ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR is finally here. How the spread adjustment from LIBOR to a SOFR index will be calculated is one of the more...more

Eversheds Sutherland (US) LLP

The heat is on - Regulators step up pressure to implement LIBOR transition plans

Regulators are increasing pressure on financial institutions to demonstrate that they are proactively addressing the transition away from LIBOR.  On December 23, 2019, the New York State Department of Financial Services...more

McGuireWoods LLP

Update on Benchmarks Reform in Derivatives

McGuireWoods LLP on

On 27 July 2017, the chief executive of the Financial Conduct Authority, Andrew Bailey, announced that the London Interbank Offered Rate (LIBOR) may not continue to be available after 2021. Since this announcement, a number...more

Williams Mullen

Goodbye LIBOR - Hello Operational Headache!

Williams Mullen on

A sea of change is on the horizon for benchmark interest rates as financial regulators respond to the need to replace the London Interbank Offered Rate (“LIBOR”). LIBOR has lost the favor and, in some respects, the trust of...more

White & Case LLP

LIBOR and the transition to SONIA: compounding the problem?

White & Case LLP on

In 2012, the Wheatley Review recommended reform rather than replacement of LIBOR, on the basis that a transition to a new benchmark would pose an unacceptably high risk of financial instability. Reform came in the form of a...more

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