News & Analysis as of

Libor

The Delta Report: On the end of LIBOR: preliminary reflections on its implications for derivatives

by White & Case LLP on

Background and how the London Interbank Offered Rate ("LIBOR") works - The financial crisis brought considerable changes to the entire financial regulatory environment and the way many financial instruments, especially...more

CrunchedCredit.com’s 8th Annual Golden Turkey Awards

by Dechert LLP on

As we look back each November to bestow the year’s crop of Golden Turkeys to the silliest and most annoying instances of regulatory overreach, legislative inanity, governmental misfeasance or the mere idiotic behavior of...more

The End of LIBOR

by Miller & Martin PLLC on

Being a constant follower of overnight bank rates, I am fascinated with commentary regarding the end of LIBOR. LIBOR has not been around since the beginning of time, but only since January 1, 1986. So, being technically...more

UK Financial Conduct Authority Decision to Ban Ex-Libor Trader Hayes Delayed Pending Criminal Review

by Shearman & Sterling LLP on

The Financial Conduct Authority has announced that it has decided to prohibit former trader Tom Hayes from performing any function relating to any regulated activity in the financial services industry. The FCA stated that Mr....more

Court Declines to Revisit Reversal of LIBOR Convictions

The Second Circuit has denied the government’s request for rehearing en banc in United States v. Allen, et al. (16-cr-98). In July, a panel of the Court (Cabranes, Pooler, Lynch) vacated the convictions of Anthony Allen and...more

Specific Issues for Consideration by Banks, Financial Advisors and 501(c)(3) Organizations arising from the Proposed Tax Cuts and...

by Miles & Stockbridge P.C. on

Some of the potential impacts of the proposed Tax Cuts and Jobs Act (the “Act”), as currently drafted and described in our prior alert are summarized below for consideration. Draw-down bonds with an outstanding amount to...more

Business Litigation Report - October 2017

October 2017: Second Circuit Immunity Decision Upends Cross-Border Criminal Investigations - The Second Circuit Court of Appeals’ recent decision in United States v. Allen, --- F.3d ----, 2017 WL 3040201 (2d Cir. July 19,...more

October 2017: Second Circuit Immunity Decision Upends Cross-Border Criminal Investigations

The Second Circuit Court of Appeals’ recent decision in United States v. Allen, --- F.3d ----, 2017 WL 3040201 (2d Cir. July 19, 2017) (slip opinion available at https://goo.gl/FkfwNN), which holds that U.S. courts must give...more

The Phasing Out of LIBOR: Initial Reaction and Preparation

by Foley & Lardner LLP on

1. Background: Elimination of LIBOR by 2021 - As has been widely publicized, on July 27, 2017, the U.K. Financial Conduct Authority announced that LIBOR (London Interbank Offered Rate) the longtime global interest rate...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The Journal gives us a revealing long look at the true meaning behind a Morningstar investment star ranking and finds that the coveted 5-star overall rating translated into a 5-year performance worthy of that designation just...more

The Potential Demise of LIBOR

by Reed Smith on

The potential demise of LIBOR hit the headlines in July when the CEO of the UK’s Financial Conduct Authority (FCA) announced that the rate is no longer tenable (based on a lack of transaction based data) and that the FCA will...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

HSBC’s making good on its plans to shift to a focus on Asia by naming John Flint—who spent his first 14 years at the bank in Asia—as its new CEO. Flint will take over from Stuart Gulliver in February....more

The Practical Effects of LIBOR’s Phase Out

Trillions of dollars’ worth of financial documents use the London Interbank Offered Rate, or LIBOR, to set the interest rate of a transaction. The ICE Benchmark Administration currently maintains a reference for LIBOR by...more

Planning For The End of LIBOR

by Holland & Knight LLP on

By 2021, it is likely that LIBOR will no longer exist, and even more likely that it will no longer be the leading global benchmark interest rate. This news comes from the U.K. Financial Conduct Authority’s (FCA) announcement...more

FCA Announces Discontinuation of LIBOR

by Hogan Lovells on

As you may know, on July 27, 2017 the UK's Financial Conduct Authority (FCA) chief executive Andrew Bailey announced that market participants should not rely on the London Interbank Offered Rate (LIBOR) being available after...more

Corporate and Financial Weekly Digest - Volume XII, Issue 37

SEC/CORPORATE - SEC and Division of Corporation Finance Issue New Pay Ratio Disclosure Guidance - On September 21, the Securities and Exchange Commission (SEC) issued an interpretive release (available here) regarding...more

The Transition Away From USD LIBOR for Swaps - A Report for U.S. Market Participants

by Moore & Van Allen PLLC on

With the Financial Conduct Authority (the “FCA”) announcing in July 2017, essentially, its intent to no longer persuade or compel panel banks to make LIBOR submissions by the end of 2021, the future of LIBOR, and its role in...more

Structured Thoughts: News for the financial services community, Volume 8, Issue 7

LIBOR: The End Game - Since the announcement on July 27, 2017 by the UK Financial Conduct Authority (the FCA) that the LIBOR rate would be phased out after 2021, much has been written about the complications of switching...more

Orrick's Financial Industry Week In Review

Agencies to Propose Amending CRA Regulations to Conform to HMDA Regulation Changes, and Remove References to the Neighborhood Stabilization Program - On September 13, 2017, the Board of Governors of the Federal Reserve...more

Lights Out for LIBOR by 2021

by Ropes & Gray LLP on

Questions regarding the sustainability and desirability of the London Interbank Offered Rate (LIBOR) have prompted the UK Financial Conduct Authority (FCA) to urge the phasing out of LIBOR and a transition to alternative...more

Agreements to agree and obligations to renegotiate: what can you rely on?

by Dentons on

At the contract formation stage, leaving key issues for future negotiation may mean you only have an agreement to agree rather than an enforceable commitment. But what is the position if you include in the agreement an...more

The likely replacement for Libor may be just as prone to abuse

by WilmerHale on

Following the investigations into alleged manipulation of the London Interbank Offered Rate (Libor), in July the head of the Financial Conduct Authority (FCA), Andrew Bailey, announced plans to abandon this “unsustainable”...more

The DOJ is the Latest to Learn that Redactions Aren’t as Straightforward as You Think: eDiscovery Best Practices

by CloudNine on

I keep thinking that all attorneys, especially those in large corporations, large law firms and federal agencies, understand best practices associated with performing redactions.  Once again, I find that is evidently not the...more

Federal Reserve Board Publishes Request for Comment on LIBOR Alternatives

On August 30, 2017, the Federal Reserve Board published in the Federal Register its request for comment on proposed plans for the Federal Reserve Bank of New York and the Office of Financial Research to publish three new...more

The Transition Away from LIBOR

by Bryan Cave on

LIBOR, or the London Interbank Offered Rate, is a benchmark utilized in a variety of financial transactions (including the setting of interest rates in credit agreements). It was intended to be an average of the rates at...more

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