News & Analysis as of

Libor

US Treasury Counselor to the Secretary Craig Phillips Discusses Regulatory Reform

by Shearman & Sterling LLP on

U.S. Treasury Counselor to the Secretary, Craig Phillips, spoke at the International Swaps and Derivatives Association’s 33rd annual general meeting regarding regulatory policies of relevance to ISDA members. Mr. Phillips...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

The latest from the Redstone/CBS dispute, with news late yesterday that even as Shari Redstone is “moving to block CBS Corp.’s efforts to strip her family of voting control”, a Delaware judge has temporarily blocked her from...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Commerce Department data released yesterday showed strong across-the-board consumer spending in April, a nominally good sign but one that pushed bond yields higher and sent most equities lower for the day, snapping an 8-day...more

ICE LIBOR Administrator Sets Out Transition Plan for New Submission Methodology

by Shearman & Sterling LLP on

ICE Benchmark Administration, the administrator of the LIBOR benchmark, has published a report setting out how it proposes to transition panel banks to the new “Waterfall Methodology” outlined in its ICE LIBOR Output...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Some analysis of last week’s jobs report, including thoughts on why a sub-4% unemployment rate poses a problem for a Fed still set on a slow and steady rate hike plan....more

Federal Reserve Board Publishes SOFR as a Replacement for LIBOR

The Federal Reserve Board ("FRB") began publishing the Secured Overnight Financing Rate ("SOFR") in April. This rate was developed to be a more reliable benchmark than LIBOR, which lost credibility a few years ago when it was...more

LIBOR Replacement Begins Publication

On April 3, the New York Federal Reserve Bank began publishing the Secured Overnight Financing Rate (SOFR), a daily, broad Treasury repo financing rate that the bank’s Alternative Reference Rate Committee (ARRC) recommended...more

LIBOR Evolution: The Shift to the Waterfall Methodology

On Wednesday, April 25th, Intercontinental Exchange, Inc. announced that ICE Benchmark Administration Limited published a new LIBOR report on its website, “ICE LIBOR Evolution.” The report touches on LIBOR rates today,...more

How FinTech Could Reboot LIBOR

by Polsinelli on

Part One of this two part E-alert looked at the challenges facing London Inter-Bank Offered Rate (LIBOR) LIBOR and how the syndicated loan market is dealing with the potential non-availability of these rates. Part two...more

How the Syndicated Loan Market is Dealing with the Potential Replacement of LIBOR

by Polsinelli on

The May 2008 disclosure of the manipulation of London Inter-Bank Offered Rate (LIBOR),in what has become known as the ‘LIBOR Scandal’; resulted in regulators for the United States, the United Kingdom and the European Union...more

LIBOR Discontinuance Update - What You Should Know

by Seyfarth Shaw LLP on

As you likely know by now, in July 2017 the U.K.’s Financial Conduct Authority announced that LIBOR will be phased out by 2021. ...more

New York Fed’s New Benchmarks May Provide Further Guidance on LIBOR Phase-Out

by Ropes & Gray LLP on

As reported in a previous alert, the UK Financial Conduct Authority (FCA) announced on July 27, 2017 that, by 2021, it intends to replace the London Interbank Offered Rate (LIBOR), the key benchmark rate underlying hundreds...more

Financial Services 2017 Year-End Report

by BakerHostetler on

Welcome to the 2017 Year-End Report from our financial services industry team. We are pleased to share our analysis of some of the key developments in the financial services industry in 2017 and our expectations for...more

Transitioning Away from LIBOR: What Is Coming and What Can We Do Now?

by Moore & Van Allen PLLC on

The potential transition away from LIBOR has raised significant concerns in the financial markets, including whether LIBOR will end in 2021, what may replace it, what fallback language should be included in contracts in the...more

NY Fed now publishing LIBOR alternative index rate

by Ballard Spahr LLP on

Creditors currently using the London Inter-Bank Offered Rate (LIBOR) as the index for variable-rate consumer loans should note that the Federal Reserve Bank of New York is now publishing a new index named the Secured...more

More Fun with LIBOR

by Dechert LLP on

Geeking out, I just finished reading the second report from the Alternate Reference Rates Committee that was just published jointly by the Financial Stability Board (FSB) and the Financial Stability Oversight Council (FSOC)...more

European Money Markets Institute Consults on Hybrid Methodology for Euribor

by Shearman & Sterling LLP on

The European Money Markets Institute has published a consultation paper seeking views from stakeholders on a hybrid determination methodology for the Euro Interbank Offered Rate (Euribor). EMMI is the administrator for...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Some analysis of Friday’s less-than-booming jobs report – NYTimes and Bloomberg And a look at Fed Chair Powell’s first major remarks on the state of the economy and the potential effects a trade war would have on the Fed’s...more

Financial Services Quarterly Report - First Quarter 2018: LIBOR – Where Are We Now?

by Dechert LLP on

Discussion of LIBOR was catapulted back into the spotlight last summer when Andrew Bailey, Chief Executive of the UK’s Financial Conduct Authority (FCA), gave a speech1 on the reference rate’s future. The key take-away was...more

Financial Services Weekly News - April 2018

by Goodwin on

Editor's Note - Treasury Issues Recommendations to Modernize the Community Reinvestment Act. On April 3, the U.S. Department of the Treasury released a report containing its recommendations for modernizing the Community...more

Regulation Round Up - March 2018

by Proskauer Rose LLP on

1 March - The Financial Conduct Authority ("FCA") published general insurance value measures data in relation to 36 insurers (including both UK and EEA firms) for the year ending 31 August 2017. The data is aimed at...more

Post LIBOR, The New York Fed Introduces the Treasury Repo Reference Rates

by Miles & Stockbridge P.C. on

On April 3, 2018, in preparation for the discontinuation of the London Interbank Offered Rate (LIBOR; for background on the discontinuation of LIBOR, see our prior blog post), the Federal Reserve Bank of New York (“Reserve...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

A day of massive lows (opening bell) and impressive rallies (with the dow up 230 by the end of the day) marked a wild Wednesday on Wall Street....more

LIBOR Replacement to Begin Publication

The Alternative Reference Rate Committee (ARRC) of the New York Federal Reserve Bank announced that the Secured Overnight Financing Rate (SOFR), a broad Treasury repo financing rate that is the ARRC’s recommended alternative...more

English Court of Appeal Decision in Significant Test Case: Property Alliance Group v Royal Bank of Scotland

On 2 March 2018, the Court of Appeal handed down its highly-anticipated judgment in Property Alliance Group (“PAG”) v Royal Bank of Scotland (“RBS”), dismissing all of PAG’s grounds of appeal and overturning a finding of...more

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