News & Analysis as of

Libor Banking Sector

LIBOR Phase Out: Important Considerations for Negotiating Loan Documents

On July 27, 2017, the United Kingdom Financial Conduct Authority announced, without specifying a replacement, that it would phase-out the London Interbank Offer Rate (LIBOR) by the end of 2021. LIBOR, a rate measured by...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

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

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

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

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

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

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

UK Financial Conduct Authority Outlines its Policy for Compelling Banks to Contribute to LIBOR

by Shearman & Sterling LLP on

The U.K. Financial Conduct Authority has published a policy statement explaining the methodology the FCA would expect to use if it needed to compel banks to contribute to LIBOR (the London Interbank Offered Rate). LIBOR,...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

New Fed chair Jay Powell made his first official appearance before Congress in that capacity, relaying to the House Financial Services Committee yesterday that he viewed the country’s economic outlook as improved since...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

Analysis of the Fed’s January meeting minutes shows Fed officials suggesting that robust economic growth has created the right conditions for higher interest rates....more

Are you prepared for the future of LIBOR?

by Hellmuth & Johnson PLLC on

The Financial Conduct Authority (“FCA”) in the UK has announced that it will no longer require banks to submit London Interbank Offered Rate (“LIBOR”) quotes after 2021. This change requires careful review and action for...more

LIBOR Phaseout: What Happened and What's Next?

by Baker Donelson on

The Financial Conduct Authority (FCA) of the United Kingdom plans to phase out the London Interbank Offered Rate (LIBOR) by the end of 2021. LIBOR is the benchmark rate that many banks use to set interest rates in loan...more

The Future of Libor Implications for the Loan Market

by Shearman & Sterling LLP on

The London Interbank Offered Rate (ICE LIBOR, often referred to colloquially as Libor) is an important interest rate benchmark. It is currently set with reference to the rate at which certain large and financially sound Libor...more

The Future of LIBOR

A London seminar considers what may become of the long-time benchmark interest rate as it faces possible obsolescence—and what might take its place. Although the 2021 deadline, after which LIBOR will not be supported by...more

Financial Markets Disputes and Regulatory Update - January 2018 - What can we learn from the second half of 2017

by Dentons on

Court decisions/impacts - Cases which consider the construction and use of standard form financial agreements almost always deserve reading. Most notable in this category is the judgment of the Court of Appeal in Dexia v....more

Financial Regulatory Developments Focus - January 2018

by Shearman & Sterling LLP on

In this week's newsletter, we provide a snapshot of the principal US, European and global financial regulatory developments of interest to banks, investment firms, broker-dealers, market infrastructure providers, asset...more

Replacing LIBOR in Derivatives Agreements

In July 2017, the CEO of the U.K. Financial Conduct Authority (FCA), Andrew Bailey, announced that the FCA will discontinue the London interbank offered rate (LIBOR) at the end of 2021. LIBOR is an interest rate index that is...more

Federal Reserve Board announces Three New Reference Rates for Overnight Repo Transactions

by Shearman & Sterling LLP on

The Board of Governors of the Federal Reserve System announced final plans for the production of three new reference rates regarding overnight repurchase transactions of Treasury Securities. The rates will be produced by the...more

Your Daily Dose of Financial News

by Robins Kaplan LLP on

US regulators have given passing grades to the living wills for all 8 major US banks, a reversal from the April 2016 determination that 5 of the 8 had deficiencies in their bailout-prevention plans....more

Life After LIBOR

by Morrison & Foerster LLP on

After a long and at times scandalous life, LIBOR is retiring. Earlier this year, Andrew Bailey, chief executive officer of the United Kingdom’s Financial Conduct Authority (FCA), the regulator of the London Interbank Offered...more

What now for LIBOR in finance documents?

by Dentons on

Andrew Bailey, chief executive of the FCA, announced on 27 July 2017 that the FCA would no longer use its influence or legal powers to persuade or compel LIBOR panel banks to continue making LIBOR submissions after 2021. This...more

LIBOR Benchmark Confirmed until 2021

by Shearman & Sterling LLP on

The Financial Conduct Authority has confirmed that the 20 panel banks for the LIBOR benchmark have agreed to support LIBOR until at least 2021. The announcement follows the statement by the FCA's Chief Executive, Andrew...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

82 Results
|
View per page
Page: of 4
Cybersecurity

"My best business intelligence,
in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:
Sign up using*

Already signed up? Log in here

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.