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Libor Liquidity

White & Case LLP

Repos in Islamic Finance – 2

White & Case LLP on

1. Repos in the Islamic market - In our article titled "Repos in Islamic Finance"1 we concluded that Shari'ah-compliant repurchase transactions ("Repos") could play a useful role as a liquidity management instrument to...more

Proskauer Rose LLP

Regulation Round Up - July 2023

Proskauer Rose LLP on

31 July - ESG: The European Commission adopted a Commission Delegated Regulation, setting out the first set of European Sustainability Reporting Standards (“ESRS”), together with a Q&A (see press release). The ESRS specify...more

Moore & Van Allen PLLC

The Future Dominant Reference Rate of the Loan Market: Will There Be One Rate to Rule Them All?

Moore & Van Allen PLLC on

On July 29, 2021, the Alternative Reference Rates Committee (“ARRC”) of the Federal Reserve formally announced and recommended1 CME Group’s forwardlooking Term Secured Overnight Financing Rate (“Term SOFR”) rates.2 Important...more

Moore & Van Allen PLLC

UPDATED: Term SOFR vs BSBY vs Ameribor in the Loan Market

This is an update to a previous post. This update highlights the formal endorsement of Term SOFR by the ARRC, expands the discussion to include Ameribor and dives more deeply into the issues associated with Term SOFR swaps...more

Moore & Van Allen PLLC

Term SOFR vs BSBY in the Loan Market

Moore & Van Allen PLLC on

Wednesday, the ARRC announced (HERE) the expectation to endorse CME’s Term SOFR in late July or early August. One of the bigger pieces to this announcement is the announcement that U.S. regulators will also permit Term SOFR...more

ArentFox Schiff

Repo Market Disruptions: In Reverse (Part II)

ArentFox Schiff on

Based upon the records of the New York Fed and the Federal Reserve Economic Data (FRED) of the St. Louis Fed, the level of reverse repo activity on June 17th -18th reached unprecedented levels. It was previously reported...more

ArentFox Schiff

Repo Market Disruptions: In Reverse

ArentFox Schiff on

It was previously reported that there were significant repurchase agreement (repo) disruptions with consequent disruptions in the Secured Overnight Financing Rate (SOFR). Explained - During the market turmoil...more

Lowenstein Sandler LLP

Translating SEC Exam Priorities Into Compliance Action Items

Lowenstein Sandler LLP on

On March 3, the U.S. Securities and Exchange Commission announced its examination priorities for 2021, providing a much-anticipated glimpse into the Biden administration's overall priorities for white collar criminal...more

Hogan Lovells

Banking and finance regulatory news, February 2021 # 2

Hogan Lovells on

UK ring-fencing and proprietary trading independent reviews: Terms of Reference - HM Treasury has published the Terms of Reference for the upcoming statutory reviews of the ring-fencing regime legislation and banks'...more

ArentFox Schiff

The End of LIBOR: Crucial Liquidity Measures by the Federal Reserve System

ArentFox Schiff on

In order to deal with the tremendous recent market disruptions and related liquidity needs, the Federal Reserve System, through the Federal Reserve Bank of New York (New York Fed), on March 12 offered $500 billion in 3-month...more

ArentFox Schiff

The End of LIBOR: Further Market Liquidity Issues in Light of Market Turmoil

ArentFox Schiff on

Last week, most observers focused on the more than 11% drop in the stock market due to public health and related supply concerns. In response, the Federal Reserve made an aggressive 50 basis point interest rate cut on March...more

ArentFox Schiff

The End of LIBOR: SOFR and Related Updates

ArentFox Schiff on

Fed Liquidity – Recent Actual Infusions (1Q 2020) - Week of February 3rd - As recently reported, during the week of February 3rd, the New York Fed infused, through the repo market, an aggregate of $112.3 billion with...more

ArentFox Schiff

The End of LIBOR: SOFR Updates

ArentFox Schiff on

Previous Repos - In the last Client Alert, it was reported that the New York Fed recently infused approximately $220 billion into the banking system – $70 billion of overnight repos and $150 billion in term repos....more

Moore & Van Allen PLLC

U.S. Regulator Suggests Easing Post-Crisis Derivatives Rules

Moore & Van Allen PLLC on

In another sign of progress, the Federal Deposit Insurance Corporation (FDIC) proposed easing a rule that requires banks to put cash aside to safeguard derivatives trades among affiliates. The proposal would remove the...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

U.S. Financial Industry Developments - ISDA, AFME, ICMA, SIFMA and SIFMA AMG Publish Global Benchmark Report - The International Swaps and Derivatives Association (ISDA), the Association of Financial Markets in Europe...more

Kramer Levin Naftalis & Frankel LLP

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

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