News & Analysis as of

Risk Free Rates (RFRs)

Jones Day

FCA Consulting on Proposed Changes to the Derivatives Trading Obligation

Jones Day on

The Background: In 2021, the Financial Conduct Authority ("FCA") and HM Treasury began consulting on the Wholesale Markets Review (the "Review"), a broad review of the structure, functioning, and regulation of secondary...more

White & Case LLP

Islamic finance closes in on LIBOR transition

White & Case LLP on

Islamic finance providers have been slow to make the transition away from LIBOR, as the replacement benchmark rates pose challenges in the context of Sharia compliance - The phase-out of the London Inter-Bank Offered Rate...more

McGuireWoods LLP

LMA Publish Recommended Form of Reference Rate Selection Agreement

McGuireWoods LLP on

On June 4, 2021, the Loan Market Association (LMA) published a recommended form of its reference rate selection agreement (the Selection Agreement), which has been updated following market feedback. The Selection Agreement...more

McGuireWoods LLP

LSTA RFR Credit Agreements Are Here: LSTA publishes Daily SOFR (and Daily RFR) Concept Credit Agreements

McGuireWoods LLP on

On May 6, the LSTA published its long-awaited concept Daily SOFR and risk-free rate (RFR)-based multicurrency credit agreements (the Concept RFR Documents). The publication of these documents is a welcomed step in the...more

King & Spalding

LIBOR Transition: Challenges for Islamic Finance Transactions

King & Spalding on

On 5 March 2021, the UK’s Financial Conduct Authority (the FCA) announced that all LIBOR settings will either cease to be provided by any administrator or will no longer be representative by 31 December 2021 or, for some...more

Cadwalader, Wickersham & Taft LLP

Springing Forward, March 2021 | Issue No. 22: LIBOR Update

LIBOR has been a key interest rate benchmark for many decades, used as the principal reference rate to several hundred trillions of dollars in derivatives, bonds, loans and securitizations. However, when the LIBOR...more

McGuireWoods LLP

LMA Publishes RFR Facility Documentation

McGuireWoods LLP on

On January 28, 2021, the UK Loan Market Association (LMA) published exposure drafts of two multicurrency term and revolving facilities agreements which incorporate, among others, backward-looking compounded risk-free rates...more

McGuireWoods LLP

Key Date Reminder: ISDA’s IBOR Fallbacks Goes Live

McGuireWoods LLP on

ISDA’s IBOR Fallbacks Supplement and Protocol came into effect today. These fallbacks, will be incorporated with immediate effect into all new derivatives contracts which incorporate the 2006 ISDA Definitions, and in all...more

McGuireWoods LLP

Key Date Reminder: Go-live of ISDA’s IBOR Fallbacks Supplement and Protocol

McGuireWoods LLP on

Following years of consultations, ISDA published its long-awaited IBOR Fallbacks Supplement to the 2006 ISDA Definitions (the Supplement) and Protocol on October 23, 2020. The Supplement and Protocol provide a standardized...more

Bracewell LLP

LIBOR LATEST - A Temporary Reprieve for USD LIBOR?

Bracewell LLP on

Often referred to as “the world’s most important number”, the London Interbank Offered Rate (LIBOR) is used as the reference interest rate for a range of commercial and financial contracts worth hundreds of trillions of...more

Hogan Lovells

LIBOR changes: what pension trustees should know

Hogan Lovells on

Significant changes are taking place to certain inter-bank offered rates (IBORs) commonly used as interest rates in derivatives and other financial contracts. In the UK, LIBOR (the London inter-bank offered rate) is expected...more

Jones Day

ISDA's IBOR Supplement and Protocol: Background, Operation, Prognosis

Jones Day on

The International Swaps and Derivatives Association, Inc. ("ISDA") has finally published its long-awaited "Amendments to the 2006 ISDA Definitions to include new IBOR fallbacks" ("IBOR Supplement") and accompanying "protocol"...more

Pillsbury Winthrop Shaw Pittman LLP

LIBOR Transition: What Should a Corporate Borrower Be Considering?

Companies need to ensure that they are prepared for the end of LIBOR. Internal reviews must be carried out at the earliest possible opportunity and appropriate systems should be put in place. From the end of 2021,...more

Hogan Lovells

Launch of the ISDA 2020 IBOR Fallbacks Protocol

Hogan Lovells on

The International Swaps and Derivatives Association, Inc. (ISDA) has launched the ISDA 2020 IBOR Fallbacks Protocol - Who should read this Client Alert? If you have derivatives contracts that are linked to, or refer to,...more

Hogan Lovells

ISDA 2020 IBOR Fallbacks Protocol: What you need to know

Hogan Lovells on

The International Swaps and Derivatives Association, Inc. (ISDA) has published the ISDA 2020 IBOR Fallbacks Protocol (the IBOR Fallbacks Protocol). This client alert sets out key issues counterparties may wish to consider in...more

Hogan Lovells

ISDA 2020 IBOR Fallbacks Protocol

Hogan Lovells on

The International Swaps and Derivatives Association, Inc. (ISDA) has just announced that the ISDA 2020 IBOR Fallbacks Protocol will be launched on 23 October 2020....more

Hogan Lovells

Financial institutions general regulatory news, March 2020

Hogan Lovells on

Spring 2020 Budget: key financial services announcements - The Chancellor of the Exchequer, Rishi Sunak, has delivered the Spring 2020 Budget. The Budget includes a number of measures of interest to financial services...more

Womble Bond Dickinson

LIBOR to SOFR – Five Things Every Financial Services Provider Should Know

Womble Bond Dickinson on

1. What is LIBOR and why is it going away? The London Interbank Offered Rate, or “LIBOR,” is a reference rate commonly used in a broad range of financial contracts. In fact, it serves as a reference rate for tens of...more

A&O Shearman

International Swaps and Derivatives Association Announces Results of LIBOR Fallbacks Consultation and New Pre-Cessation Fallbacks...

A&O Shearman on

The International Swaps and Derivatives Association has published the results of its consultation on fallbacks to be introduced into standard ISDA documentation based on alternative risk-free rates for EUR LIBOR and EURIBOR....more

A&O Shearman

EU Working Group on Risk-Free Rates Publishes Report on Liquidity in EONIA transition

A&O Shearman on

The EU Working Group on Risk-Free Rates has published a report setting out recommendations for the transition of financial products from EONIA to the Euro Short-Term Rate (€STR). The recommendations aim to ensure liquidity in...more

Morgan Lewis

LIBOR Transition Updates – More Certainty in Spread Adjustments Calculations?

Morgan Lewis on

Recent updates from the Bank of England, the New York Federal Reserve, and the International Swaps and Derivatives Association and Bloomberg in connection with publication of IBOR fallback rate adjustments should be welcomed...more

A&O Shearman

CFTC Staff Issues Three Letters Providing LIBOR Transition Relief to Market Participants

A&O Shearman on

The Commodity Futures Trading Commission (CFTC) has issued three no-action letters providing relief for swap transactions (and amendments to swap transactions) in connection with the expected market transition from using the...more

McGuireWoods LLP

ISDA to Revisit LIBOR Pre-Cessation Triggers

McGuireWoods LLP on

In a letter to the International Swaps and Derivatives Association (ISDA) on 20 January 2020, the Financial Conduct Authority (FCA) confirmed the possibility that LIBOR may continue to be published for a short period after...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

A&O Shearman

Financial Stability Board Calls for Sustained Efforts to Migrate From LIBOR

A&O Shearman on

The Financial Stability Board has published a progress report on reforms to major interest rate benchmarks. The report provides the FSB's annual update on progress taken by the official sector and market participants to move...more

40 Results
 / 
View per page
Page: of 2

"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:
*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
- hide
- hide