On March 15, President Biden signed, as part of a larger appropriations act, legislation known as the “Adjustable Interest Rate (LIBOR) Act,” which addresses “tough legacy” contracts that do not provide for the use of clearly...more
Homestretch to December 31, 2021, and the end of LIBOR? Not so fast.
All the relevant regulators and other authorities clearly indicated for some time that USD LIBOR would no longer be available after December 31, 2021,...more
The Financial Conduct Authority (“FCA”), the UK regulator of LIBOR, announced several years ago that it would no longer compel panel banks to provide LIBOR quotes after December 31, 2021. The FCA also stated in March of this...more
The reference rate provided by selected panel banks to the LIBOR administrator, ICE Benchmark Administration (IBA) and that is used to establish interest rates on many loans, notes, bonds and other financings, derivatives,...more
2/24/2020
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Consumer Financial Products ,
Contracts Clause ,
Derivatives ,
Financial Conduct Authority (FCA) ,
Financial Services Industry ,
Financing ,
Interest Rates ,
Libor ,
Loans ,
Secured Overnight Funding Rate (SOFR) ,
UK
As noted in our Financial Industry Alert published on January 17, 2020, one of the most daunting challenges for the forthcoming transition from LIBOR to an alternative reference rate has to be the impact of the prospective...more
2/7/2020
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Constitutional Challenges ,
Consumer Lenders ,
Contract Terms ,
Contracts Clause ,
Due Process ,
Financial Services Industry ,
Interest Rates ,
ISDA ,
Libor ,
Opt-Outs ,
Secured Overnight Funding Rate (SOFR) ,
Sveen v Melin ,
UK
On May 16, the International Swaps and Derivatives Association, Inc. (“ISDA”) published two consultations in connection with the potential discontinuation of certain interbank offered rates (“IBORs”), seeking input on (i) the...more
6/24/2019
/ Benchmarks ,
Derivatives ,
Financial Conduct Authority (FCA) ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
ISDA ,
Risk Free Rates (RFRs) ,
Rulemaking Process ,
Secured Overnight Funding Rate (SOFR) ,
Swaps ,
UK
Presenters at the Benchmark Rates Forum from KPMG, Bank of America Merrill Lynch, NatWest Markets, Wells Fargo, JP Morgan, TD Securities, RBS, Santander, Société Générale, UBS, the Federal Home Loan Bank of New York, the...more
On July 12, ISDA initiated a market-wide consultation on technical issues related to new benchmark fallbacks for derivatives referencing certain interbank offered rates, or IBORs, in response to the expected discontinuance of...more
8/24/2018
/ Benchmarks ,
Bitcoin ,
CFTC ,
Cryptocurrency ,
Derivatives ,
Digital Currency ,
Dodd-Frank ,
FinTech ,
Foreign Currency ,
Hedging ,
ISDA ,
Proposed Regulation ,
Virtual Currency ,
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