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
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
The Board of Governors of the Federal Reserve System (Board), the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) adopted rules (together, the QFC Stay Rules) in 2017...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 ,
White Papers
Novo Banco and CDS – A Post-Mortem -
The 2014 ISDA Credit Derivatives Definitions updated the previous set of credit derivatives definitions to, among other things, include a credit event for “Governmental Intervention.”...more
4/22/2016
/ CFTC ,
Commodity Exchange Act (CEA) ,
Derivatives ,
Dodd-Frank ,
Electricity ,
End-Users ,
Financial Markets ,
ISDA ,
Margin Requirements ,
Natural Gas ,
Recordkeeping Requirements ,
Reporting Requirements ,
Swap Dealers ,
Swaps ,
Trading Platforms
NYDFS Releases Revised BitLicense Proposal -
On February 4, 2015, the New York State Department of Financial Services ("NYDFS") released a revised version of its proposed virtual currency regulations (commonly referred...more
3/13/2015
/ American Bankruptcy Institute ,
Automatic Stay ,
Bankruptcy Code ,
BitLicense ,
CFTC ,
Chapter 11 ,
Department of Financial Services ,
Derivatives ,
Foreign Exchanges ,
Foreign Markets ,
Forward Contracts ,
Ipso Facto Clauses ,
ISDA ,
Liquidation ,
Margin Requirements ,
NDFs ,
Section 362 ,
Swaps
Extension of Certain Dodd-Frank No-Action Relief -
The CFTC recently established a phased compliance timeline for the implementation of the execution requirement currently applicable to certain interest rate swaps and...more
7/3/2014
/ CFTC ,
Commodity Pool ,
Credit Default Swaps ,
Deadlines ,
Dodd-Frank ,
Interest Rates ,
ISDA ,
ISDA Master Agreement ,
No-Action Letters ,
No-Action Relief ,
Swaps
Publication of 2014 ISDA Credit Derivatives Definitions -
On February 21, the International Swaps and Derivatives Association, Inc. announced the publication of the 2014 ISDA Credit Derivatives Definitions, which...more
The Derivatives in Review highlights important legal, regulatory and other newsworthy developments in the area of derivatives....more