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LIBOR Replacement Language Published for Comment

By Guy C. Dempsey Jr. on October 5, 2018 Posted in Banking

The Alternate Reference Rates Committee, operating under the auspices of the Federal Reserve, has published two consultations concerning the replacement of the London Inter-bank Offered Rate (LIBOR) in financial contracts. One consultation deals with floating rate notes and the other deals with syndicated business loans. The consultations contain draft fallback provisions for contracts referencing LIBOR… Continue Reading

FCA and PRA Published Dear CEO Letters on Transition From LIBOR to Risk-Free Rates

By John Ahern, Carolyn H. Jackson, Nathaniel Lalone and Neil Robson on September 28, 2018 Posted in Financial Markets, UK Developments

On September 19, the UK Financial Conduct Authority (FCA) and UK Prudential Regulation Authority (PRA) published Dear CEO letters that they jointly sent to the chief executive officers (CEOs) of major banks and insurance companies regulated in the United Kingdom, regarding their preparations for the transition from the London Interbank Offered Rate (LIBOR) to alternative… Continue Reading

ISDA Publishes IBOR Replacement Consultation

By Guy C. Dempsey Jr. on July 13, 2018 Posted in Derivatives

On July 12, the International Swaps and Derivatives Association (ISDA) published a document entitled Consultation on Certain Aspects of Fallbacks for Derivatives Referencing GBP LIBOR, CHF LIBOR, JPY LIBOR, TIBOR, Euroyen TIBOR and BBSW (Bank Bill Swap Rate) that is intended to solicit market input on how the derivatives markets can best create alternatives to… Continue Reading

LIBOR Administrator, IBA, Becomes Regulated Benchmark Administrator

By John Ahern and Nathaniel Lalone on May 4, 2018 Posted in EU Developments, Financial Markets

In an April 30 press release, Intercontinental Exchange Inc. (ICE) announced the authorization of its subsidiary, ICE Benchmark Administration Limited (IBA), as a regulated benchmark administrator under the EU Benchmarks Regulation.… Continue Reading

FCA to Regulate Seven Additional Financial Benchmarks

By David A. Brennand on January 9, 2015 Posted in UK Developments

On December 22, 2014, the UK Financial Conduct Authority (FCA) issued a consultation paper with respect to extending the FCA’s regulation of the London Interbank Offered Rate (LIBOR) benchmark to seven additional major UK-based financial benchmarks in the fixed income, commodity and currency markets.… Continue Reading