Corporate & Financial Weekly Digest

Corporate & Financial Weekly Digest

Tag Archives: LIBOR

FCA Publishes Speech on Firms’ Progress To Transition From LIBOR to Alternative Risk-Free Rates

Posted in Financial Markets, UK Developments
On February 21, the UK Financial Conduct Authority (FCA) published a speech by Megan Butler, the executive director of supervision—Investment, Wholesale and Specialists at the FCA, on firms’ progress in transitioning from the London Interbank Offered Rate (LIBOR) to overnight risk-free rates (RFRs). The FCA and the UK Prudential Regulation Authority (PRA) are in the… Continue Reading

LIBOR Replacement Language Published for Comment

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

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

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