As 2022 drew to a close, the Board of Federal Governors of the Federal Reserve System (Federal Reserve) adopted a final rule addressing “legacy contracts” in order to avert financial chaos due to potential breaches of...more
On April 8, 2020, the Alternative Reference Rate Committee (“ARRC”) agreed to align itself with the International Swaps and Derivatives Association, Inc. (“ISDA”), in recommending to the market a “spread adjustment”...more
4/10/2020
/ Alternative Reference Rates Committee (ARRC) ,
Banking Sector ,
Benchmarks ,
Central Counterparties ,
Clearing Agencies ,
Derivatives ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Interest Rates ,
Libor ,
Market Participants ,
Secured Overnight Funding Rate (SOFR) ,
Strategic Planning ,
Swaps ,
UK
The replacement of the London Inter-bank Offered Rate (“LIBOR”) in contracts evidencing loan, derivative and other transactions with maturities extending beyond 2021 is a massive undertaking involving legal and compliance...more