On Friday, 5 March 2021, the Financial Conduct Authority (FCA) announced that all 35 LIBOR benchmark settings as currently published by ICE Benchmark Administration (IBA), the administrator of LIBOR, will either cease to be...more
2020 was a busy year for global benchmark transition, and the coronavirus pandemic did little to slow the pace. The end of 2020 saw an unexpected development that caused the market to pause – the potential delay of the...more
2020 was a busy year for global benchmark transition, and the coronavirus pandemic did little to slow the pace. The end of 2020 saw an unexpected development that caused the market to pause – the potential delay of the...more
The ARRC Consultation on Spread Adjustment Methodologies for Fallbacks in Cash Products Referencing USD LIBOR is finally here. How the spread adjustment from LIBOR to a SOFR index will be calculated is one of the more...more
Last week, the U.S. Department of the Treasury released proposed rules providing tax guidance around various LIBOR replacement issues. Long anticipated. The defenestration of LIBOR will leave considerable broken glass in its...more
10/21/2019
/ Alternative Reference Rates Committee (ARRC) ,
Benchmarks ,
Debt Instruments ,
Inter-Bank Offered Rates (IBORs) ,
Interest Rates ,
IRS ,
Libor ,
Proposed Regulation ,
Proposed Rules ,
REMIC ,
Secured Overnight Funding Rate (SOFR) ,
U.S. Treasury
The LIBOR transition process is an affair of headache-inducing complexity. Amidst the thousands of gallons of ink spilled on the subject, we thought it might be useful, from time to time, to give you some important...more
The staffs of the Securities and Exchange Commission’s Division of Corporation Finance, Division of Investment Management (IM Division), Division of Trading and Markets, and Office of Chief Accountant (collectively, Staff) on...more
9/25/2019
/ Adjustable Rate Financial Products ,
Alternative Reference Rates Committee (ARRC) ,
Banks ,
Benchmarks ,
Broker-Dealer ,
Contract Amendments ,
Contract Terms ,
Derivatives ,
Division of Corporate Finance ,
Division of Investment Management ,
Division of Trading and Markets ,
FASB ,
Federal Reserve ,
Financial Conduct Authority (FCA) ,
Financial Institutions ,
Financial Regulatory Agencies ,
IASB ,
ICE Benchmark Administration (IBA) ,
Insurance Industry ,
Interest Rates ,
Investment Adviser ,
Investment Companies ,
Libor ,
Market Participants ,
Modification ,
Policies and Procedures ,
Secured Overnight Funding Rate (SOFR) ,
Securities and Exchange Commission (SEC) ,
Transitional Arrangements
LIBOR is going away, but that’s sort of old news at this point. However, it has been received wisdom that only after the Bank of England stops imposing an obligation upon member banks to publish LIBOR quotes as at the...more