Topic: Benchmarks

EBA finalises data collection plans for remuneration and gender pay gap information

The EBA has announced its finalised guidelines for the collection of gender-focused remuneration and salary data, set to come into force next year.

04 July 2022

Canadian benchmark to cease in 2024

The administrator of the Canadian dollar offered rate has announced it will cease publishing the benchmark in 2024, as the Bank of Canada consults on a new term rate for the financial sector.

18 May 2022

US senate set to pass "hard tail" Libor transition bill

The US senate is set to pass legislation directing the Federal Reserve to implement replacement rates for outstanding financial contracts tied to the Libor benchmark.

09 March 2022

APRA changes capital requirements, favours small banks

Australia’s new bank capital framework has introduced a two-tier system with simplified requirements for small banks – but while the regulator says it won’t be asking big banks to raise more capital, Macquarie says it nevertheless anticipates a A$2.2 billion hit to its capital surplus.

01 December 2021

FCA confirms synthetic Libor “at least for 2022” – but ESMA warns over incompatibility

The UK Financial Conduct Authority has confirmed it will allow the temporary use of ‘synthetic’ sterling and yen Libor rates after the looming December deadline for the benchmark’s cessation – but EU regulators have warned the synthetic is not compatible with their benchmark rules.

24 November 2021

FCA widens definition of legacy contracts for synthetic Libor

The UK’s Financial Conduct Authority has set out plans for its “synthetic” version of the Libor benchmark as its end date approaches, and clarified which contracts will be permitted to use it.

04 October 2021

Sofr confirmed as US dollar Libor replacement

The United States’ dedicated benchmark reform committee has officially endorsed Sofr as an alternative to dollar Libor.

02 August 2021

“Regulatory patchwork”: major banks face market manipulation suit

New Mexico’s sovereign wealth fund has accused subsidiaries of several of the world’s largest banks of taking advantage of a “patchwork of regulatory oversight” to manipulate the benchmark prices that value certain financial contracts at settlement.

08 July 2021

FCA proposing extended Libor for sterling and yen settings

The UK’s Financial Conduct Authority has proposed allowing the use of some yen and sterling-denominated Libor interest rates beyond the 31 December cut-off, but is warning market participants not wait for a “potential synthetic solution”.

28 June 2021

ISDA consults on Libor swap rate fallbacks, SEC chair Gensler warns against Bloomberg alternative

The International Swaps and Derivatives Association has asked market participants to provide feedback on fallback frameworks for US dollar and sterling Libor swap rates, while SEC chair Gary Gensler warned firms against switching to Bloomberg’s BSBY rate as a replacement due to “a heck of an economic incentive to manipulate it”.

14 June 2021

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