The International Islamic Financial Market has detailed how the global transition away from interbank offered rates (Ibors) to risk-free rates could lead to some contracts falling out of shariah compliance.
01 April 2021
The administrator of Japanese benchmark Tibor has proposed halting publication of the benchmark for offshore yen deposits in 2024, while UK regulators have instructed local firms to stop including Libor in new derivatives contracts.
30 March 2021
The UK’s Financial Conduct Authority has made its widely-anticipated announcement of Libor’s cessation dates, while keeping open the prospect of a temporary “synthetic” Libor for so-called “tough legacy” contracts.
05 March 2021
The working group preparing for the discontinuation of Swiss franc Libor has published its standardised amendment agreement for the switch, drafted by a team from Baker McKenzie’s Zurich office.
04 February 2021
The International Swaps and Derivatives Association’s new fallbacks for Ibor-linked derivatives have come into effect, days after the body announced the digitisation of a key derivatives document.
25 January 2021
Singapore’s financial regulator has announced a timeframe for its transition away from the Sibor benchmark, as the Australian Securities and Investments Commission (ASIC) urges banks to ensure their risk frameworks are flexible enough to handle the transition away from Libor.
18 December 2020
The administrator of the London Interbank Offered Rate has proposed extending the transition date for its most widely-used US dollar tenors for another 18 months to June 2023, offering a “longer runway” for banks as they make the transition.
03 December 2020
The UK’s Financial Conduct Authority has outlined the scenarios in which it will publish a newly-calculated “synthetic” Libor after its end-2021 discontinuation, under fresh powers handed to it by the newly introduced Financial Services Bill.
23 November 2020
After receiving antitrust clearance, the International Swaps and Derivatives Association has announced a series of fallback provisions for when existing interest rate benchmarks fall out of use – a development that practitioners hope will accelerate the move to new risk-free-rates.
28 October 2020
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