Topic: Libor

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

Second Circuit overturns Libor convictions

A US appeals court has acquitted two former Deutsche Bank traders previously convicted over manipulating Libor.

31 January 2022

Libor: the final countdown

With the end of most Libor tenors now only weeks away, the International Swaps and Derivatives Association, US Securities and Exchange Committee, the International Islamic Financial Market and Financial Accounting Standards Board are all announcing new measures to address the transition.

16 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

US regulators define “new” Libor contracts in latest guidance

Federal regulators in the United States have laid out the boundaries of what a “new” Libor contract constitutes, ahead of the benchmark’s forthcoming end date this December.

22 October 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

Fieldfisher hires from BNY Mellon; Ashurst appoints in Sydney

A Bank of New York Mellon managing counsel has joined Fieldfisher's London office, while Ashurst has continued the expansion of its finreg practice with a new partner hire in Sydney.

19 August 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

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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