Today, Friday 30 June 2023, is a momentous day in financial markets, being the last day on which rates based on the London Interbank Offered Rates (LIBORs) will be published. LIBOR is a key reference rate that has underpinned hundreds of trillions of dollars of assets over the last five decades.Continue Reading End of the road for LIBOR
ISDA has recently examined the progress in global derivative markets away from interbank offered rates to risk free rates. Continue Reading Mission Accomplished? Progress on Global Transition to RFRs in Derivatives Markets
Two years ago, I was standing in front of our Mayer Brown offices in Frankfurt, boiling in 38 degree heat, filming a trailer for Linkedin for our 5th Annual OTC Derivatives Seminar, which we had clients coming from across Germany, to attend.
Last June , with international lock-down well under way, we took our…
Our annual Mayer Brown OTC Derivatives Seminar continues for a second year in webinar form.
This year, we offer you the opportunity to participate in an interactive seminar, structured as a series of four quick sessions. Each lasts around half an hour, with the opportunity to interact with our team in a live Q&A session.…
The International Swaps and Derivatives Association held its 35th annual general meeting over three days last week. Last year, the conference was due to be in Madrid, but it was postponed, and with international travel even less viable this year, the conference moved online.
For those unable to attend the online version, here is a summary of the highlights, from a few of three of the topics covered: IBOR transition, prudential issues such as Basel III implementation and future challenges and opportunities such as digitalisation.Continue Reading Virtually the same: 35th ISDA AGM
The Working Group on Sterling Risk-Free Reference Rates (the Sterling Working Group) is an influential body of the Bank of England formed for the purpose of coordinating an orderly market transition from GBP LIBOR to risk free rates such as SONIA, by the end of 2021. During April 2021, it has published papers to assist derivative market participants with this transition. (For further background on the recommended timing for LIBOR transition see our Eye on IBOR Transition blog post here.)
Continue Reading A LIBOR of love: considerations for use of IBOR fall-backs or active transition
It’s now almost three months since the 2020 ISDA IBOR Fallbacks Protocol (the “Protocol“) went live. In April, a US “legislative solution” became law for tough LIBOR legacy derivatives contracts governed by New York law, and in Germany the German Banking Association’s “Supplementary Agreement for IBOR Succession”, is gathering momentum.
In our latest,…
The UK Financial Conduct Authority (FCA), the UK regulator responsible, broadly, for market conduct made an announcement (the FCA LIBOR Announcement) on 5 March 2021, on the future cessation or loss of representativeness of all (35) LIBOR benchmarks.
Continue Reading What the FCA’s announced Index Cessation Event means for the 13,500+ adherents and other users of the 2020 ISDA IBOR Fallbacks Protocol and Fallbacks Supplement