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

Following enactment of Dodd-Frank, and resulting changes to the commodity pool definition, more investment vehicles may be commodity pools.

Join Mayer Brown partners Matt Kluchenek and Anna Pinedo for a discussion of the most recent changes to the commodity pool definition, including relief given in late 2020, and much more in Practising Law Institute (PLI)

Synthetic Securitisation relies heavily on underlying credit derivatives and similarly structured guarantees, and has had the benefit of two new EU “Amendment Regulations“, both of which came into force on 9 April 2021.

The Amendment Regulations amend the EU Securitisation Regulation and the Capital Requirements Regulation (the “CRR“) and implement, the

Have you met Anna? Well actually, although experts in the market pronounce it Anna, it’s spelt “AANA”.

Annually, or perhaps “AANAually” since 2016, with the notable exception of 2020, the breadth of derivatives counterparties in-scope for posting initial margin under the global margin rules, has expanded.

Back in 2016, a “Phase 1” derivatives

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

At the end of 2020, ISDA surveyed its membership to identify its priorities for the growth of derivatives-related environmental, social, and governance (“ESG”) issues. The membership answered that it expected growth in ESG derivatives and communicated a strong desire for documentation standardization.

Continue Reading ESG Derivatives – US Climate Finance Working Group