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See you CDOR

The Canadian CDOR rate will merit at least a small footnote in financial history as the first IBOR over the cliff. On 12 November, the CDOR administrator Refinitiv Benchmark Services (UK) Limited announced that it will cease to calculate and publish the rate’s 6 and 12 month tenors from 17 May 2021. In the absence […]

Landmark LIBOR date delayed

ISDA yesterday announced a further delay to the publication of the long-awaited IBOR Fallbacks Protocol. CEO Scott O’Malia used the ISDA derivatiViews blog to inform the market that the effective date of the protocol is now expected to be mid-late January, referencing a letter to this effect sent to the Bank of England and the […]

CFTC confirms Libor Relief

At the request of the ARRC, the CFTC has today announced comprehensive relief to swap dealers and other market participants as they make the transition from swaps that reference LIBOR and other “Impaired Reference Rates” to those that reference alternative benchmarks. The relief comprises no-action letters from each of the Commission’s main divisions, broadly covering […]

Heads on the Block as LIBOR meets the SM&CR

The transition away from Libor On 19 November 2019, the FCA published a Q&A document regarding conduct risk during the transition away from LIBOR.  As the FCA notes, the discontinuation of LIBOR will affect many firms, in terms of: developing and offering new products linked to risk-free rates; assessing and reducing their own and clients’ […]

ISDA Consultation – The results are in…

In May 2019, ISDA launched two consultations: one addressing adjustments to fallback rates if IBORs are permanently discontinued, and another to address the pre-cessation of LIBOR and other IBORs. The operationally imminent cessation of LIBOR can hardly be classified as breaking news. The light shone by the 2008 financial crash fatally exposed the benchmark’s fragility, […]

Benchmark Bother

Overshadowed by the MiFID 2 regulatory colossus, the start of the year also marked the coming into force of the EU’s Benchmark Regulation (BMR). As well as defining and categorising benchmarks, the BMR lays down obligations that affect both administrators and users, requiring firms to prepare written plans detailing their response to the cessation, material […]

Council adopts EU benchmark regulation

On 17 May 2016, the Council adopted the EU Benchmark Regulation. The EU Commission first proposed to regulate benchmarks in July 2012, in reaction to LIBOR manipulation. The final text can be found here. The regulation will enter into force on the day following publication in the Official Journal and will apply 18 months after.

Parliament adopts EU benchmark regulation

On 28 April 2016, the European Parliament adopted the EU benchmark regulation in plenary session. The next step is the formal adoption by the Council, expected in May 2016 and the publication in the official journal. The provisional edition of the adopted text can be found here. [Update: the Council of the EU has published the final […]

Near-final EU benchmark regulation: transparency by statement

On 4 December 2015, the final compromise text of the EU benchmark regulation was released. The text already received approval from the Council and the European Parliament on 24 November 2015, and from the Permanent Representatives Committee (COREPER) on 9 December 2015. The next step is to submit the regulation to the European Parliament for […]

EU benchmark regulation tick mark

On 25 November 2015, the European Commission published a communiqué welcoming the agreement reached with the European Parliament and the Council of the EU on the draft benchmark regulation. By bringing the regulation a step closer to a vote by the European Parliament, the uptick might revive concerns expressed by those who suggested the text went […]

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