Skip to content

(L)IBOR’s long farewell- Japan edition

Japan’s TIBOR administrator (JBATA) has today announced its intention to consult on its intention to discontinue Euroyen TIBOR at the end of December 2024, while continuing to retain JPY TIBOR. As a quick reminder, there are three principal JPY interbank offered rates: JPY LIBOR. FCA jurisdiction. Published at 11.55 a.m. London time. Submitted by a […]

LIBOR cessation date set

The FCA has today issued the official death knell for LIBOR. The announcement constitutes an index cessation event under the IBOR Fallbacks Supplement and the ISDA 2020 IBOR Fallbacks Protocol for all 35 LIBOR settings. 5 March 2021 is therefore the date on which the fallback spread adjustment will be fixed. Publication of 26 LIBOR […]

HMT consult on LIBOR “Safe Harbour”

15 February 2021, HM Treasury launched a consultation titled “Supporting the wind-down of critical benchmarks”.  On 21 October 2020, the government introduced the Financial Services Bill to Parliament. This Bill includes amendments to the Benchmarks Regulation (BMR), which provide the FCA with new and enhanced powers to oversee the orderly wind-down of critical benchmarks, such […]

Commission to be granted rate-replacement powers

On 30 November 2020, the EU Parliament and Council reached agreement on Commission-proposed amendments to the BMR. In anticipation of LIBOR’s end’ 2021 demise, the amendments give the Commission to power to propose replacement for the benchmark categories: “critical” benchmarks, which influence financial instruments and contracts with an average value of at least €500 billion […]

USD LIBOR joins the “on borrowed time” club

Following the administrator’s announcement on 18 November that it would consult on its intention to cease publication of all GBP, EUR, CHFand JPY LIBOR tenors on 31 December 2021; there was ill-founded speculation that USD LIBOR would somehow be reprieved. ICE Benchmark Administration (IBA) have today announced “will consult on its intention to cease the […]

Protocol starts with a bang

ISDA have today officially launched the IBOR Fallbacks and Supplement and Protocol. The supplement amends ISDA’s standard 2006 definitions for interest rate derivatives, incorporating robust fallbacks for IBOR-linked derivatives. Changes take effect on 25 January 2021, from which date the fallbacks will be included in all new cleared and OTC derivative transactions that reference the […]

Press enter or esc to cancel