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 […]

The second episode of The Exchange – our monthly podcast series – is now live. In this episode, our CEO Jonathan Martin is joined by fellow Director Michael Beaton and our Head of Research Nick Railton-Edwards to discuss the recent Gamestop shares story, its implications for the market and what the ongoing consequences could be […]

ISDA has today launched the 2021 Security-based Swaps (SBS) Top-Up Protocol. The Protocol allows firms that have adhered to either the August 2012 or March 2013 Dodd-Frank protocols to incorporate new SEC rules for SBS. The first registration date, in respect of certain of the new rules is 6 October 2021, SBS dealers must resister […]

The PRA and FCA yesterday launched a joint consultation on whether to align UK EMIR margin requirements with the rest of the world and continuing market practice. One would hope that if any responses are received by the 19 May 2021 deadline, they would be unanimously supportive. The consultation covers the following aspects: IM phase- […]

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 […]

Risk magazine (paywalled) are today reporting that over half of phase 5 IM new entrants may fail to meet custodian deadlines, potentially rendering them unable to trade on the 1 September 2021 deadline. Widely predicted and warned against at the time, a large number of firms took the April 2020 extension as an invitation to […]

26 February 2021, the long-awaited MiFID II “Quick” Fix Directive was published in the OJ. The Quick Fix is in response to the CV-19 epidemic and associated disruptions, it is not intended to replace the ongoing full MiFID II review. First proposed as part of the 24 July 2020 Capital Markets Recovery Package, the Quick […]

For those lucky few with time to spend participating in regulatory consultations, there are another two potentially material ones to be aware of. 12 February 2021, the EC launched two parallel, but linked[1]  consultations on proposed amendments to the Financial Collateral Directive (FCD) and the Settlement Finality Directive (SFD). The FCD was adopted on 6 […]

Episode 1 is now live! We are pleased to announce that the first episode in our ongoing podcast series ‘DRS Exchange’ – is now live. The series overall explore ssome of the legal and regulatory issues affecting the financial markets – from changes in regulation to recent case law to new technologies and ways of […]