Tag: BBA
Lie-bor: an expensive “fix”
The FDIC filed a lawsuit in the federal district of New York, on Friday 14th March, accusing 16 of the world’s largest banks[1] of manipulation of the discredited benchmark rate-series, committing fraud and violating U.S. antitrust laws. The suit is made on behalf of a group of 38 U.S. banks, all casualties of the 2008 […]
ISDA Provides Assistance in Dealing with Discontinued LIBOR Rates
On 25 March 2013, ISDA published a guidance note and amendment letter for use by firms in amending the terms of transactions which refer to LIBOR rates for currencies and maturities which are due to be phased out by the British Bankers’ Association’s (BBA) following the Wheatley Review into possible reforms to the methodology for […]
BBA Rides to the Rescue over EMIR Counterparty Classifications
On 19 March 2013, the British Bankers’ Association (BBA) published a press release regarding the development of a methodology for the consistent classification of counterparties as either financial counterparties (FCs) or non-financial counterparties (NFCs) under EMIR. The BBA initiative maps industry classification codes (SIC 2007, NACE 2 and NAICS 2012) to the EMIR definitions of […]
BBA Seeks Clarification on CASS RP from FSA
On 3 September 2012, the British Bankers’ Association (“BBA”) published a letter to the Client Assets Unit of the FSA seeking clarification with respect to several sections of the recently finalised CASS Resolution Pack rules contained within Chapter 10 of the FSA’s Client Assets Sourcebook, specifically: CASS 10.3.1(11): Retail and Professional Agreements – whether a […]