Tag: LIBOR
Libor lies still
The FT reports that the EC has abandoned plans to move LIBOR supervision to the French-based ESMA. The EC legislative proposals regarding benchmark rates are set to be unveiled next week. In their latest incarnation, London will remain the primary authority for LIBOR, although under supervision from a college of member states, itself subject to […]
Drawing a Line under Libor
Following the 10th July announcement that Libor will be administered by NYSE Euronext from early 2014, yesterday BBA Libor Ltd published an interim code of conduct and whistleblowing policy. Effectively implementing the Wheatley review in full, the announcement is the final chapter in the Libor saga. Aside from the lurid tabloid headlines, the handover may […]
BBA Announces Libor Reform
On 12 June 2013, the British Bankers’ Association (BBA) announced changes to the London Interbank Offered Rate (LIBOR) in an attempt to restore confidence in Libor as a reliable benchmark in the wake of last year’s rate-fixing scandal. Following recommendations of the Wheatley Review published last September, the BBA press release and announcement state that: […]
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 […]