The administrator of the London Interbank Offered Rate has made what was expected official: the widely used benchmark will cease publication, with certain Libor tenors ceasing as soon as the end of 2021.
Intercontinental Exchange, which administers the London Interbank Offered Rate, today proposed a plan to cease publishing U.S. dollar Libor after the end of 2021.
With the COVID-19 pandemic highlighting the “fundamental weakness” in the London Interbank Offered Rate, financial…
The response to the coronavirus pandemic continues to shape the risk environment for banks, according to the OCC’s Semiannual Risk Perspective released today.
The federal banking agencies today issued a statement reiterating that they are not endorsing a specific replacement rate for the London Interbank Offered Rate.
The U.S. financial agencies do not plan to recommend a credit-sensitive element to the Secured Overnight Financing Rate or a credit-sensitive rate, agency heads said in a letter to a group of regional banks yesterday.
The Basel, Switzerland-based Financial Stability Board on Friday released a “global transition road map” to help financial firms navigate potential shifts away from the London Interbank Offered Rate, which is not guaranteed to be available after 2021.
The International Swaps and Derivatives Association announced today that its framework for reference rate fallbacks will launch on Oct. 23.
Despite the pandemic, financial institutions should not expect a delay in the Dec. 31, 2021, date when publication of the London Interbank Offered Rate can no longer be relied upon, Federal Reserve Bank of New York General Counsel Michael Held said at an investor conference today.
The Alternative Reference Rates Committee today released updated recommended fallback language for newly originated bilateral business loans that reference the London Interbank Offered Rate.