ARRC publishes playbook to support transition from legacy Libor cash products
The Alternative Reference Rates Committee today released a playbook to help support the transition away from legacy Libor cash products.
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ARRC issues recommendations for contracts linked to USD Libor ICE swap rate
The Alternative Reference Rates Committee today issued recommendations for contracts linked to U.S. dollar Libor Intercontinental Exchange Swap Rates. These recommendations include a suggested fallback formula that can be used for USD Libor ISR fixings after three-month USD Libor has been discontinued or becomes non-representative.
ABA supports FASB action to aid Libor transition for derivatives markets
ABA this week wrote to the Financial Accounting Standards Board in support of a deferral of the sunset date for the transition relief provided by FASB and the expansion of the definition of the Secured Overnight Financing Rate, or SOFR, to include term SOFR as eligible to be designated a benchmark index for hedge accounting purposes.
CME Group announces initiative to encourage ‘SOFR first’ options trading
To help accelerate the growth of Secured Overnight Financing Rate options trading, CME Group today announced a new “SOFR First for Options” initiative that will kick off in June.
Post-Libor, Banks Benefit from More Choice
For many smaller banks, having a credit-sensitive component that reflects their cost of borrowing is critical. They need a rate that reflects their credit risk.
Survey: Firms Facing Challenges in Libor Transition
While financial services firms are “largely on track” for a successful transition away from Libor, half of them are still facing challenges related to systems and operations readiness, according to a new survey from Bloomberg.
Congress Passes ABA-Backed Bill Addressing Tough Legacy Libor Contracts
The Senate late Thursday night passed an omnibus spending package that included a bipartisan, American Bankers Association-backed bill to address “tough legacy” Libor contracts.
House Clears Omnibus Spending Bill Containing ABA-Advocated Provisions
The House today approved an omnibus appropriations package that includes several banking-related provisions, including ABA-backed legislation that would address “tough legacy” contracts that currently reference Libor.
Tester: Libor Fix Legislation Is in Must-Pass Spending Bill
A bipartisan, ABA-advocated bill to address “tough legacy” Libor contracts is included in the omnibus spending bill that Congress is expected to pass in the coming days, Sen. Jon Tester (D-Mont.) said at the ABA Washington Summit today.
ABA-Backed Bipartisan Bill to Ease Libor Fixes Introduced in Senate
With two tenors of U.S. dollar Libor no longer being published the remainder set to cease by June 30, 2023, four senators this week introduced a bill that would address “tough legacy” contracts that reference Libor but cannot be easily changed.