ISDA Formally Launches Protocol for Rate Fallbacks on Derivatives
The International Swaps and Derivatives Association announced today that its framework for reference rate fallbacks will launch on Oct. 23.
Browsing: Reference rates
New York Fed’s Held: ‘Libor Countdown Has Not Stopped’
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.
ARRC Updates Libor Fallback Language for Business Loans
The Alternative Reference Rates Committee today released updated recommended fallback language for newly originated bilateral business loans that reference the London Interbank Offered Rate.
ARRC Releases SOFR ‘Starter Kit’
As part of its ongoing work to facilitate the transition by financial market participants away from the London Interbank Offered Rate, the Alternative Reference Rates Committee today released a “starter kit” of resources on the Secured Overnight Financing Rate.
ABA Welcomes CFPB’s Reg Z Libor Transition Proposal, Recommends Tweaks
With the London Interbank Offered Rate relied on by many banks not guaranteed to be available after 2021, ABA and the Consumer Bankers Association today welcomed the Consumer Financial Protection Bureau’s proposed changes to Regulation Z designed to facilitate the transition away from Libor.
FFIEC: Examiners to Increase Focus on Libor Transition Preparedness
Federal financial regulators today said they will ramp up their supervisory focus on banks’ transitions away from the London Interbank Offered Rate in 2020 and 2021.
ARRC Announces Spread Adjustment Methodologies, Issues New Fallback Language
The Alternative Reference Rates Committee today outlined how it will implement its methodologies for calculating spread adjustments on financial products that reference the London Interbank Offered Rate.
Agencies Finalize Rule to Amend Initial Margin Requirements for Inter-Affiliate Swaps
Five federal financial regulatory agencies today finalized a rule that removes the requirement for covered swap entities to collect initial margin from affiliates—an American Bankers Association-supported change that fosters systemic risk mitigation and allows swap entities to better manage liquidity.
CFPB Proposes Reg Z Changes for Libor Transition
As part of the planned transition away from the London Interbank Offered Rate—which is not guaranteed to be available after 2021—the Consumer Financial Protection Bureau today proposed a rule addressing the rate transition and Regulation Z.
Powell: Ameribor ‘Fully Appropriate’ for Banks When It Reflects Cost of Funding
While the Federal Reserve continues to support the Secured Overnight Financing Rate as the Alternative Reference Rates Committee’s preferred alternative to the London Interbank Offered Rate, Fed Chairman Jerome Powell said that Ameribor is a “fully appropriate” alternative for banks when it reflects their cost of funds.