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The Act, passed by the New York state legislature last month,
aims to address the consequences of the permanent cessation of
LIBOR for specified contracts, securities, and other agreements
that are economically linked to LIBOR, and does so via an amendment
to the New York General Obligations Law that adds a new Article
18-C. The Act allows existing tough legacy contracts
governed by New York law - that do not include adequate
interest rate fallback provisions that contemplate a permanent
cessation of LIBOR - to use regulator-recommended replacement
CME Has Third-Most Active Quarter
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Terry Duffy, chairman and chief executive of CME Group, said the exchange had a solid rebound in volumes, including interest rate contracts, in the first three months of this year which represented its third most active quarter ever.
Duffy said on the results call that volumes averaged 22 million contracts per day in the first quarter, with approximately 6 million per day from Europe and Asia. Open interest climbed above 100 million contracts as clients looked to manage risks associated with the potential for a post-pandemic economic recover according to the exchange.
“We had record activity in the first quarter of 2020 at the start of the pandemic when we averaged 27 million contracts per day,” he added “Importantly, we had a nice rebound from the back half of the year in 2020.”
IFLR Europe Awards 2021: winners announced
IFLR is delighted to announce all the winning deals, teams and individuals of its 22nd annual Europe Awards April 29 2021
IFLR is delighted to be able to congratulate all the winners of the IFLR Europe Awards 2021. The winners’ presentation can be accessed below, followed by the full list of all winners and reviews of the winning deals.
Allen & Overy picked up this year’s biggest accolade and was named International Law Firm of the Year. The firm scooped 11 award wins across the board, including Loans Team of the Year and Restructuring Team of the Year. These reflected its work on the winning Loan Deal of the Year, the reference-free-rate financing facility for UK retailer Tesco, and Restructuring Deal of the Year, for Virgin Atlantic.