<p><span>On March 5, 2021, ICE Benchmark Administration (IBA) has announced that it intends to cease the publication of LIBOR based on the current methodology referencing rates provided by panel banks (panel-based LIBOR) immediately after end-2021 except for certain US dollar LIBOR settings. While LIBOR is mainly referenced in derivative contracts such as interest rate swaps, it is also quoted in a significant number of cash products including corporate loans and bonds. Additionally, it is used in wide range of users, including not only financial institutions but also non-financial corporate and institutional investors. In this regard, there is the possibility of disruption to users if LIBOR were ceased without sufficient preparation.</span></p>
Japan Financial Services Agency: Preparation For Permanent Cessation Of LIBOR mondovisione.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from mondovisione.com Daily Mail and Mail on Sunday newspapers.
ISDA: Response To HM Treasury Consultation On The Implementation Of Basel III Standards Date
01/04/2021
On April 1, 2021, ISDA and the Association for Financial Markets in Europe submitted a joint response to HM Treasury (HMT) on its consultation on implementing the Basel III standards.
The UK Financial Services Bill allows HMT to revoke provisions from the Capital Requirements Regulation (CRR) so the Prudential Regulatory Authority (PRA) can introduce updated prudential rules for credit institutions and PRA-designated investment firms equivalent to the EU’s CRR2.
Chapter two of the consultation paper is a statement of how HMT intends to exercise its revocation power, and chapter three seeks respondents’ views on HMT’s approach to applying the standardized approach (SA) reporting requirements under the Fundamental Review of the Trading Book (FRTB).
Brexit and Debt Capital Markets transactions – some practical perspectives | Hogan Lovells jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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2020 was a busy year for global benchmark transition, and the coronavirus pandemic did little to slow the pace. The end of 2020 saw an unexpected development that caused the market to pause – the potential delay of the cessation of all but two of the USD LIBOR tenors from the end of December 2021 to the end of June 2023.
In 2021, we continue preparing for the replacement of LIBOR. Our next “Latest from the LIBOR Front” webinar is set for Thursday, 4 February 2021 and Scott O’Malia, ISDA CEO will join us for our next LIBORcast.