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To embed, copy and paste the code into your website or blog: The State of New York has enacted a new law that should ease the transition away from US dollar LIBOR for legacy financial contracts that are governed by New York law but do not contain modern benchmark fallback provisions. A similar federal law is in the works, which if passed would apply nationwide. The London Inter-Bank Offered Rate, or LIBOR, is a global interest rate benchmark index based on the average of the inter-bank offered rates for deposits of various currencies and durations in the London market based on quotations of m...

5-Mar-21 Non-Representative. “Synthetic” rate possible for a “further period” after end-June 2023. Bullet 2: The announcements from the FCA and IBA were not unexpected and were the result of feedback from market participants. The IBA feedback statement and the FCA announcement were anticipated as a result of a process by the IBA where it sought input from market participants regarding proposed end dates for certain settings for LIBOR. The FCA announced in July of 2017 its intention that it would no longer be necessary to request or require banks to submit to LIBOR after December 31, 2...

To embed, copy and paste the code into your website or blog: A newly enacted New York statute will ease the transition from U.S. Dollar LIBOR to the Secured Overnight Financing Rate (SOFR) while reducing the uncertainty and litigation risk posed by agreements that cannot be amended to adequately address the cessation of U.S. Dollar LIBOR. Such “tough legacy” contracts reference U.S. Dollar LIBOR, extend beyond its cessation date and either lack any post-cessation fallback provision or include a fallback that itself relies on LIBOR or on polling banks for interbank lending rates. The new l...