On Wednesday, September 23, the International Swaps and Derivatives Association (ISDA) announced that they would be delaying the effective date of the supplemental and fallbacks protocol until mid to late-January 2021.
A new report from Moody’s highlights that a majority of LIBOR adjustable rate mortgages (ARM) securities could experience interest rate shortfalls or principal losses because of weak contract language.
On August 31, the Commodity Futures Trading Commission (CFTC) issued a no-action letter that provides additional relief to swap dealers and other market participants related to the transition away from LIBOR.
In a recent opinion piece published in Barron’s, former House Financial Services Committee Chairman Barney Frank (D-MA) and former U.S. Commodity Futures Trading Commission (CFTC) Chairman J. Christopher Giancarlo wrote about the necessity of transitioning away from LIBOR.
A new report by Fitch Ratings highlights several key risks that financial institutions could encounter as they prepare for the anticipated cessation of LIBOR and the potential impact on future credit ratings.
Last Friday, July 24, the European Commission (EC) proposed an amendment to the Benchmark Regulation that would allow it to establish a statutory replacement rate to facilitate LIBOR transition for legacy deals.