“Racing” towards the finish line of the IBOR transition – Finance and banking
United States: “Racing” to the IBOR transition finish line
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Since the publication of our A look at the IBOR transition article in the Winter 2020 issue of the Mayer Brown Structured Finance Bulletin, IBOR transition activity has accelerated significantly, largely due to (a) the January 25, 2021 entry into force of the IBOR relief protocol ISDA 2020 and related Supplement No. 70 to the 2006 ISDA Definitions; (b) the March 5, 2021 announcements by ICE Benchmark Administration, the administrator of LIBOR (“IBA”), and the UK Financial Conduct Authority, the regulator of IBA, that IBA will cease publishing the majority of LIBOR parameters after publication on December 31, 2021, and all parameters remaining after publication on June 30, 2023; (c) the modification of the trading agreements for linear inter-brokerage swaps of LIBOR at the guaranteed overnight funding rate (“SOFR”) on July 26, 2021 in accordance with the “SOFR First” transition initiative of Commodity Futures Trading Commission, and (d) the formal recommendation on July 29, 2021 by the Alternative Reference Rates Committee of an SOFR forward rate.
We discuss these key events in detail in our article in the Winter 2021 issue of the Investment Compliance Journal.
Read the full article (PDF).
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