Bank of England and FCA warn Libor transition timeline could be impacted
Market participants have been told that despite disruption, the transition away from Libor is still targeted for the end of 2021.
Tag: Libor
Industry urged to accelerate Libor transition this year
Despite Libor being due to cease at the end of 2021, UK authorities have set out a timeline for the shift to the Sonia benchmark throughout this year.
CFTC issues ‘no-action’ letters to swaps market participants on Libor transition
Three divisions of the CFTC have issued ‘no action’ relief for firms active in the swaps market transitioning from Libor to alterative benchmark.
Buy-side face operational risks if they don’t prepare for Libor transition
Failure to update legacy contracts ahead of Libor’s termination could have serious operational and investment risks for asset managers.
‘Last orders’ called on Libor benchmark
The Bank of England’s deputy governor for markets and banking has said pace of transition from Libor to Sonia must be accelerated.
The Investment Association guides buy-side through Libor transition
Industry body has produced a roadmap aimed at guiding asset managers through the transition from Libor to Sonia.
Two percent of firms have renegotiated Libor-based contracts ahead of 2021 deadline
Concerns have been raised as survey finds 83% of firms are yet to begin renegotiating Libor-based contracts, as the benchmark’s withdrawal takes effect in 2021.
Former Deutsche Bank traders convicted for Libor rigging scheme
Matthew Connelly and Gavin Campbell Black have been convicted by the US Department of Justice for Libor manipulation.
Goldman Sachs supports IHS Markit’s service for Libor replacement
Goldman Sachs is among seven major derivatives dealers to use MarkitSERV services to process SOFR transactions.
Credit Suisse, Goldman Sachs and JP Morgan clear first SOFR swaps with LCH
Major investment banks clear the first US interest rate swaps using US Libor alternative benchmark SOFR.