Events listed in Benchmark Rate Reform
Article 21(3) Benchmarks Regulation – Notice of First Decision – 3 month sterling ...
ID 26040
The Financial Conduct Authority (FCA) has published a so-called Notice of First Decision which is primarily addressed at the LIBOR benchmark administrator ICE Benchmark Administration Limited (IBA) and sets out the requirement for IBA to continue to publish the synthetic 3-month sterling LIBOR tenor beyond December 29, 2023, the initial last day for such publication. Specifically, in view of the current use of the ...
The NWG Steering Committee has adopted a Recommendation on the rules and methods of ...
ID 25142
Following a consultation in July 2023 (see eventid=22051), the NWG has published the responses and fully adopted the recommendations from its draft version (with some lexicon and orthographic corrections but without changes to the recommendations). The topic of this recommendation is the approach towards the dealing with debt instruments whose interest rates are in any way tied to WIBOR, the Warsaw Interbank Offered Rate, ...
Conclusions from the public consultation on the Recommendation of the NWG on ...
ID 24107
Following a consultation in May 2023 on a proposed „Recommendation regarding the application of a fallback rate for the WIBOR benchmark in interest rate derivatives“, the National Working Group for benchmark reform (NWG) has now published a corresponding consultation conclusion. In the conclusion document, the NWG briefly summarizes the responses it has received to its consultation and describes its way forward in this matter. ...
The NWG Steering Committee has adopted a Recommendation on applying a fallback rate ...
ID 24099
Following a consultation in May 2023 on a proposed „Recommendation regarding the application of a fallback rate for the WIBOR benchmark in interest rate derivatives“, the National Working Group for benchmark reform (NWG) has now published the final recommendation along with a corresponding consultation conclusion document which is further discussed in EventID 22054. #### Background The Working Group conducted the public consultation with the ...
Public consultation on the NWG’s recommendation on the rules and methods of ...
ID 24086
The National Working Group (NWG) for the benchmark reform has launched a new consultation entitled „Draft Recommendation on the rules and methods of conversion of legacy issues of WIBOR-based debt instruments“. In it, the Group is consulting on a proposed approach towards the dealing with debt instruments whose interest rates are in any way tied to WIBOR, the Warsaw Interbank Offered Rate, which is ...
The US dollar LIBOR panel has now ceased
ID 24005
On July 3, 2023, the Financial Conduct Authority (FCA) published a press release to confirm the final cessation of the remaining US dollar LIBOR tenors. „This marks another critical milestone“, so the FCA, in the final transition away from LIBOR. In the press release, the FCA confirms that the overnight and 12-month US dollar LIBOR settings have permanently ceased. The 1-, 3-, and 6-month ...
Article 23D Benchmarks Regulation – Notice of Requirements [pdf]
ID 23991
Following its decision to continue the publication of the 1-, 3- and 6-month US dollar LIBOR settings on a synthetic basis beyond June 30, 2023 (please see EventID #20544 for more information) and its decision to permit the continuous use of these LIBOR tenors in specified legacy contracts up to September 30, 2024 (please see EventID 20587 and EventID 21833 for the final notice), ...
Article 23C Benchmarks Regulation – Notice of Permitted Legacy Use by Supervised ...
ID 23989
Following its decision to continue the publication of the 1-, 3- and 6-month US dollar LIBOR settings on a synthetic basis beyond June 30, 2023 (please see EventID 20544 for more information), the Financial Conduct Authority (FCA) has issued a Final Notice to permit the continuous use of these LIBOR tenors up to September 30, 2024 which is the effective maintenance period of those ...
Additional Guidance on the Transition From Interbank Offer Rates to Other Reference ...
ID 23962
The Internal Revenue Service (IRS) has published in the Federal Register a final regulation as regards the calculation of interest expenses attributable to excess liabilities in relation to U.S. business (income effectively connected (ECI)) for purposes of income taxation. Specifically, the IRS is now specifying that foreign banks may apply the one month Secured Overnight Financing Rate (SOFR) with a spread adjustment of 0,11448% ...
The Riksbank to investigate year-end effect in SWESTR
ID 23534
The Central Bank of Sweden, Riksbank, has published a press statement to announce a survey as regards the use of the Swedish krona Short Term Rate (SWESTR). The SWESTR is a transaction-based reference rate that is calculated and published by the bank on a daily basis. The SWESTR is typically subject to the so-called year-end effect, which refers to a temporary decrease in the ...