Latest Milestone in LIBOR Replacement Passed
This past Monday, July 26, marked passage of the most recent major milestone in the replacement of LIBOR as the benchmark USD interest rate. Following the recommendation of the CFTC’s Market Risk...
View ArticleARRC Formally Recommends Term SOFR
As expected, on July 28, 2021, the Alternative Reference Rates Committee (ARRC) formally recommended the CME’s SOFR Term Rate. The SOFR Term Rate is known in advance of the related interest period and...
View ArticleLSTA Publishes Term SOFR Concept Document
On August 25, the LSTA published its Term SOFR Concept Document (the “Term SOFR Concept Document”)[1]—the latest addition to its suite of SOFR-based Concept Documents. The Term SOFR Concept Document...
View ArticleSecurity-Based Swap Rules for End-Users
As of November 1, 2021, dealers in security-based swaps (“SBS”) whose dealing activity exceeds certain de minimis thresholds (e.g., gross notional amount of $3 billion for credit default SBS, $150...
View ArticleCFTC Amends Clearing Requirements
On August 12, 2022, the CFTC issued a final rule modifying its clearing requirement for interest rate swaps (“IRS”). The final rule updates the types of IRS required to be submitted to a registered...
View ArticleSynthetic USD LIBOR
As market participants prepare to submit comments on the recent proposal of the UK’s Financial Conduct Authority (the “FCA”) (available here) to require the temporary publication of a “synthetic” 1-,...
View ArticleSEC’s Proposed Conflicts of Interest Rule May Impede Hedging
Critics are warning that the SEC’s recently proposed rule (the “Proposed Rule”) prohibiting conflicts of interest in asset-backed securities (ABS) transactions may impede the ability of financial...
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