Perhaps responding to complaints about the lack of global coordination of transition for the expected cessation of LIBOR by December 31, 2021, the Financial Stability Board (“FSB”) issued a Global Transition Roadmap (“GTR”) for LIBOR on October 16.
Continue Reading Financial Stability Board Issues Global LIBOR Transition Roadmap
On October 13, 2020, the Division of Market Oversight of the Commodity Futures Trading Commission (“CFTC”) issued swap transaction and pricing data reporting relief to specific derivatives clearing organizations (“DCOs”) and market participants participating in upcoming DCO auctions that will help transition certain cleared swaps from discounting using the Effective Federal Funds Rate to the Secured Overnight Financing Rate. This discounting transition is an essential part of the industry-wide initiative to transition from swaps that reference the London Interbank Offered Rate, and other interbank offered rates, to swaps that reference alternative benchmarks.
Continue Reading US CFTC Provides Reporting Relief for Swaps Related to Upcoming DCO Auctions Required for LIBOR Transition