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Deal exposes challenge of outlawing tainted interest rate benchmark from all corners of the market
Benchmark rate has been a fixture of global finance for 45 years but has been tarnished by scandals
Banks step up efforts to prepare for end of scandal-tainted benchmark
Former UBS and Citi employee was found guilty in global conspiracy to manipulate benchmark interest rate
Several deals have been struck using the Sofr rate in a sign benchmark reform is progressing
The loan-backed securities will be pegged to a new interest rate benchmark from 2022
Sofr-linked futures and swaps gather volume despite lenders’ hesitation over new benchmark
Top officials, including the Bank of England governor, are pushing firms here to adopt a specific benchmark for dollar borrowing.
Officials at the state and federal level are writing fallbacks for some of the thorniest Libor-linked contracts into law. They might be inadequate.
Here’s why that matters.
Bankers worried about the risks of the replacement for global borrowing benchmark
Congress must act on the only viable solution as benchmark is phased out
UK regulators want to smooth shift to alternative benchmarks
Former UBS and Citigroup trader was first to be found guilty in global conspiracy to manipulate benchmark interest rate
Financial industry has been struggling to make the shift away from the US dollar rate
Benchmark underpinning $200tn in contracts will be published as late as 2023 under new plan
Financial institutions are under pressure to move faster on their switch from the scandal-hit benchmark
Reform of lending rate embedded in everything from mortgages to derivatives poses huge challenges
The London Interbank Offered Rate (Libor) became a cornerstone of the global financial system’s lending markets. As its death nears, it’s becoming increasingly apparent smaller businesses will bear the brunt of the pain.
Scandal-hit interbank lending rates need reform starting with greater accountability
Interest rate disparity could add nearly £2,500 per month to the cost of servicing a £5m mortgage
FCA increases pressure on CEOs to ‘take proactive steps’ to quit tainted rate
Central bank makes it tougher to borrow against the tainted benchmark
Banks have until September to stop issuing cash products linked to sterling benchmark
Financial Stability Board urges ‘significant and sustained’ work to adapt to new benchmarks
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