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ISDA Publishes Final Report on Pre-cessation Fallbacks for LIBOR
By Editors | 15/05/2020
ISDA expects to publish amendments to the 2006 ISDA Definitions to incorporate the fallbacks for new trades in July, along with a protocol to allow participants to incorporate the revisions into legacy trades.
Market Infrastructure
EU Benchmark Equivalence Regime Not Scalable: ISDA, FIA
By Manesh Samtani | 07/05/2020
While the Associations welcome the legal approach taken, they highlight that the draft equivalence decision excludes the widely referenced Nikkei and JPX benchmarks.
Market Infrastructure
Industry Bodies Request Margin Exemption Extensions under EMIR
By Manesh Samtani | 06/05/2020
ISDA and other industry associations are asking for equivalence decisions for all jurisdictions that have implemented margin rules in line with the BCBS-IOSCO framework.
Market Infrastructure
HKMA Survey Highlights LIBOR Transition Challenges
By Editors | 23/04/2020
About HK$1.4tr in assets, HK$0.5tr in liabilities, and HK$14.7tr in derivatives still referencing LIBOR will mature after end-2021 and don’t have fallbacks in place.
Market Infrastructure
Bloomberg Publishes Rulebook on IBOR Fallback Methodology
By Editors | 23/04/2020
The rulebook’s final methodology, rules and conventions are based on the results of four market-wide consultations ISDA conducted between 2018 and 2020.
Market Infrastructure
ISDA to Add Pre-cessation Trigger to LIBOR Fallback Provisions
By Editors | 16/04/2020
A significant majority of respondents favour including both pre-cessation and permanent cessation fallbacks as standard language in the amended 2006 ISDA Definitions for LIBOR.
Market Infrastructure
ISDA, IIF Warn G20 of Acute USD Shortage in Emerging Markets
By Editors | 13/04/2020
US dollar shortages could constrain policy responses aimed at cushioning emerging market economies from the Covid-19 shock.
Capital / Liquidity
BCBS, IOSCO Extend Initial Margin Deadlines by One Year
By Editors | 05/04/2020
With the extension, phase 5 implementation will take place on 1 September 2021 and phase 6 implementation on 1 September 2022.
Market Infrastructure
ISDA Calls for Delay to Initial Margin Deadlines
By Editors | 26/03/2020
Without a delay, smaller entities will almost certainly be shut out of the derivatives market, denying them the ability to manage risk when they need it most, says ISDA chief Scott O’Malia.
Market Infrastructure
ICMA Publishes High-Level Guidance on IBOR Transition
By Editors | 01/03/2020
The ‘Quick Guide’ provides a high-level overview of 11 key areas relating to the transition from IBORs (including LIBOR) to risk free rates in the international bond market.
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