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30 Mar 2023, 11:00 am
This is, incidentally, exactly the same kind of problem that we saw with the London Interbank Offered Rate or LIBOR after the financial crisis. [read post]
2 Mar 2023, 8:30 am
Department of Housing and Urban Development (HUD) recently issued a final rule replacing the London Interbank Offered Rate (LIBOR) with the Secured Overnight Financing Rate (SOFR) for newly originated FHA-insured adjustable-rate forward mortgage loans and Home Equity Conversion Mortgages (HECMs), and for existing adjustable-rate forward mortgage loans and HECMs. [read post]
9 Feb 2023, 7:12 am
In a further effort to cut Russia’s financial sector off from wider markets, the US, EU, and UK banned certain Russian banks from the Belgian-based Society for Worldwide Interbank Financial Telecommunication (“SWIFT”), which serves as the primary messaging network for international payments. [read post]
17 Jan 2023, 2:56 pm
Panelists include: Frederico Grinberg, economist in payments, currencies, and infrastructure division in the Monetary Capital Markets Department at the Internal Monetary Fund; Nick Kerigan, head of innovation execution at the Society for Worldwide Interbank Financial Telecom; R. [read post]
17 Jan 2023, 5:00 am
The Federal Reserve announced it would further raise its target for short-term interbank interest rates, restricting the growth of money and credit in an effort to reduce economic activity. [read post]
22 Dec 2022, 10:48 am
Following the adoption by the Federal Reserve Board of a final rule under the Adjustable Interest Rate (LIBOR) Act, Fannie Mae and Freddie Mac have announced replacement indices for their legacy London Interbank Offered Rate (LIBOR)-based loans and securities. [read post]
21 Dec 2022, 8:55 am
The Federal Reserve Board issued a final rule last week that establishes default rules for benchmark replacements in certain contracts that use the London Interbank Offered Rate (LIBOR) as a reference rate. [read post]
9 Nov 2022, 11:00 pm
In a new 15-minute episode of our “Women Governance Trailblazers” podcast, Courtney Kamlet & I interviewed Sara Jensen, who is Assistant Corporate Secretary for Co-Op Solutions, which is the largest credit union-owned interbank network in the US. [read post]
31 Oct 2022, 3:53 pm
The categories of information that the CFPB is considering requiring covered data providers to make available with respect to covered accounts are: Periodic statement information for settled transactions and depositsInformation regarding prior transactions and deposits that have not yet settledOther information about prior statements not shown on periodic statements or portals, such as data elements received from a payment network regarding the interbank routing of a… [read post]
29 Sep 2022, 6:15 pm
This is especially the case of the main global financial exchange system, SWIFT (Society for Worldwide Interbank Financial Telecommunications), which has recently been banned for many Russian banks. [read post]
25 Aug 2022, 10:02 am
The final rule updates the types of IRS required to be submitted to a registered derivatives clearing organization (“DCO”) for mandatory clearing by: eliminating the requirements to clear IRS referencing LIBOR and certain other interbank offered rates (“IBORs”); andintroducing, in their place, new requirements to clear IRS referencing the relevant replacement risk-free rates, such as the Secured Overnight Financing Rate (“SOFR”) in the case of USD… [read post]
22 Aug 2022, 9:01 pm
The banks, in turn, would be responsible for settling any interbank movements of underlying deposits through traditional payment channels. [read post]
12 Aug 2022, 1:39 pm
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7 Aug 2022, 11:47 am
DOJ alleged that Parietti, with others, caused Deutsche Bank to make “false, fraudulent, and misleading submissions” to the British Bankers’ Association (BBA) in order to influence the London Interbank Offered Rate. [read post]
25 Jul 2022, 9:57 am
The Federal Reserve Board issued a proposal last week that would establish default rules for benchmark replacements in certain contracts that use as a reference rate the London Interbank Offered Rate (LIBOR), which will be discontinued in 2023. [read post]
27 Jun 2022, 9:35 am
On 24 June 2022, there was published in the Official Journal of the EU (OJ): Commission Implementing Decision (EU) 2022/984 of 22 June 2022 on the equivalence of the regulatory framework of the People’s Republic of China for central counterparties (CCPs) that are authorised to clear OTC derivatives in the interbank market and supervised by the People’s Bank of China to the requirements of Regulation (EU) No 648/2012 of the European Parliament and of the Council. [read post]
9 May 2022, 4:59 pm
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18 Apr 2022, 4:49 am
Automatic Provision – Section 104(a)-(b) of the LIBOR Law The Automatic Provision applies to LIBOR Contracts that (1) contain no Fallback Provisions, (2) contain Fallback Provisions that identify neither (a) a specific Benchmark Replacement nor (b) a Determining Person, (3) include Fallback Provisions that are themselves based on LIBOR or (4) include Fallback Provisions requiring that a person other than a benchmark administrator conduct a poll of… [read post]
14 Apr 2022, 7:16 am
The current sanctions regime against Russia is particularly potent because it has included an extraordinary freeze on central bank assets and the expulsion of some of Russia’s largest banks from the global interbank payments system, SWIFT. [read post]
9 Apr 2022, 9:58 am
Texas Department of Public Safety—the first case to test the limits of congressional war powers in a long time: Howell also shared an episode of the Lawfare Podcast in which Natalie Orpett sat down with Erin Sikorsky to discuss how the events in Ukraine are both exposing and exacerbating threats to energy security and climate security: Priess shared an episode of the Chatter podcast in which he sat down with Eugene Linden to discuss climate change and how the insurance industry can… [read post]
