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9 Jan 2024, 10:10 am
Make sure you are up to date on the latest trends in the benchmark replacement or fallback provisions for the Term Secured Overnight Financing Rate (Term SOFR). [read post]
10 Jul 2020, 6:54 am
On 9 July 2020, the Financial Stability Board (FSB) and the Basel Committee on Banking Supervision (Basel Committee) issued a report on supervisory issues associated with benchmark transition. [read post]
20 Apr 2021, 8:40 am
"LIBOR proved to be easily manipulated when banking authorities around the globe found extensive collusion by megabanks like JPMorgan, Citigroup, Barclays, Deutsche Bank, UBS, and the Royal Bank of Scotland, to fix the LIBOR to their own advantage," said Rep. [read post]
1 Apr 2019, 4:24 am
Commission Implementing Regulation (EU) 2016/2070 specifies institutions’ reporting requirements to the European Banking Authority (EBA) and to Member State competent authorities in order to enable the EBA and Member State competent authorities to carry out their assessments of internal approaches in accordance with Article 78 of Directive 2013/36/EU (the benchmarking exercise). [read post]
22 Jan 2024, 9:56 am
That change in the scope of classes that are subject to the clearing obligation reflects the transition to new benchmarks referenced in OTC derivatives, moving away from referencing the euro Overnight Index Average (EONIA) and London Inter-Bank Offered Rate (LIBOR) benchmarks and referencing instead new risk-free rates, as some classes no longer met the criteria that are essential for subjecting them to the clearing obligation while new classes started to meet these… [read post]
24 Jul 2012, 5:28 pm
Lawmakers wonder why the regulator failed to rein in banks that manipulated benchmark interest rates. [read post]
30 Nov 2015, 11:26 am
Ole Jacob Sending & Jon Harald Sande Lie, The limits of global authority: World Bank benchmarks in Ethiopia and Malawi [read post]
23 Jun 2017, 9:30 am
Some of the key points in CP17/17 are: senior managers and approved persons – benchmark administrators – the senior managers’ regime (SMR) currently applies to banks, building societies, credit unions and investment firms. [read post]
9 Sep 2010, 8:15 am
Recently, Bank of America did so I played the pied... [read post]
26 Jun 2018, 10:49 am
This document is intended to provide guidance as to the appropriateness of LIBOR as a benchmark rate in agreements, whilst also setting out a framework under which banks are to operate. [read post]
10 Jul 2014, 12:37 pm
In the Benchmark Bank consent order the FDIC provided very little information and the CFPB later instituted an enforcement action against Paul Taylor Homes out of Dallas, Texas. [read post]
18 Jun 2014, 6:20 am
The Fair and Effective Markets Review will be led by Bank of England Deputy Governor for Markets and Banking, Minouche Shafik, with Martin Wheatley Chief Executive Officer of the Financial Conduct Authority, and Charles Roxburgh, Treasury Director General for Financial Services, as co-chairs.In a statement, the Government said that it plans to extend the new legislation put in place to regulate the LIBOR benchmark to cover further benchmarks in the foreign… [read post]
3 Dec 2018, 11:27 am
The benchmark interest rate is the average rate at which European banks are able to lend money to each other. [read post]
17 May 2013, 4:04 pm
The FDIC separately fined Benchmark Bank for violating RESPA. [read post]
2 May 2017, 9:27 am
The Bank of England (BoE) has announced that its Working Group on Sterling Risk-Free Reference Rates (the working group), a group of major dealers active in sterling rate swap markets, has decided on SONIA as its preferred near risk-free interest rate benchmark (RFR) for use in sterling derivatives and relevant financial contracts. [read post]
22 Aug 2012, 7:17 am
The European Commission and the European Central Bank, along with the IOSCO and the Financial Stability Board, are currently examining how benchmarks are established in order to identify weaknesses and shortcomings and suggest possible ways of addressing the problems at hand. [read post]
16 Dec 2021, 8:40 pm
This has been introduced in version 3.5.0 of the Bank of England Banking XBRL taxonomy as a new module, LVR001 Leverage Ratio. [read post]
23 Nov 2021, 8:40 pm
All banks received a feedback letter outlining the main shortcomings as well as an overview of peer benchmarking. [read post]
27 May 2022, 8:20 am
Commission Implementing Regulation (EU) 2016/2070 specifies the reporting requirements for institutions to enable the European Banking Authority (EBA) and Member State competent authorities to monitor the range of risk weighted exposure amounts or own funds requirements for the exposures or transactions in the benchmark portfolio resulting from the internal approaches of those institutions and to assess those approaches as required by Article 78 of the CRD IV. [read post]
21 Dec 2016, 7:00 am
The Bank’s rationale is buttressed in part by the fact that the publication of the Bank’s exchange rates is based on providing a public good for statistical, analytical and information purposes only – not as benchmarks for transactional purposes. [read post]
