This paper, although a departure from the Committee’s usual approach, is intended to survey the uncertainties in the context of LIBOR transition and the steps being taken by authorities around the world so as to draw attention to any residual issues.
Tag: Benchmark Reform
Response to Consultation: Proposal to Amend the Benchmarks Regulation: 6 October 2020
The European Commission has published a proposal to amend the BMR (the “Legislative Proposal”) so as to ensure that regulators have the tools to guide the transition avoiding contract frustration and financial instability. The FMLC would like to draw attention to certain issues of uncertainty.
Benchmark Transition: Legacy Contracts and Legal Risks: 17 May 2018
FMLC CEO Joanna Perkins gave a speech at Infoline’s Risk Free Rate conference on navigating the transition to a Risk Free Rate. She provided an overview of the Financial Stability […]
Journal Article: The market transition pathway from LIBOR to “risk-free” rates: 16 April 2018
In an article for Butterworth’s Journal of International Banking and Finance Law, Dr Perkins and Jennifer Enwezor, former Project Manager at the FMLC Secretariat, examine the difficulties in the transition from IBOR benchmarks to alternative risk-free rates (“RFRs”).
Journal Article: Benchmark Transition under the new E.U. Regulation: November 2017
Dr Perkins published an article entitled Benchmark transition under the new E.U. Regulation in the November edition of the Butterworths Journal of International Banking and Financial Law. The article provided […]
Letter to Bank of England: Response to BoE White Paper on SONIA: 9 October 2017
In June 2017, the Bank of England’s Working Group on Sterling Risk-Free Reference Rates published a White Paper entitled SONIA as the RFR and approaches to adoption. The Working Group […]
Financial Benchmarks: Evolution and Regulation: 13 June 2017
At a seminar in Paris, organised by RIMES on 13 June 2017, on preparing for the incoming E.U. Benchmarks Regulation, FMLC CEO Joanna Perkins presented uncertainties related to benchmark evolution […]
Letter to U.K. Debt Management Office: Withdrawal of Reference Prices for Gilts: 31 March 2017
Following the publication of the final report of the Independent Reference Prices Review in October 2016, the FMLC was alerted to concerns regarding the short transition period between the provision […]
Quarterly Discussion Forum: 10 February 2017
On 10 February 2017, members of the Quarterly Discussion Forum met for the first teleconference of 2017. The meeting was led by the Financial Markets Lawyers Group. On the agenda were […]
Benchmarks Reform: Progress and Challenges at P.R.I.M.E. Conference: 24 January 2017
FMLC CEO Joanna Perkins gave a presentation at the annual P.R.I.M.E. Conference at The Hague on the progress and challenges of reforming key interest rate benchmarks. She discussed the process […]