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Read time: 5 minutes 45 seconds

The Financial Conduct Authority (FCA) is to be given new powers to make changes to the methodology of LIBOR for certain “tough legacy” contracts.

The UK Government has announced that it intends to bring forward legislation amending the Benchmarks Regulation 2016/1011 as amended by the Benchmarks (Amendment) (EU Exit) Regulations 2018, which would provide the FCA greater powers in relation to benchmarks (such as LIBOR) recognised as “critical”, in situations where these benchmarks are no longer representative and will not be restored to representativeness.
Continue Reading The British Government is giving the FCA new powers to deal with tough legacy – are they actually going to help?

Read time: 2 minutes 45 seconds

In these uncertain times, we take a look at the potential implications of COVID-19 on the LIBOR transition, currently scheduled for the end of 2021.

The anticipated impact of COVID-19 on the LIBOR transition can be divided into two parts. There is the immediate and operational effects that the virus will have on banks’ transition timeline, and there is the longer-term structuring implications that this period of uncertainty will create. There is also the question as to whether 2021 will remain the deadline for the transition.
Continue Reading COVID-19: impact on the LIBOR market and 2021 transition