Regulatory Alerts2020-07-10
Added · Updated
Reform of interest rate benchmarks Annex 2: Latest Developments in relation to Benchmark Reform
The Financial Stability Board and other global regulators reaffirm the deadline for removing dependencies on LIBOR by the end of 2021 while outlining specific transition milestones for various financial products. Authorities in the US, UK, and Switzerland are implementing legislative measures and enhanced supervisory powers to manage legal uncertainties and ensure the orderly replacement of Interbank Offered Rates with risk-free rates. Additionally, the Basel Committee clarified framework interpretations regarding capital and risk, while central banks began publishing compounded indices to facilitate the calculation of interest rates based on alternative reference rates.
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