Legislating for LIBOR transition: UK/EU jurisdictional battle or complementary regimes?

The European Commission has published its proposals for an EU legislative solution for the transition of legacy LIBOR contracts. This announcement follows hot on the heels of recent announcements for similar legislative fixes in the UK (read our blog post: UK Government announces LIBOR legislative fix: summary of proposals and our initial observations) and the … Read more

ISDA releases report explaining final results of LIBOR consultation on pre-cessation fallbacks: the nuance behind the consensus

We commented last month on the announcement from the International Swaps and Derivatives Association (ISDA), confirming the preliminary results of its re-consultation on the implementation of pre-cessation fallbacks for derivatives referenced to LIBOR: ISDA pre-cessation fallback consensus: will this reduce legacy LIBOR risk in the derivatives market? ISDA has now published a report summarising the … Read more

LIBOR Transition: Is ARRC’s Proposed Legislative Fix Constitutional?

In early March, 2020, the Alternative Reference Rates Committee (ARRC) in the US published a proposal for New York legislation to assist the transition of financial contracts away from US dollar (USD) LIBOR. In a blog post in March, HSF provided an overview of this proposal and its specific provisions. LIBOR transition: What does the … Read more

ISDA pre-cessation fallback consensus: will this reduce legacy LIBOR risk in the derivatives market?

The International Swaps and Derivatives Association (ISDA) has announced the preliminary results of its re-consultation on the implementation of pre-cessation fallbacks for derivatives referenced to LIBOR (see press release). It follows an earlier consultation on pre-cessation fallbacks last year, which failed to achieve market consensus on whether or not (and if so, how) to include … Read more