Welcome to the latest issue of Mayer Brown’s IBOR Transition Digest—a periodic compendium of global regulatory and market developments and insights on the complex issues confronting financial market participants as they plan to transition from LIBOR and its variants to replacement benchmark interest rates. As attention to IBORtransition accelerates and becomes more focused, it is critical to have access to comprehensive and timely resources about the market.
For additional resources and an introduction to our global cross-practice IBOR Transition Task Force, please visit Mayer Brown’s IBOR Transition portal.
US FRB Issues Examiner Guidance for Assessing LIBOR Transition Progress
Eye on IBOR Transition Blog, 11 March 2021
On 9 March 2021, the US Board of Governors of the Federal Reserve System issued SR 21-7, Assessing Supervised Institutions’ Plans to Transition Away from the Use of the LIBOR, providing guidance to its bank examiners on how to assess the progress of supervised institutions in preparing to transition away from USD LIBOR as a reference rate.
United States – General
ARRC Announces Refinitiv as Publisher of its Spread Adjustment Rates for Cash Products
Alternative Reference Rates Committee, 17 March 2021
Following a 2020 consultation process, the ARRC has chosen Refinitiv as the ARRC’s preferred spread adjustment vendor, ensuring that recommended spread adjusted rates can be accessed effectively by market participants.
ARRC announces "The SOFR Symposium: The Final Year"
Alternative Reference Rates Committee, 11 March 2021
The ARRC plans to hold a series of webinars addressing the ARRC’s endgame announcements, SOFR developments, and the ARRC’s 2021 priorities.
Asia/Pacific Rim – Derivatives
The End of LIBOR and the Australian Market – speech of Assistant Governor Christopher Kent at the ISDA Virtual Conference: Benchmark Strategies Forum Asia Pacific
Reserve Bank of Australia, 18 March 2021
“I'd like to stress that there is no alternative path to follow to move away from LIBOR. Waiting and seeing – for what others do or what other more convenient benchmarks might emerge in the future – is not a viable transition plan.”
Keynote Address at ISDA Virtual Conference: Benchmark Strategies Forum Asia Pacific – speech by Edmond Lau, Senior Executive Director
Hong Kong Monetary Authority, 17 March 2021
“LIBOR transition is so complicated and involves so many parties in both bilateral and multilateral negotiation so that smooth transition will require collective and timely efforts from all of us to make it happen.”
Response to the Letter regarding Transitioning Away from LIBOR, Published Jointly by the FSA and BOJ
Bank of Japan, 11 March 2021
BOJ and FSA published “Response to the announcement on the end date of LIBOR panel publication and the announcement on the intention to consult on the publication of synthetic yen LIBOR,” supporting the proposal to publish a synthetic JPY LIBOR.
Replays of all of our IBOR Transition Webinar Series presentations are available via iTunes podcasts, Google play or Spotify, as well as on the IBOR Transition Webinar Series page of our dedicated IBOR Transition portal.