Looking at the key steps for ending reliance on LIBOR for new contracts, the good news is that a lot of the work has already been done, but important steps remain to remove that reliance entirely across all currencies by year-end, says Anne-Laure Condat @TheFCA #isdabenchmarks
ISDA Wed 15 Sep 2021 15:55

We're now asking for a last push to resolve the final issues to transition away from LIBOR, says Anne-Laure Condat @TheFCA #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 15:55

The can-do attitude of the market has helped us move away from forward-looking LIBOR to the more robust SONIA, says Anne-Laure Condat @TheFCA #isdabenchmarks
ISDA Wed 15 Sep 2021 15:50

ISDA is delighted to welcome Anne-Laure Condat @TheFCA, who will give the final keynote address at the ISDA #Benchmark Strategies Forum #LIBOR #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 15:50

The message from regulators is to not build your life on a credit sensitive rate, because it might disappear when you need it, says Axel van Nederveen @EBRD #isdabenchmarks
ISDA Wed 15 Sep 2021 15:10

SOFR activity has increased but most most activity is still in the interdealer market. With only three months until the end of 2021, the sooner buy-side firms start trading SOFR, the smoother the runway to transition will be, says Guillaume Helie @GoldmanSachs @ISDAConferences
ISDA Wed 15 Sep 2021 15:10

The signs we have seen from SOFR First are very encouraging, it’s just a matter of getting end users to participate, says Subadra Rajappa @SocieteGenerale #isdabenchmarks
ISDA Wed 15 Sep 2021 15:00

We saw a jump in take-up in SOFR swaps after SOFR First on July 26, but if you look at the data holistically there’s still a lot of wood to chop – a majority of transactions are still in LIBOR, says Subadra Rajappa @SocieteGenerale #isdabenchmarks
ISDA Wed 15 Sep 2021 15:00

Several jurisdictions have introduced ‘RFR First’ strategies as they prepare for the end of #LIBOR. How successful have these strategies been and what else is needed? ISDA talks to @EBRD, @Fidelity, @GoldmanSachs, @MorganStanley and @SocieteGenerale @ISDAConferences
ISDA Wed 15 Sep 2021 14:45

In preparation for this rule proposal, @CFTC staff intend to publish a request for information later this fall. We encourage all stakeholders to comment and provide any relevant information, says @CFTCbehnam #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 14:45

In anticipation of the end of #LIBOR and its replacement with #SOFR, I plan to have staff present @CFTC with a rule proposal addressing mandatory clearing of SOFR swaps, with the expectation of finalization of this rule in 2022, says @CFTCbehnam @ISDAConferences
ISDA Wed 15 Sep 2021 14:45

We are looking to market participants to approach that transition with the same focus that they exhibited for the linear swaps transition this past July, which was a resounding success, says @CFTCbehnam #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 14:45

Phase II, also known as #RFR First, will be our next milestone. On Sept 21, the interdealer market will switch trading conventions from #LIBOR to #SOFR in cross-currency swaps, which includes those referencing US dollar, sterling, Swiss franc and Japanese yen, says @CFTCbehnam
ISDA Wed 15 Sep 2021 14:45

While there were some questions in the initial days on the effect of the switch, more than a month later, it’s now clear that there has been a sustainable pickup in #SOFR swap trading activity in the market, says @CFTCbehnam #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 14:40

LIBOR transition picked up in the summer months, with several developments in close succession. The most significant event was the interdealer market’s implementation of phase one of the #SOFR First initiative for US dollar linear derivatives on July 26, says @CFTCbehnam
ISDA Wed 15 Sep 2021 14:40

As has often been the hallmark of our derivatives markets, the CFTC’s role as the regulator is to support the industry-led process, and apply and enforce existing standards under the Commodity Exchange Act and its regulations, says @CFTCbehnam #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 14:40

As we enter the endgame with the understanding that massive legacy #LIBOR contracts may endure, whether out of lethargy, lack of suitable alternatives or because they are broken contracts with no fallback language, regulators remain ready to toughen our stance, says @CFTCbehnam
ISDA Wed 15 Sep 2021 14:40

As regulatory bodies and legislators have begun to articulate guidance and stronger directives to cease new #LIBOR activities, the collective response has been promising, with even greater coordination and clearer incentives, says @CFTCbehnam #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 14:40

Big thanks to @CFTC acting chair Rostin Behnam @CFTCbehnam for giving keynote remarks at the ISDA #Benchmark Strategies Forum #LIBOR #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 14:40

How are firms approaching the transition of legacy #LIBOR exposures? The first panel explores the various solutions with @BankofAmerica, @Cadwalader, @CMEGroup, @LinklatersLLP and TriOptima #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 13:35

When it comes to alternative rates, there are concerns about credit sensitive rates, says Michael Held @NewYorkFed, citing recent statements from the Bank of England, UK Financial Conduct Authority and IOSCO #isdabenchmarks
ISDA Wed 15 Sep 2021 13:30

If firms use a rate other than SOFR, they need to do extra work to show they are making a reasonable decision, and they will be asked about that decision, says Michael Held @NewYorkFed #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 13:30

The obvious choice of alternative rate is SOFR. There are lots of resources available to help transition from LIBOR to SOFR, which will clearly be the dominant, most liquid, most robust rate, says Michel Held @NewYorkFed #isdabenchmarks
ISDA Wed 15 Sep 2021 13:30

Talking about use of US dollar LIBOR after the end of 2021, Michael Held @NewYorkFed offers a caution: regulators intend for exceptions allowing continued use of US dollar LIBOR after end-2021 to be used very narrowly, he says #isdabenchmarks @ISDAConferences
ISDA Wed 15 Sep 2021 13:25

By the end of this year, every firm needs to have stopped using LIBOR for all new exposures and landed safely on robust alternatives – that’s not a recommendation but explicit supervisory guidance, says Michel Held @NewYorkFed #isdabenchmarks
ISDA Wed 15 Sep 2021 13:25