On Friday ISDA launched the IBOR Fallbacks Supplement and IBOR Fallbacks Protocol, marking a major step in reducing the systemic impact of a key interbank offered rate (IBOR) becoming unavailable while market participants continue to have exposure to that rate. The supplement will amend ISDA’s standard definitions for interest rate Read more…
Unilever and J.P. Morgan entered into a $500 million interest rate swap agreement at the end of September using the new SOFR benchmark interest rate, in one of the first major long-dated corporate SOFR swap transactions, according to the U.S. bank. The Secured Overnight Financing Rate (SOFR) is published by the New Read more…
The Australian parent company of Neil Woodford’s fund administrator Link Fund Solutions, has received a conditional offer from Pacific Equity Partners, Carlyle Group and their affiliates to acquire 100% of the company. According to filings at the Australian Stock Exchange, the proposal is subject to a number of conditions, including Read more…
The planned demise of Eonia in January 2022, is driving clearing houses in Europe to consider ways to automatically convert outstanding Eonia (euro overnight index average) swaps to the euro short-term rate, or €STR,. Eurex and LCH, the largest CCPs for euro swaps, are gauging member appetite for a co-ordinated Read more…
Morgan Stanley announced that it plans to buy Eaton Vance, the investment and wealth management firm, in a $7 billion deal. Coupled with the firm’s $13 billion purchase of E-Trade earlier this year, it shows the Wall Street stalwart’s move to less flashy but steadier fee based businesses, a sign of the times Read more…
The DoJ has said ISDA’s proposed amendments to its documentation to incorporate RFR fallbacks for certain key interbank offered rates are unlikely to harm competition and will not be challenged. ISDA has welcomed the business review letter and said it is notifying other competition authorities across the globe and will Read more…
Dealers should base quotes for sterling swaps on the SONIA interest rate benchmark rather than LIBOR from Oct. 27 onwards, as part of efforts to move away from using LIBOR, the Bank of England and the FCA said on last week. “An FCA survey of liquidity providers identified strong support Read more…
Banks and other financial market participants in the European Union will have until mid-2022 to cut their “excessive reliance” on derivatives clearing houses in Britain, the bloc’s executive European Commission said on Monday. Britain, which hosts Europe’s biggest financial hub in London, left the EU in January and its unfettered Read more…
It is understood that the regulator’s review into fund governance following the collapse of Neil Woodford’s investment empire has been pushed back to 2021. The probe into ACDs officially launched in January after intense criticism of the role Neil Woodford’s administrator Link Fund Solutions played in his investment empire’s collapse last Read more…
There were 59 skilled person reports commissioned by the Financial Conduct Authority over the last 12 months, according to the watchdog’s annual report and accounts. There has been a big rise in the number of skilled person reports commissioned by the Financial Conduct Authority over the last 12 months. According Read more…