The FCA has doubled down on its plans to phase out LIBOR by the end of 2021, warning in a 29 April statement that “it remains the central assumption that firms cannot rely on LIBOR being published after the end of 2021.” Although the regulator recognises the challenges presented by the current operating environment under COVID-19, it notes that “continued progress” has been seen – including the first syndicated loan that will link to SONIA and SOFR, and a successful consent solicitation to convert a legacy LIBOR referencing bond, while within sterling cash markets, transition to SONIA in the bond market has been largely completed. The Working Group on Sterling Risk-Free Reference Rates (RFRWG) confirms that by the end of Q3 2020 lenders should be in a position to offer non-LIBOR linked products, while all new issuance of sterling LIBOR-referencing loan products that expire after the end of 2021 should cease by the end of Q1 2021.
A-Team Insight Briefs
The transition away from LIBOR (London Interbank Offered Rate) is well underway, but there remains considerable ambiguity around how the final stages will be executed – especially with regards to benchmark replacements in markets outside the UK. What are the options, where are the uncertainties and what stage have firms reached in their preparations? The...
There is only a week to go until the final SM&CR deadline on December 9, by which time all remaining FCA-regulated firms (including asset managers, brokers and trading firms) will have to comply with the new rules – and start submitting data to the new FCA Directory. But as crunch time catches up with the...
Now in its 9th year, the Data Management Summit (DMS) in London explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.
This special report accompanies a webinar we held on the popular topic of The Data Management Challenges of Client Onboarding and KYC, discussing the data management challenges of client onboarding and KYC, and detailing new technology solutions that have the potential to automate and streamline onboarding and KYC processes. You can register here to get immediate...