ISDA has found that a significant majority of practitioners would prefer to include pre-cessation and permanent cessation fallbacks without optionality or flexibility. The feedback comes in response to a consultation launched by ISDA in February which asked whether the 2006 ISDA Definitions should be amended to include fallbacks that would apply to all covered derivatives referencing LIBOR following a permanent cessation of the benchmark or a ‘non-representative’ pre-cessation event, whichever occurs first. ISDA now expects to publish amendments to the 2006 ISDA Definitions to incorporate the fallbacks for new trades in July. A protocol will simultaneously be launched to allow participants to incorporate the revisions into legacy trades if they wish. Both will come into effect before the end of the year.
A-Team Insight Briefs
Upcoming Webinar: Overcoming the Barriers to Implementing RegTech Solutions: The View from Either Side of the Fence
Date: 9 June 2020 Time: 10:00am ET / 3:00pm London / 4:00pm CET RegTech holds the promise of targeted, agile and often low-cost solutions to the real-world problems faced by financial institutions across the board. So why is it so difficult to get RegTech projects off the ground? RegTech solutions providers complain that it’s difficult...
The Association for Financial Markets in Europe (AFME) has published recommendations for partial settlement in view of the impending Central Securities Depository Regulation (CSDR), currently due to come into force in September this year but widely expected to be delayed until February 2021. The recommendations aim to encourage greater and more harmonised use of partial...
Now in its 4th year, the RegTech Summit in London explores how the European financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.
High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...