Practice Insight’s most read: May 2019

reading
  1. Libor fallbacks still not aligned across products

The release of recommended language for USD Libor-denominated floating rate notes and syndicated loans suggests that while other asset classes are moving in the same direction, they are not yet fully aligned with derivatives

  1. Corporates start amending contracts to reference Sonia

Associated British Ports may be the first to begin updating problematic legacy contracts to reference Sonia rather than Libor. Bankers view it as a test case

  1. Goldman/UBS fines sharpen Mifid reporting compliance

Following the fines meted out for reporting failures, compliance functions at banks and other market participants tell Practice Insight they expect further penalties this year

  1. How regulators can mitigate Libor litigation risk

Hedge funds say that if regulators can be clear on the economic value transfer of switching from Libor to risk-free rates, there will be less scope for costly litigation

  1. Is regulation making markets less competitive?

Many market participants feel the sheer volume of post-crisis rules, especially in Europe, unfairly disadvantages smaller players who are unable to stay ahead of the regulatory curve

  1. Asifma Q&A: how Asia is facing the EU Benchmarks Regulation

Practice Insight speaks to John Ball, Asia Pacific managing director of GFMA’s global FX division, on what the BMR means for non-EU benchmark providers and how the industry is preparing

  1. ROUNDTABLE: What does life after Libor look like?

Senior legal, syndicate and treasury sources at the EBRD, ICMA, NatWest and RBC Capital Markets talk frankly on the industry’s transition to risk-free rates

  1. Priips continues to restrict bond supply to retail investors

Eighteen months since it came into force, bank and industry association sources say issuers are still refraining from placing bonds with retail investors due to the EU regulation

  1. Loan market still concerned by lack of term Libor replacement

Term rates are better suited to cash products, but market participants must accept that they may not get what they want when Libor is discontinued in two years

  1. Special report: Navigating the SFTR road ahead

This landmark survey and report on the Securities Financing Transactions Regulation reveals how the market is preparing for the upcoming framework