News analysis on how banks and asset managers are implementing conduct-focused rules, including investor protection under Mifid II’s product governance frameworks and the integrity of Libor.
Practice Insight, in consultation with EY, has drafted a product-by-product guide to the risks attached to Libor transitioning, with loans topping the list. Challenges were assessed according to four distinct but interlocking categories: product complexity, infrastructure challenges, client impacts and litigation risk
Buyside sources explain how well-intentioned but ultimately inconsistent rules are creating an uneven playing field and prompting clients to “switch off”. It may also present opportunities for arbitrage
Less sophisticated corporates want term risk-free-rates (RFRs) as soon as possible; but market makers remain unconvinced
Market participants are concerned about speculation on the spread difference between alternative rates and their Libor equivalents. There will be winners and losers
The deadline for shifting all contracts over from Libor to the UK’s replacement Sonia is fast approaching. As one market participant puts it, if you wait until 2021, there aren’t enough lawyers in the world to help
Buyside firms and IRPs explain that the directive’s stated aim – reducing conflicts of interest – has not quite been achieved. In some areas it’s even had the opposite effect, with the rise of corporate-sponsored research
Market participants have found a new way of managing the colossal amount of administration work associated with the transition from Libor: compressing swaps and options contracts
The directive’s downward pressure on the sales teams of investment banks is contributing to the rise of a two-tier system with personalisation for 'high-touch' investors, and an automated service for lesser clients, according to banking sources
This landmark report takes a deep dive into SOFR – the chosen successor for the US dollar markets
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