You can use the search function to find a range of UK Finance material, from consultation responses to thought leadership to blogs, or to find content on a range of topics from Capital Markets & Wholesale to Payments & Innovation.
CRITICAL BENCHMARKS (REFERENCES AND ADMINISTRATORS' LIABILITY) BILL
08/09/2021
Critical Benchmarks (References and Administrators' Liability) Bill introduced to the House of Lords
READ MORE
RFR WORKING GROUP MONTHLY NEWSLETTER
03/09/2021
Monthly newsletter for August 2021
US BILL FOR TOUGH LEGACY LIBOR CONTRACTS PROCESS ADVANCES
30/07/2021
The House Financial Services Committee voted to advance the Bill
STATEMENT SUPPORTING CROSS-CURRENCY SWAP MARKET 'RFR FIRST' INIATIVE
21/07/2021
Regulator joint statement encouraging cross-currency swaps market switch to RFRs
FINANCIAL STABILITY REPORT
13/07/2021
Bank of England's Financial Stability report for July 2021
ACTIVE TRANSITION OF LEGACY GBP LIBOR LOAN CONTRACTS
09/07/2021
RFR WG paper on timelines and considerations for borrowers
07/07/2021
Monthly newsletter for June 2021
FINANCIAL STABILITY BOARD PROGRESS REPORT TO THE G20
06/07/2021
FSB report on recent developments, supervisory issues and next steps
LIBOR - 6 MONTHS TO GO
05/07/2021
Speech by Edwin Schooling Latter
FCA CONSULTATION CP21/19
24/6/2021
Proposed decision under Article 23D BMR for six GBP and JPY LIBOR settings
FINANCIAL STABILITY OVERSIGHT COUNCIL PRINCIPALS MEETING
16/06/2021
ARRC welcomes messages from recent FSOC principals meeting
INTEREST RATE BENCHMARK REFORM
03/06/2021
FSB paper on interest rate benchmark reform
FSB STATEMENT ON ISDA SPREAD ADJUSTMENTS
FSB OSSG Supports Use of the ISDA Spread Adjustments in Cash Products
UPDATED GLOBAL TRANSITION ROADMAP FOR LIBOR
Financial Stablity Board updates its global transition roadmap
02/06/2021
Monthly newsletter for May 2021
FCA CONSULTATION CP21/15
20/05/2021
FCA consultation on powers over use of critical benchmarks
?SONIA-FIRST? DATE FOR STERLING EXCHANGE TRADED DERIVATIVES
14/05/2021
Regulator joint statement recommending a ?SONIA-first? date for sterling exchange traded derivatives
DESCENDING SAFELY: LIFE AFTER LIBOR, SPEECH BY ANDREW BAILEY
11/05/2021
Andrew Bailey speech delivered at the ARRC's SOFR Symposium
QUEEN'S SPEECH SUPPORTING DOCUMENTS
p.45 references the intention to bring forward further legislation on safe harbour
LETTER FROM THE EST TO THE RFR WORKING GROUP
10/05/2021
HMT's response to the RFR Working Group letter on safe harbour provisions
SUPPORTING THE WIND-DOWN OF CRITICAL BENCHMARKS RESPONSE
HMT feedback to the consultation on supporting the wind-down of critical benchmarks
OPERATIONAL CONSIDERATIONS FOR FALLBACKS PAPER
23/04/2021
RFR WG paper on operational considerations for fallbacks in uncleared linear derivatives
RFR WG STATEMENT ON ACTIVE TRANSITION
Statement on the active transition of legacy GBP LIBOR contracts
RFR WG LETTER TO HM TREASURY ON SAFE HARBOUR PROVISIONS
22/04/2021
Letter seeking an update on the government's approach to safe harbour provisions
TRANSITION FROM LIBOR IN STERLING STRUCTURED PRODUCTS
19/04/2021
Paper to support the sterling structured products market meet the RFR WG's milestones
SUMMARY OF RESPONSES TO SUCCESSOR RATE IN LEGACY BONDS CONSULTATION
29/03/2021
Consultation on successor rate to GBP LIBOR in legacy bonds - Summary of Responses
PRA AND FCA DEAR CEO LETTER ON TRANSITION FROM LIBOR
26/03/2021
Dear CEO letter on the transition from LIBOR to risk-free reference rates
MINUTES OF THE SONIA STAKEHOLDER ADVISORY GROUP
25/03/2021
Bank of England minutes of the SONIA Stakeholder Advisory Group - February 2021
MINUTES OF THE FEBRUARY 2021 RFRWG MEETING
24/03/2021
Minutes of the Working Group on Sterling Risk Free Reference Rates
BANK OF ENGLAND RISK MANAGEMENT APPROACH - MARKET NOTICE
Risk management approach to collateral referencing LIBOR
STATEMENT WELCOMING TERM SONIA REFERENCE RATES STANDARD
RFR WG, FCA and BoE welcome FMSB transparency draft
ARRC WELCOMES PASSAGE OF LIBOR LEGISLATION
ARRC welcomes passage of LIBOR legislation by New York State Legislature
ARRC UPDATE ON FORWARD-LOOKING SOFR TERM RATE
23/03/2021
Market participants encouraged to Transition without reliance on SOFR Term Rate
ARRC PROGRESS REPORT
22/03/2021
ARRC publishes progress report on transition from USD LIBOR
RFR WG STATEMENT WELCOMING ANNOUNCEMENTS ON THE END OF LIBOR
05/03/2021
Statement welcoming announcements by the FCA, IBA and ISDA on the end of LIBOR
ARRC COMMENDS DECISIONS OUTLINING DEFINITIVE ENDGAME FOR LIBOR
FCA FEEDBACK STATEMENT ON ARTICLE 23D CONSULTATION
Requiring changes to a critical benchmark using powers under proposed Article 23D
FCA FEEDBACK STATEMENT ON ARTICLE 23A CONSULTATION
Designating an unrepresentative benchmark using powers under proposed Article 23A
FCA STATEMENT OF POLICY - ARTICLE 23B
FCA statement of policy on the exercise of the FCA's powers under 23D
FCA STATEMENT OF POLICY - ARTICLE 23A
FCA statement of policy on the designation of benchmarks under Article 23A
FCA ANNOUNCEMENT ON THE END OF LIBOR
Announcement on future cessation and loss of representativeness of LIBOR benchmarks
BEST PRACTICE GUIDE FOR GBP LOANS
26/02/2021
RFRWG Best Practice Guide for use of SONIA in GBP loans
LOAN MARKET Q&A FOR THE END-Q1 2021 MILESTONE
RFRWG GBP loan market Q&A for the end-Q1 2021 recommended milestone
PATH TO ENDING NEW USE OF GBP LIBOR-LINKED DERIVATIVES
24/02/2021
RFRWG update on the path for ending new use of GBP LIBOR in derivatives
HM TREASURY CONSULTATION ON SAFE HARBOUR PROVISIONS
15/02/2021
HMT Consultation on supporting the windown of critical benchmarks
POTENTIAL METHODOLOGY FOR GBP LIBOR ICE SWAP RATE REPLACEMENT
12/02/2021
RFRWG paper on transition in non-Linear derivatives referencing GBP LIBOR ISR
03/02/2021
The Working Group on Sterling Risk Free Reference Rates? monthly newsletter
CONSULTATION ON THE SUCCESSOR RATE TO GBP LIBOR FOR BONDS
02/02/2021
RFR WG consultation on the successor rate to GBP LIBOR in legacy bonds referencing GBP LIBOR
LIBOR - ARE YOU READY FOR LIFE WITHOUT LIBOR FROM END-2021?
26/01/2021
Speech by Edwin Schooling Latter, Director Markets and Wholesale Policy at the FCA
OCTOBER RFR TRANSITION NEWSLETTER
11/01/2021
MINUTES OF THE DECEMBER 2020 RFRWG MEETING
RFR WG 2021 TOP LEVEL PRIORITIES AND ROADMAP
Working Group on Sterling Risk-Free Reference Rates publish their priorities and roadmpa for 2021
AMENDMENTS TO ACCOUNTING STANDARDS - IBOR PHASE 2
22/12/2020
Financial Reporting Council's IBOR Phase 2 Amendments to accounting standards
LETTER TO LOAN SYSTEM VENDORS AND TREASURY MANAGEMENT SYSTEM PROVIDERS
18/12/2020
Chair of the RFR WG open Letter to loan system vendors and treasury management system providers
PATH FOR DISCONTINUATION OF NEW STERLING LIBOR LENDING
RFR WG's indicative path towards achieving its recommended milestone
CREDIT ADJUSTMENT SPREAD METHODS FOR ACTIVE TRANSITION
17/12/2020
RFRWG paper on Credit Adjustment Spread methods for active transition of GBP LIBOR referencing loans
DEAR CEO LETTER TO PRA-REGULATED UK DEPOSIT TAKERS
15/12/2020
PRA Dear CEO letter to regulated UK deposit takers on 2021 priorities
BOWING OUT GRACEFULLY: LIBOR'S RETIREMENT DRAWS NEAR
09/12/2020
Speech by Andrew Hauser, Executive Director of Markets, Bank of England
ARRC GUIDE TO USD LIBOR ENDGAME
07/12/2020
A guide summarising recent developments in USD LIBOR Transition
FCA RESPONSE TO IBA?S PROPOSED CONSULTATION ON USD LIBOR
30/11/2020
FCA response to IBA's proposed consultation on intention to cease USD LIBOR
ARRC APPLAUDS MAJOR MILESTONE IN TRANSITION FROM U.S. DOLLAR LIBOR
ARRC welcomes announcements by the IBA on the transition away from USD LIBOR
FEDERAL AGENCIES RELEASE A STATEMENT ON USD LIBOR TRANSITION
Federal agencies release a statement encouraging transition away from USD LIBOR
IBA TO CONSULT ON ITS INTENTION TO CEASE PUBLICATION OF USD LIBOR
ICE Benchmark Administrations announces consultation on intention to cease publication of USD LIBOR
CONDUCT RISK DURING LIBOR TRANSITION
20/11/2020
Updates to the FCA conduct Q&A
FCA CONSULTATION ON PROPOSED POLICY UNDER NEW ARTICLE 23D OF THE FINANCIAL SERVICES BILL
18/11/2020
Regarding requiring changes to a critical benchmark, including its methodology
FCA CONSULTATION ON PROPOSED POLICY UNDER NEW ARTICLE 23A OF THE FINANCIAL SERVICES BILL
Regarding designating an unrepresentative benchmark using proposed new powers
BMR AND PROPOSED AMENDMENTS UNDER THE FINANCIAL SERVICES BILL
FCA overview statement of Financial Services Bill provisions as they relate to LIBOR
DRAFT LEGISLATION FOR FINANCE BILL 2021 - EXPLANATORY NOTES
12/11/2020
Draft legislation addressing tax related issues arising from LIBOR Transition
DRAFT LEGISLATION FOR FINANCE BILL 2021
THE TAX IMPACT OF THE WITHDRAWAL OF LIBOR & OTHER BENCHMARK RATES
Tax information and impact note (TIIN) from HMRC
03/11/2020
FINANCIAL SERVICES BILL
21/10/2020
Financial Services Bill laid before parliament including benchmark regulation amendments
TERM SONIA REFERENCE RATE PUBLICATION SUMMARY
16/10/2020
A summary of the key attributes of the published Beta versions of TSRRs
FREELY AVAILABLE INDEPENDENT RFR CALCULATOR SUMMARY
A summary of all the freely available calculators on the market
FSB GLOBAL TRANSITION ROADMAP FOR LIBOR
Financial Stability Board published global roadmap for LIBOR transition
AUTHORITIES ENCOURAGE INTEREST RATE SWAPS SWITCH TO SONIA
28/09/2020
FCA & BoE encourage further switch to SONIA in interest rate swap market
LETTER FROM RFR WG TO ICE BENCHMARK ADMINISTRATION
18/09/2020
Letter to ICE on supporting transition in non-linear derivatives
CREDIT ADJUSTMENT SPREAD METHODOLOGY FOR FALLBACKS
10/09/2020
Credit Adjustment Spread Methodology for fallbacks in cash market products
ACTIVE TRANSITION OF GBP LIBOR REFERENCING BONDS
Paper on the active transition of bonds referencing GBP LIBOR
ACTIVE TRANSITION OF GBP LIBOR REFERENCING LOANS
Paper on the active transition of loans referencing GBP LIBOR
RECOMMENDED SONIA LOAN MARKET CONVENTIONS
01/09/2020
RFR WG recommendations for SONIA loan market conventions
ARRC UPDATED BILATERAL LOANS FALLBACK LANGUAGE
27/08/2020
ARRC Updates Recommended Hardwired Fallback Language for Bilateral Business Loans
ARRC LETTER ON ISDA PROTOCOLS
10/08/2020
Letter on ISDA Protocol from ARRC Chair Tom Wipf
RFR WORKING GROUP Q&A
28/07/2020
A Q&A providing clarity on the RFR WG's 29 April statement on milestones
RFR WG UPDATED PRIORITIES
RFR WG has updated their 2020-21 priorities and roadmap
LIBOR: ENTERING THE ENDGAME
13/07/2020
Speech by Andrew Bailey
RFR WG JUNE 2020 NEWSLETTER
01/07/2020
Working Group on Sterling Risk-Free Reference Rates monthly newsletter
ARRC UPDATED RECOMMENDED SYNDICATED LOANS FALLBACK LANGUAGE
30/06/2020
ARRC Releases Updated Recommended Fallback Language for Syndicated Loans
ARRC RECOMMENDED CASH PRODUCTS SPREAD ADJUSTMENT - FURTHER DETAILS
ARRC Announces Further Details Regarding Its Recommendation of Spread Adjustments for Cash Products
STATEMENT ON BENCHMARKS REGULATION AMENDMENT
23/06/2020
FCA statement on planned amendment to the Benchmarks Regulation
BANK OF ENGLAND RESPONSE TO INDEX AND PERIOD AVERAGES CONSULTATION
11/06/2020
Bank of England's approach to publishing of SONIA Index and period averages
PAPER ON THE INDENTIFICATION OF TOUGH LEGACY ISSUES
29/05/2020
Tough Legacy Taskforce Final Report
ARRC RECOMMENDED BEST PRACTICES
27/05/2020
ARRC Announces Best Practices for Completing Transition From LIBOR
RECOMMENDATION FOR VOLUNTARY COMPENSATION FOR SWAPTIONS
14/05/2020
ARRC Recommendation for Voluntary Compensation for Swaptions Impacted by CCP Discounting Transition to SOFR
RISK MANAGEMENT OF COLLATERAL REFERENCING LIBOR
07/05/2020
Bank of England's risk management approach to collateral referencing LIBOR
SOFR INDEX USE IN FLOATING RATE NOTES
06/05/2020
ARRC's FRN Working Group releases statement on use of the SOFR Index
ARRC ISSUES SUPPLEMENTAL CONSULTATION
ARRC Issues supplemental sonsultation on spread adjustment methodology
CORONAVIRUS IMPACT ON FIRMS? LIBOR TRANSITION PLANS
29/04/2020
FCA statement on the impact of coronavirus on firms? LIBOR transition plans
ARRC OBJECTIVES FOR 2020
17/04/2020
The ARRC published a set of key objective to achieve in 2020
SOFR-BASED CONSUMER LOAN PRODUCTS
13/04/2020
Fannie Mae and Freddie Mac SOFR-Based Consumer Loan Products progress
IMPACT OF THE CORONAVIRUS
25/03/2020
FCA expectations for coronavirus' impact on firms' plans for LIBOR Transition.
SARON COMPOUND INDICES
SIX launched SARON Compound Indices for various time periods
EU COMMISSION IMPACT ASSESSMENT
18/03/2020
Impact assessment on the review of EU Benchmark Regulation
FCA LIBOR CONTRACTUAL TRIGGERS
11/03/2020
What the FCA would do when LIBOR is no longer representative
RFR WG BOND MARKET CONVENTIONS
09/03/2020
SONIA Index compatibility with the 'shift' or 'lag' approach
RFR WG LENDING ROADMAP
New loans roadmap to no new GBP LIBOR lending by end-Q3 2020.
PROPOSED LEGISLATIVE SOLUTION
03/03/2020
ARRC proposal for New York State legislation
FED STATEMENT REGARDING PUBLICATION OF SOFR AVERAGES AND A SOFR INDEX
12/02/2020
From 2 March 2020, the Federal Reserbe Bank of New York will publish 30-, 90- and 180-day SOFR Aaverages to support the transition away from U.S. dollar LIBOR.
ARRC CONSULTATION ON SWAPTIONS IMPACTED BY THE CCP DISCOUNTING TRANSITION TO SOFR
10/02/2020
This Consultation seeks views on whether the ARRC should recommend a compensation methodology for swaptions referencing U.S. dollar LIBOR that could be affected by the discounting change for cleared derivatives from the effective federal funds rate (?EFFR?) to the Secured Overnight Financing Rate (?SOFR?) that is expected to occur on October 16, 2020.
WORKING GROUP ON STERLING RISK-FREE REFERENCE RATES - JANUARY 2020
30/01/2020
Update on Risk Free Rate (RFR) transition across both GBP and international markets.
FCA LETTER TO ISDA ON NON-REPRESENTATIVE LIBOR
24/01/2020
The Financial Conduct Authority (FCA) wrote to the International Swaps Derivatives Association (ISDA) to address the association's concerns about a period of time during which LIBOR would continue to be published after it has been deemed non-representative.
PROGRESS ON THE TRANSITION OF LIBOR REFERENCING LEGACY BONDS TO SONIA BY WAY OF CONSENT SOLICITATION
16/01/2020
The paper takes note of the progress achieved in bond markets to transition legacy bonds from LIBOR to SONIA by consent solicitation and sets out considerations for issuers looking to engage in this process.
UK RFR WORKING GROUP ROADMAP 2020
Updated roadmap from the UK Risk Free Rate Working Group of the LIBOR transition milestones in 2020.
CALLING TIME ON LIBOR: WHY YOU NEED TO ACT NOW
Fact sheet on the LIBOR transition with recommendations for end-users.
USE CASES OF BENCHMARK RATES: COMPOUNDED IN ARREARS, TERM RATE AND FURTHER ALTERNATIVES
Paper to identify where the usage of SONIA compounded in arrears is appropriate and to provide guidance where the usage of alternative approaches may be necessary.
FCA AND BANK OF ENGLAND ENCOURAGE SWITCH FROM LIBOR TO SONIA FOR STERLING INTEREST RATE SWAPS FROM SPRING 2020
Supervisory statement to encourage market makers to change the market convention for sterling interest rate swaps from LIBOR to SONIA in Q1 2020.
INITIAL EXPECTATIONS OF THE FCA AND PRA OF FIRMS' LIBOR TRANSITION PROGRESS DURING 2020
Letter to firms' SMF setting out supervisory expectations for the LIBOR transition.
BOE RFR WG MONTHLY NEWSLETTER
02/12/2019
November 2019 - This monthly newsletter provides an update for those interested in developments relating to the Working Group on Sterling Risk-Free Reference Rates
SPEECH BY EDWIN SCHOOLING LATTER: NEXT STEPS IN TRANSITION FROM LIBOR
21/11/2019
Key next steps in reducing the risks from continued use of the LIBOR benchmark include ending use of LIBOR in new sterling loans from Q3 2020, and making it standard to quote based on SONIA in sterling swap markets.
FCA Q&A ON CONDUCT RISK DURING THE LIBOR TRANSITION
19/11/2019
This Q&A sets out FCA expectations relating to governance, accountability, treating customers fairly, offering new products with risk-free rates or alternative rates, and communicating the change to customers.
04/11/2019
October 2019 - This monthly newsletter provides an update for those interested in developments relating to the Working Group on Sterling Risk-Free Reference Rates
LETTER FOR RISK FREE RATE WORKING GROUP TO BASEL COMMITTEE ON BANKING SUPERVISION
25/10/2019
Letters from the Bank of England's Risk-Free Rate Working Groups to Basel Committee on Banking Supervision regarding regulatory barriers to transition away from LIBOR.
LETTER FOR RISK FREE RATE WORKING GROUP TO EUROPEAN COMMISSION
Letters from the Bank of England's Risk-Free Rate Working Groups to European Commission regarding regulatory barriers to transition away from LIBOR.
LETTER FOR RISK FREE RATE WORKING GROUP TO FCA
Letters from the Bank of England's Risk-Free Rate Working Groups to FCA regarding regulatory barriers to transition away from LIBOR.
LETTER FOR RISK FREE RATE WORKING GROUP TO PRA
Letters from the Bank of England's Risk-Free Rate Working Groups to PRA regarding regulatory barriers to transition away from LIBOR.
02/10/2019
September 2019 - This monthly newsletter provides an update for those interested in developments relating to the Working Group on Sterling Risk-Free Reference Rates
HOW PREPARED ARE MARKETS FOR THE END OF LIBOR?
30/09/2019
Analysis from the BoE
02/09/2019
August 2019 - This monthly newsletter provides an update for those interested in developments relating to the Working Group on Sterling Risk-Free Reference Rates
NEW AND LEGACY LOAN TRANSACTIONS REFERENCING STERLING LIBOR
01/08/2019
BoE paper on LIBOR loan transactions
CONVENTIONS FOR REFERENCING SONIA IN NEW CONTRACTS
RFR WG Summary of responses to DP
MINUTES FOR BOE RFR WG MEETING
Minutes from May meeting
LIBOR: PREPARING FOR THE END
15/07/2019
Speech by Andrew Bailey, FCA
03/07/2019
July 2019 - This monthly newsletter provides an update for those interested in developments relating to the Working Group on Sterling Risk-Free Reference Rates
MINUTES OF BOE RGR WG MEETING
Minutes from July meeting
BANK OF ENGLAND RFR MONTHLY NEWSLETTER
02/07/2019
June 2019 - This monthly newsletter provides an update for those interested in developments relating to the Working Group on Sterling Risk-Free Reference Rates
LIBOR: JOIN THE REVOLUTION!
27/06/2019
Speech by Andrew Hauser, Bank of England
LAST ORDERS: CALLING TIME ON LIBOR CONFERENCE
05/06/2019
Speeches from Bank of England/FCA conference
THE NEXT STAGE IN THE LIBOR TRANSITION
03/06/2019
Speech by Randal K. Quarles at the AARC Roundtable
EURO RFR WG EONIA RECOMMENDATIONS
31/05/2019
New methodology for calculating ?STER , from 2 October 2019
LETTER TO THE IASB
18/05/2019
The Bank of England letter to IASB re accounting
SOFR: A YEAR IN REVIEW
15/05/2019
Marks the one-year anniversary of SOFR publication
PROGRESS ON RFRS IN STERLING MARKETS
Statement on behalf of the Bank of England WG
OVERNIGHT RISK-FREE RATES - A USER?S GUIDE
04/05/2019
FSB publishes user guide for overnight risk-free rates
ENDING RELIANCE ON LIBOR
21/02/2019
Speech by Megan Butler, FCA
LIBOR TRANSITION AND CONTRACTUAL FALLBACKS
28/01/2019
Speech by Edwin Schooling Latter, FCA
PREPARING FOR 2022
01/11/2018
What you need to know about LIBOR transition
12/07/2018
RECENT DEVELOPMENTS IN FINANCIAL MARKETS
01/03/2018
BANK OF ENGLAND LIBOR TRANSITION
The Bank of Engand webpage containing key details and documentation
Back to LIBOR / SONIA landing pageClick through arrow
On Wednesday 5th of June the FCA and Bank of England held the conference ?Last orders - Calling Time on LIBOR?. The event follows on from the ?Dear CEO? letter that major banks and insurers responded to in December 2018. Please find below a brief summary of the event, and an update on UK Finance activity on LIBOR transition.
By downloading this document, you understand and agree that any sharing, distribution or republishing of the content, without prior written authorisation from the author or content managers at UK Finance, shall be constituted as a breach of the UK Finance website terms of use.
