CFTC Offers No-Action Relief To Ease Libor Transition
Law360 (December 18, 2019, 4:44 PM EST) -- The U.S. Commodity Futures Trading Commission announced Wednesday that financial firms won't be penalized for swap contracts tied to the London Interbank Offered Rate as an incentive to usher firms away from Libor as it begins winding down and toward alternative interest rate benchmarks.
Libor is set to be phased out in 2021 due to its susceptibility to manipulation, which became apparent during the massive industry-wide rate-rigging scandal that came to light in 2012. Regulators are encouraging financial firms to transition to other options, such as the Secured Overnight Financing Rate, which is tied to U.S. Treasury repurchase market transactions....
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