DOJ Antitrust Unit Greenlights Plan For Benchmarking Rates

Law360 (October 2, 2020, 9:32 PM EDT) -- The U.S. Department of Justice found no competition problems in its review of a plan by the International Swaps and Derivatives Association to help prepare for the potential discontinuation of certain interest rate benchmarks, such as the Libor.

The DOJ's antitrust division issued a business review letter on Thursday after a request from ISDA for a look at changes the trade group will make to its model derivatives contracts. The changes are intended to address calls from regulators in the U.S. and abroad to shift to alternative benchmarking rates following a global scandal over the alleged manipulation of key rates that...

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