LSEG’s post-trade division, LCH SwapClear, successfully completed the second and the final conversion last week, following the first USD Libor conversion event last month. LCH SwapClear completed its ...

From here on out, your consumer or business loan rate will be set by a new standard. Replacing Libor, the obsolete benchmark for loan rates, is SOFR, the Secured Overnight Financing Rate. Its full-on ...

RIVERWOODS, Ill.--(BUSINESS WIRE)-- Discover Financial Services (NYSE: DFS) and Discover Bank (collectively “Discover”) have certain outstanding preferred stock and debt securities, listed in this ...

OLDWICK, N.J.--(BUSINESS WIRE)-- The transition from the long-standing London Interbank Offered Rate (LIBOR) reference rate, used to help set other interest rates, to the Secured Overnight Financing ...

LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...

The Bank of New York Mellon (NYSE:BK) said that after June 30, CME Term SOFR will be the reference replacement rate for outstanding U.S. dollar LIBOR-linked (London Interbank Offer Rate) securities.

The phase out of the London Interbank Offered Rate ("LIBOR") continues apace and we are now approaching the finish line for transition away from LIBOR to reference free rates ("RFRs"). On June 30, ...

Two years after the U.K. Financial Conduct Authority announced an end date for the London interbank offered rate, there has been an alarming lack of progress in preparing for a conversion to a new ...

As if they didn’t have enough to deal with, banks are faced with a succession of serious challenges over the next two years as they face up to the reality of the end of Libor. Firstly, they must ...

The Financial Stability Board has released a progress report to the G20 on LIBOR transition, encouraging financial authorities to set global consistent milestones that will accelerate moves away from ...