FCA Puts Libor on Notice for 2021 Phase-Out

UK regulator puts scandal-hit benchmark on notice as industry examines alternative rates

Libor has been tainted by scandals, but despite attempts at reform, the FCA believes it is not fit for purpose in its current guise.

The London Interbank Offered Rate (Libor) underpins a vast amount of financial instruments, from derivatives contracts through to mortgages and consumer loans. It is designed to reflect the average rate at which banks can obtain short-term loans from one another, based on submissions from a panel of submitters, and acts as a bellwether for the health of the interbank market.

However, the UK Financial Conduct Authority (FCA), which assumed responsibility for supervising Libor in 2013, has been

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SEC squares off with broker-dealers over data analytics usage

The Gensler administration has ruffled feathers in the broker-dealer community with a new proposal seeking to limit their use of predictive data analytics. But at the heart of this deal is something far more seismic: one of the first attempts by the SEC to regulate AI.

The Cusip lawsuit: A love story

With possibly three years before the semblance of a verdict is reached in the ongoing class action lawsuit against Cusip Global Services and its affiliates, Reb wonders what exactly is so captivating about the ordeal.

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