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 ...

Wells Fargo (NYSE:WFC) on Friday provided information for the transition of its outstanding U.S. dollar instruments based on LIBOR (London Interbank Offer Rate). After June 30, the lender said, ...

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 ...

After years of transition efforts, the benchmark interest rate for nearly all commercial loans for the past 40 years (LIBOR) has been phased out and replaced in most agreements with a new benchmark ...

With the upcoming cessation of the London Inter-Bank Offered Rate (LIBOR), the industry is now focused on taking the necessary steps to transition away from the LIBOR benchmark to alternative indices, ...

MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) announced today that, after June 30, 2023, 3-month CME Term SOFR, as administered by CME Group Benchmark Administration, Ltd. (or any successor ...

Richard Andreano Jr., John Culhane Jr. Last week, the CFPB, together with the Federal Reserve Board (Board), FDIC, OCC, and NCUA, issued a “Joint Statement on Completing the LIBOR Transition.” The ...

The Bank of England (BoE) and Financial Conduct Authority (FCA) have reminded firms that there are less than 90 days until the USD LIBOR ceases on 30 June 2023, marking a milestone in the transition ...