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ARTICLE · 15 APRIL 2013

Benchmark Rate Reform: Orderly Transition Or Potential Chaos And Confusion?

Mayer Brown
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With respect to discontinued tenors, it may be possible to deal with such a situation by interpolating between two tenors that continue to be quoted, as suggested by ISDA for swaps.

GlobalFinance and Banking
Robert Baptista, Jr.
Robert Baptista, Jr.
J. Paul Forrester
J. Paul Forrester
John Lawlor
John Lawlor
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Keywords: Benchmark rate reform, LIBOR, IOSCO

In the wake of several widely reported LIBOR and other benchmark rate manipulation scandals, reflected in headline-grabbing stories of litigation and official inquiries and investigations,1 followed in some cases by eye-popping related settlements,2 policymakers have responded with varied attempts at benchmark rate reforms, which as of early April 2013 remain a work-in-process. Notably, the International Organization of Securities Commissions (IOSCO), which issued a consultative paper in January 2013 that received more than 55 comments, is expected in the near term to announce its global guidelines for benchmarks, including standards for governance, regulatory oversight and dealing with conflicts of interest.3

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