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ARTICLE · 19 JUNE 2019

Fed To Banks: Prepare For LIBOR Going Away

Hogan Lovells Cadwalader
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Federal Reserve Board ("FRB") Vice Chair for Supervision Randal Quarles urged banks to prepare for the transition away from LIBOR and described various ways in which the agency is addressing

United StatesFinance and Banking
Mark Chorazak
Mark Chorazak
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Federal Reserve Board ("FRB") Vice Chair for Supervision Randal Quarles urged banks to prepare for the transition away from LIBOR and described various ways in which the agency is addressing concerns raised about the transition.

In remarks prepared for the fourth Alternative Reference Rates Committee ("ARRC") roundtable, Mr. Quarles said that the FRB developed "detailed questions for supervisory review" regarding LIBOR preparedness. Additionally, the FRB is (i) working with the CFTC and prudential regulators to clarify the treatment of margin requirements for legacy derivatives instruments and (ii) developing proposed rulemaking relating to the margin rules for non-cleared swaps.

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