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On March 30, 2021, the LMA published its exposure draft RFR documentation as recommended forms, and updated the documentation to reflect, among other things, the Sterling Risk-free Rate Working Group’s (the
Working Group) updated conventions. The LMA also replaced their single currency SONIA and SOFR exposure drafts with two recommended form single currency RFR facility agreements, and updated their RFR terms.
Recommended Forms
The LMA first published their exposure draft multicurrency term and revolving facilities agreement incorporating rate switch provisions (lookback without observation shift) in September 2020. This was then revised in November 2020 following feedback from market participants, and another exposure draft was published based on a lookback with an observation shift (the
LIBOR â Are You Ready For Life Without LIBOR from end-2021? - Speech By Edwin Schooling Latter, Director Markets And Wholesale Policy At The FCA, Delivered At City & Financial s Managing LIBOR Transition Event On 26 January 2021 Date
Location: City & Financial s Managing LIBOR transition event
Delivered on: 26 January 2021
Highlights:
85% of uncleared UK derivatives market ready for the end of LIBOR as 12,500 firms sign the ISDA protocol
IBA consultation on proposed end-dates for LIBOR has now closed, opening the way to determining and announcing the future path for all 5 LIBOR currencies simultaneously
users of LIBOR should press ahead with transition plans – in their new business and their legacy LIBOR books