Federal Reserve Bank of New York President William C. Dudley argued that "aggressive action" is needed across the financial industry to address market-wide issues concerning the global market transition away from LIBOR.
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Federal Reserve Bank of New York Senior Vice President Lorie Logan discussed the future of the London Interbank Offered Rate and efforts to administer and produce more effective reference rates.
ISDA CEO Scott O'Malia outlined recent and forthcoming efforts to address benchmark reforms.
The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
ISDA, the Association of Financial Markets in Europe, International Capital Market Association, and SIFMA highlighted the challenges of transitioning from Interbank Offered Rates to risk free rates.