A financial services firm and its parent company agreed to pay a $120 million penalty to settle CFTC charges that it submitted false reports in an attempt to manipulate a global benchmark for interest rate products.
News & Insights
Highlighting recent developments on the transition away from LIBOR, CFTC Commissioner Rostin Behnam emphasized the importance of "operational readiness" and urged firms to put in place fallbacks.
In its 2021 Annual Report, the Financial Stability Oversight Council assessed the state of the financial system and provided recommendations concerning climate-related financial risk, digital asset risk, the orderly transition away from LIBOR, and cybersecurity.
In its 2022 Annual Report, the Financial Stability Oversight Council offered recommendations touching on (i) digital assets, (ii) climate-related financial risks, (iii) investment fund disclosure, (iv) Treasury markets, (v) cybersecurity and (vi) LIBOR transitions.
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.