The Financial Stability Oversight Council and the Financial Stability Board considered the "post-LIBOR transition landscape" and steps forward to ensure market resilience.
Federal Reserve Board Vice Chair for Supervision Randal Quarles described the vulnerabilities of nonbank financial intermediation, revealed by COVID-19 related shocks to the financial markets.
In a report called the "Global Transition Roadmap," the Financial Stability Board laid out USD LIBOR transition timelines for market participants with exposure to LIBOR cessation risk.
The Bank for International Settlements Basel Committee on Banking Supervision finalized several "limited adjustments" to the credit valuation adjustment risk framework.
In a new staff report on the nexus between central counterparties and clearing member banks, the Bank for International Settlements emphasized the need for central banks to evaluate the two entity types collectively.