ISDA reported that the vast majority of respondents to a supplemental consultation on LIBOR are in favor of including a pre-cessation fallback trigger in ISDA's amendments to the 2006 ISDA definitions and the related protocol.
The Alternative Reference Rates Committee issued a supplemental consultation on the spread adjustment methodologies to be used in connection with the ARRC's recommended hardwired fallback language for cash products referencing USD LIBOR.
The Financial Conduct Authority, the Bank of England and the Sterling Risk-Free Reference Rates Working Group stated that the COVID-19 pandemic will delay the scheduled transition from sterling LIBOR-linked loans.
The Financial Conduct Authority, Bank of England and members of the Working Group on Sterling Risk-Free Reference Rates reaffirmed that firms should not rely on LIBOR being published after 2021, even with the impact of COVID-19 on markets.
The Alternative Reference Rates Committee extended the comment deadline for a consultation seeking feedback on the Committee's recommended spread adjustment methodologies for cash products referencing USD LIBOR.
The Alternative Reference Rates Committee proposed legislation for New York, designed to provide clarity for legacy financial instruments and contracts that have no, or inadequate, fallback provisions addressing the cessation of LIBOR.
ISDA highlighted separate economic analyses on: (i) trends in the credit default swaps market, (ii) clearing networks and central counterparties stress testing, and (iii) the cost effects of clearing fragmentation.
The Alternative Reference Rates Committee provided a "detailed practical implementation checklist" to be used by buy-side firms transitioning from LIBOR to a Secured Financial Overnight Financing Rate.
The Alternative Reference Rate Committee asked vendors "whose products and/or services might be impacted by USD LIBOR transition" to complete a survey concerning their preparedness to move toward recommended alternative reference rates.
The Financial Conduct Authority and ICE Benchmark Administration confirmed that the "reasonable period" during which LIBOR would continue to be published following an announcement that LIBOR is no longer representative would be minimal.
The New York State Department of Financial Services extended the deadline for regulated entities to submit their plans to address the end of LIBOR and the associated risks. The deadline was extended to March 23, 2020.