IBOR-Ablösung: Ressourcen

Auf dieser Seite finden Sie Zeitpläne für die RFR/IBOR-Übergangsphase, Branchennachrichten/Updates und ein Glossar mit Begriffen, die zur Beschreibung des IBOR-Projekts der Deutschen Bank verwendet werden. Der Inhalt ist nur auf Englisch verfügbar.

Timeline of RFR/IBOR reforms

IBOR-transition-timelines-January-2021

Timeline of RFR/IBOR reforms: Reform for Loans

IBOR-transition-timelines-loans_January-2021v2

Key attributes for each IBOR and Risk-free Rates

IBOR-transition-benchmark-table-January-2021

*Transition from IBOR to RFR could bring additional benchmark rates in scope which are indirectly linked to IBOR or use IBOR in the methodology. For example, MIFOR, SOR, etc.

Industry and Regulatory News

Information from the relevant regulators and trade bodies, by currency and geography, can be accessed in the different sections below.

Zeige Inhalt von GBP (UK)

GBP (UK)

Document Date published

Announcements on the end of LIBOR | Bank of England
FCA announces the dates that panel bank submissions for all LIBOR settings will cease, after which representative LIBOR rates will no longer be available.

 March 2021

Best practice guide for GBP Loans - Bank of England RFR WG
A best practice guide in relation to conventions for GBP SONIA-referencing loans and transition of legacy GBP LIBOR-referencing loans.

 February 2021
GBP loan market Q&As for end-Q1 2021 milestone - Bank of England RFR WG
Addresses questions related to the end-Q1 2021 recommended milestone to cease new issuance of GBP LIBOR-linked loans by end-Q1 2021.		 February 2021
Priorities and roadmap for the final year of transition – Bank of England RFR WG February 2021
The path to ending new use of GBP LIBOR-linked derivatives – Bank of England RFR WG February 2021
The Working Group on Sterling Risk-Free Reference Rates: Newsletter December 2020 December 2020
The Working Group on Sterling Risk-Free Reference Rates: Newsletter November 2020 November 2020
Reforming Major Interest Rate Benchmarks: FSB progress report 20 November 2020
Statement by IBA on its intention to consult on the future of LIBOR after end-2021 18 November 2020
FCA consults on new benchmarks powers 18 November 2020
Sterling RFR WG statement on updated priorities 28 July 2020
Libor: Entering the Endgame 13 July 2020
Supporting Risk-Free Rate transition through the provision of compounded SONIA 6 July 2020
FCA statement on planned amendments to the Benchmarks Regulation 23 June 2020
FMSB publishes a Spotlight Review on navigating conduct risks in LIBOR transition 11 June 2020
Sterling WG Paper on the identification of Tough Legacy issues 29 May 2020
Further statement from the Sterling WG on the impact of Coronavirus on the timeline for firms’ LIBOR transition plans 29 April 2020
FCA Statement on the Impact of the coronavirus on firms’ LIBOR transition plans 25 March 2020
HMRC Draft guidance on the taxation impacts arising from the withdrawal of LIBOR and other benchmark rate reform 19 March 2020
FCA Statement on LIBOR contractual triggers 11 March 2020
Sterling WG: Path to discontinuation of new GBP LIBOR lending by end-Q3 2020 10 March 2020
Sterling WG Statement on bond market conventions: Use of the SONIA Index and weighting approaches for observation periods 10 March 2020
BoE: Turbo-charging sterling LIBOR transition 26 February 2020
FCA & PRA: next steps on IBOR Transition 16 January 2020
Sterling WG: Use Cases of Benchmark Rates: Compounded in Arrears, Term Rate and Further Alternatives 16 January 2020
Joint fact sheet on priorities for the year 16 January 2020
FCA: Next steps in transition from LIBOR 21 November 2019
FCA published on Conduct risk during LIBOR transition 19 November 2019
UK Finance publishes on Looking ahead to LIBOR transition 14 November 2019
BoE publishes on Transition to sterling risk-free rates from LIBOR 23 October 2019
FCA publishes on Transition from LIBOR 4 September 2019
Sterling WG publishes on conventions for referencing SONIA in new contracts 18 August 2019
FCA on LIBOR: preparing for the end 15 July 2019
BoE Financial Stability Report 11 July 2019
BoE Speech: Why it makes business sense to move on from LIBOR 27 June 2019
PRA & FCA: Key themes, good practice, and next steps 5 June 2019
Sterling WG: Progress on adoption of risk-free rates in sterling markets 15 May 2019
Minutes of the Working Group on Sterling Risk-Free Reference Rates 26 March 2020
FCA speech on Ending reliance on LIBOR 21 February 2019
BoE and FCA on transition to using SONIA as the primary interest rate benchmark in sterling markets 7 February 2019

Further information can be accessed at the Bank of England facilitated Working Group on Sterling Risk-Free Reference Rates and the FCA’s webpage on Transition from LIBOR websites.

Zeige Inhalt von Euro (Europe)

Euro (Europe)

Working Group on euro risk-free rates: Newsletter October 2020 October 2020
Working Group on euro risk-free rates: Newsletter July 2020 July 2020
Benchmark proposal published by European Commission 24 July 2020
AFME and Simmons & Simmons publish white paper on conduct risks and client communications during LIBOR transition  23 June 2020
EACH statement on ESTR discounting switch 17 April 2020
EU WG factsheets on EURIBOR fallbacks and transfer from EONIA to €STR 17 March 2020
EU WG report on the transfer of EONIA’s cash and derivatives markets liquidity to the €STR 19 February 2020
EIOPA Discussion Paper on IBOR transitions 06 February 2020
EMMI granted authorisation by Belgian FSMA for provision and administration of EONIA 11 December 2019
EMMI confirms successful completion of the phase-in of all EURIBOR panel banks to hybrid methodology 28 November 2019
EU WG report on ESTR Fallbacks 12 November 2019
ECB WG issues recommendations to address accounting impact of euro risk-free rates transition 05 November 2019
European Commission consultation on EU benchmark regulation 11 October 2019
New €STR and reformed EONIA rates published 02 October 2019
Details of ECB second roundtable on euro risk-free rates 26 September 2019
EU WG issues recommendations on the transition from EONIA to €STR for cash and derivatives products 19 August 2019
EU WG recommends legal action plan for transition from EONIA to €STR 16 July 2019
EMMI granted authorisation by Belgian Financial Services and Markets Authority 03 July 2019
EMMI consultation paper on the recommendations for EONIA 31 May 2019
ECB provides a one-off spread between €STR and EONIA 31 May 2019
EU WG recommends transition path from EONIA to €STR and €STR-based forward-looking term structure methodology 14 March 2019
EMMI plans to publish hybrid EURIBOR by end of 2019 12 February 2019

Information from the Working Group on Euro Risk-Free Rates

Zeige Inhalt von USD (US)

USD (US)

ARRC update on forward-looking term SOFR March 2021
ARRC Confirms a “Benchmark Transition Event” has occurred under ARRC Fallback Language March 2021
ARRC FAQs Regarding the Occurrence of a Benchmark Transition Event March 2021
AARC Alternative Reference Rates Committee: Newsletter November 2020
ARRC Updates Best Practices to Encourage Adherence to ISDA Protocol 19 August 2020
ARRC releases transition aid for SOFR adoption 08 July 2020
ARRC announces SOFR Summer series 07 July 2020
ARRC releases Best Practice guidelines for Completing Transition from LIBOR 27 May 2020
ARRC releases Best Practice guidelines for Vendors 07 May 2020
ARRC Announces Its Key Objectives for 2020 17 April 2020
ARRC proposals for legislative relief 06 March 2020
ARRC Chair Tom Wipf Welcomes the Publication of SOFR Averages and a SOFR Index 02 March 2020
ARRC welcomes decision to cease LIBOR mortgages 05 February 2020
ARRC publishes summary of fallback language 15 November 2019
NY Fed consultation on SOFR averages and SOFR index 04 November 2019
FHFA Instructs FHLBanks to Begin Transitioning Away from LIBOR 27 September 2019
NY Fed speech - LIBOR: The Clock Is Ticking 23 September 2019
ARRC releases Practical Implementation Checklist for SOFR Adoption 19 September 2019
ARRC provides guidelines on SOFR conventions 01 August 2019
SEC statement on LIBOR transition 12 July 2019
ARRC paper on Options for Using SOFR in Adjustable Rate Mortgages 11 July 2019
ARRC releases fallback language for bilateral business loans and securitizations 31 May 2019
ARRC releases fallback language for FRNs and syndicated loans 25 April 2019
ARRC publishes a user’s guide to SOFR 22 April 2019
ARRC requests guidance from US Treasury and IRS on tax implications 08 April 2019
Fed speech on SOFR and the Transition from LIBOR 26 February 2019

Information from the Alternative Reference Rates Committee (ARRC)

Zeige Inhalt von Other currencies

Other currencies

MAS Announces Key Initiatives to Support SORA Adoption 05 August 2020
HKMA letter on reform of benchmarks 10 July 2020
SIX launches SARON Compound indices 25 March 2020
JFSA and BoJ survey on use of LIBOR 13 March 2020
BoJ report on use on Japanese Yen benchmarks 29 November 2019
EMEAP publishes study on the Implications of Financial Benchmark Reforms 24 September 2019
Singapore banks publish Roadmap for Transition of Interest Rate Benchmark 30 August 2019
BoJ announces “Task Force on Term Reference Rates” 28 August 2019
Bank of Canada to become the administrator of key interest rate benchmark 16 July 2019
BoJ consultation on Japanese Yen benchmarks 02 July 2019
SNB announces move away from LIBOR 13 June 2019
ASIC writes to Australian CEOs 09 May 2019
HKMA writes to CEOs in Hong Kong 05 March 2019

Zeige Inhalt von Global announcements

Global announcements

Bloomberg Spread Adjustments March 2021
ISDA Board Statement on Adherence to the IBOR Fallback Protocol 29 Jul 2020
BISL publishes ISDA fallback rates 21 Jul 2020
FSB and Basel Committee report on LIBOR transition 09 Jul 2020
Basel Committee publishes FAQs on IBOR reform 05 Jun 2020
ISDA Publishes Report Summarizing Final Results of Consultation on Pre-cessation Fallbacks for LIBOR 14 May 2020
ISDA publishes IBOR reform webpage 12 May 2020
Bloomberg publishes ISDA IBOR fallback methodology and test data 22 Apr 2020
ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR 15 Apr 2020
FSB Chair’s letter to G20 Finance Ministers and Central Bank Governors 14 Apr 2020
ISDA Pre-cessation Consultation: Responding to COVID-19 18 Mar 2020
ISDA Consultation on How to Implement Pre-Cessation Fallbacks in Derivatives 25 Feb 2020
ISDA launches further consultation 05 Feb 2020
FSB report on need to reduce risks to financial stability 18 Dec 2019
FSB letter to ISDA on pre-cessation triggers 15 Nov 2019
ISDA Publishes Results of Consultation on Final Parameters for Benchmark Fallback Adjustments 15 Nov 2019