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.

June 2021
April 2021

Timeline of RFR/IBOR reforms

ibor-transition-timelines-june-2021

Timeline of RFR/IBOR reforms: Reform for Loans

ibor-transition-loans-june-2021

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
FCA and Bank of England encourage switch to RFRs in LIBOR cross-currency swaps market from 21 September	July 2021
FMSB publishes Standard on use of Term SONIA reference rates	June 2021
Bank of England RFRWG newsletter	June 2021
'LIBOR - 6 months to go' - read speech by FCA's Edwin Schooling Latter	June 2021
Bank of England RFR WG Newsletter	May 2021
Operational considerations for fallbacks in uncleared linear derivatives - Bank of England RFR WG	April 2021
Active transition of legacy GBP LIBOR contracts - Bank of England RFR WG	April 2021
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

Zeige Inhalt von Euro (Europe)

Euro (Europe)

"Market participants strongly encouraged to cease using LIBOR in new contracts" by European authorities	June 2021
ECB starts publishing compounded euro short-term rate (€STR) average rates on 15 April 2021 (europa.eu)	March 2021
EMMI encourages Eonia users to accelerate their transition to €STR	February 2021
The working group on euro risk-free rates closed two public consultations on EURIBOR fallback trigger events and €STR-based EURIBOR fallback rates on 15 January 2021. The recommendations from the consultations are expected to be published in Q1 2021, as per the Press release. These recommendations will aim to set plans to mitigate the risks resulting from a future EURIBOR discontinuation.	January 2021
Following consultations in late 2020, LCH and EUREX announced plans to convert existing cleared EONIA swaps into €STR swaps in exercises, both due to take place on 15th October 2021.	Nov/Dec 2020
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 endorses MRAC recommendations for 21 September “RFR First” move of interdealer cross-currency swap market trading conventions	July 2021
ARRC recommends loan conventions and best practices for use of forward-looking SOFR Term Rate	July 2021
SOFR First – recommendation to transition interdealer swap market trading conventions from LIBOR to SOFR on 26 July 2021	June 2021
ARRC Newsletter – April/May 2021	May 2021
ARRC identifies market indicators to support a recommendation of a forward-looking SOFR term rate	May 2021
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 JPY (Japan)

JPY (Japan)

A $27 Trillion Challenge Looms as Yen Libor Shift Nears	April 2021
Japan’s term RFR rate publisher (Quick) confirms publication date	March 2021
Japan debuts swaptions linked to risk-free rate	March 2021
Japan’s JBATA announces retention of JPY TIBOR and cessation of EuroYen TIBOR by December 2024	March 2021
JFSA and BoJ survey on use of LIBOR	13 March 2020
BoJ report on use on Japanese Yen benchmarks	29 November 2019
BoJ announces “Task Force on Term Reference Rates”	28 August 2019
BoJ consultation on Japanese Yen benchmarks	20 July 2019

Zeige Inhalt von CHF (Switzerland)

CHF (Switzerland)

Document	Date published
EC launches consultation on statutory fallback for Swiss franc LIBOR - Consultation document - Targeted consultation on the designation of a statutory replacement rate for CHF LIBOR (europa.eu)	March 2021
Revised roadmap shared by FINMA for LIBOR replacement	December 2020
SIX launches SARON Compound indices	25 March 2020

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
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
Bank of Canada to become the administrator of key interest rate benchmark	16 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

"Market participants strongly encouraged to cease using LIBOR in new contracts" by European authorities	June 2021
Global Transition Roadmap for LIBOR (Financial Stability Board) Update to the Global Transition Roadmap in light of announcements made confirming LIBOR cessation dates and associated proposals by authorities and national working groups.	June 2021
Overnight risk-free rates and term rates (Financial Stability Board) Report considers the use of forward-looking risk-free rate term rates as alternatives to overnight risk-free rates.	June 2021
Use of ISDA Spread Adjustments in Cash Products (Financial Stability Board)	June 2021
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