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26 01, 2023

DAILY012623

2023-01-26T16:44:02-05:00January 26th, 2023|2- Daily Briefing|

Effective Date Set for LIBOR Termination

The Federal Register today includes the FRB’s final rule Implementing the Adjustable Interest Rate (LIBOR) Act, setting the rule’s effective date as February 27.  As noted (see FSM Report LIBOR9), the final rule settles many LIBOR transition questions in favor of SOFR, leaving numerous complex implementation questions  up in the air despite this added certainty.

Fed Study Finds Card Rewards Result in $15 Billion Wealth Transfer

A new Federal Reserve staff study finds that credit-card rewards annually redistribute approximately $15.1 billion a year to more financially-sophisticated consumers.  This result is likely to weigh heavily into debate later this year if, as we expect, Sen. Durbin (D-IL) reintroduces legislation to force card-routing alternatives to Visa and Mastercard (see FSM Report INTERCHANGE10).

ISDA Lays Groundwork for Crypto Rules, Law

The self-regulatory body for global derivatives, ISDA, today released a contractual framework for digital-asset derivatives.  These are now likely to be widely adopted by major financial institutions but may not resolve legal-ownership issues when cryptoasset entities use intermediaries or other avenues into global capital markets that obscure contractual rights.

Daily012623.pdf

8 10, 2021

Daily100821

2023-06-20T15:21:05-04:00October 8th, 2021|2- Daily Briefing|

Comment Date Set for Controversial Small Business Lending Disclosures NPR
The Federal Register includes the CFPB’s small business lending data collection proposal, with comments now due January 6.

BIS Highlights Data Risk due to DeFi, AI, HFT
The head of the BIS Innovation Hub, Benoît Cœuré, focused not only on the structural and systemic risks posed by DeFi and bigtech, but also emerging supervisory threat.

G20 Data Gaps Initiative Comes Up Short
With recent blow-ups such as Archegos and Evergrande heightening regulatory concerns about aggregate exposures, the FSB and IMF issued their sixth progress report on the G20 Data Gaps Initiative.

Daily100821.pdf

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