€STR Einführung
noch
Tage

IBORs

LIBOR und Euribor sind das Fundament der heutigen Zinsmärkte – wie lange sie noch existieren ist fraglich.

Zwischen Reform und Cessation

Die IBORs repräsentieren einen Geldmarktzins, der die Kosten der Kapitalbeschaffung für Banken mit guter Bonität am Interbankenmarkt, inklusive Kreditrisiken und Liquiditätskosten, für die entsprechende Laufzeit widerspiegelt.

LIBOR und Euribor sollen kurzfristig angepasst werden, um mit den IOSCO-Prinzipien konform zu sein. Damit würden sie weiter als Referenzwerte zur Verfügung stehen. Da die den IBORs zugrundeliegenden Geldmärkte keine ausreichende Liquidität für einen robusten Fixingprozess auf Basis realer Transaktionen aufweisen, sind neue Methoden erforderlich („Evolved IBOR“). Aktuell ist offen, ob es gelingt geeignete Methoden zu implementieren. Zusätzlich steht die Frage im Raum, ob Banken weiter an der Quotierung teilnehmen und / oder ob Instrumente mit diesen Referenzzinssätzen mittelfristig weiter liquide gehandelt werden.

timeline_pre_loader

2012

LIBOR Skandal

2013

IOSCO und FSB: “Reforming Major Interest Rate Benchmarks”

2014

FSB: MPG Bericht zeigt die Relevanz der IBOR-Benchmarks auf

2016-2017

EU Verordnungen 2016/1011 und 2017/1147: ab 2020 keine neuen Verträge auf nicht konformen Benchmarks

2019/2020

Evolved IBORs und alternative RFRs sind etabliert

Ende 2021

Bestehender LIBOR nicht mehr durch die (UK) FCA unterstützt

IBORs

29.11.2019
Working Group on Sterling Risk-free Rates
Newsletter November 2019
29.11.2019
Cross-industry Committee on Japanese Yen Interest Rate Benchmarks
Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks
29.11.2019
GPW Benchmark
GPW Benchmark registered as administrator with ESMA
28.11.2019
EMMI
Successful Completion of the Phase-in of all EURIBOR panel banks to hybrid methodology
21.11.2019
Working Group on Euro Risk-free Rates
Minutes of the Meeting 16.10.2019
21.11.2019
FCA
Next Steps in the Transition from LIBOR
19.11.2019
FCA
Questions and Answers on Conduct Risk
15.11.2019
ARRC
Summary of ARRC's LIBOR Fallback language
15.11.2019
ISDA
Consultation on Final Parameters for the Spread and Term Adjustments in Derivatives Fallbacks
13.11.2019
National Working Group on CHF Reference Rates
Minutes of the Meeting 12.11.2019
31.10.2019
Working Group on Sterling Risk-free Rates
Newsletter October 2019
17.10.2019
Working Group on Euro Risk-free Rates
Report on the risk management implications of the transition from EONIA to €STR and introduction of €STR-based fallbacks for Euribor
01.10.2019
Working Group on Sterling Risk-free Rates
Newsletter September 2019
26.09.2019
IASB
Amendments to IFRS Standards in Response to IBOR Reform
25.09.2019
Working Group on Euro Risk-free Rates
Second Roundtable on Euro Risk-free Rates
23.09.2019
Federal Reserve NY
Speech "LIBOR: The Clock is Ticking"
18.09.2019
ISDA
Summary Responses: Supplemental Consultation on Spread and Term Adjustments
18.09.2019
ISDA
Consultation on Final Parameters for the Spread and Term Adjustments in Derivatives Fallbacks
13.09.2019
Swedish Bankers' Association
Adaptation to the Benchmark Regulation
06.09.2019
Working Group on Sterling Risk-free Rates
Newsletter August 2019
05.09.2019
FASB
Proposed Accounting Standards Update
30.08.2019
Cross-industry Committee on Japanese Yen Interest Rate Benchmarks
Interest Rate Benchmark Reform Forum
27.08.2019
GPW Benchmark
Consultation Paper: WIBID and WIBOR under Benchmark Regulation
20.08.2019
NoRe
Public Consultation: Nibor new methodology
09.08.2019
ISDA
Preliminary Results of Benchmark Fallback Consultation on Pre-cessation Issues
06.08.2019
Working Group on Sterling Risk-free Rates
Minutes of the Meeting 14.05.19
05.08.2019
ARRC
Minutes of the Meeting 26.06.19
01.08.2019
Working Group on Sterling Risk-free Rates
Newsletter July 2019
31.07.2019
IOSCO
Communication and Outreach to Inform Relevant Stakeholders Regarding Benchmark Transition
17.07.2019
EMMI
Euribor Benchmark Statement
16.07.2019
CARR
Results from Consultation on Enhancements to CORRA
12.07.2019
ARRC
Whitepaper on Using an Average of SOFR to build an Adjustable-Rate
09.07.2019
Working Group on Sterling Risk-free Rates
Letter to EIOPA
04.07.2019
ECB
Dear CEO Letter
03.07.2019
EMMI
EMMI granted authorisation by FSMA
02.07.2019
Cross-industry Committee on Japanese Yen Interest Rate Benchmarks
Public Consultation on the Appropriate Choice and Usage of Japanese Yen Interest Rate Benchmarks
30.06.2019
Working Group on Sterling Risk-free Rates
Newsletter June 2019
24.06.2019
ARRC
Preliminary Repoprt on Potential Interdealer Cross-Currency Swap Market Conventions
24.06.2019
ARRC
Minutes of the meeting 16.05.19
21.06.2019
NoRe
New calculation and licencing agent for NIBOR
18.06.2019
ICE Benchmark Administration
Statement of Compliance with the EU BMR
13.06.2019
Finans Denmark
Changes to future distribution and access to CIBOR and other key Danish Benchmarks
13.06.2019
National Working Group on CHF Reference Rates
Minutes 22nd meeting
05.06.2019
FCA
Feedback on Dear CEO Letter on LIBOR Transition
31.05.2019
EMMI
Feedback on Consultaion paper and Implemenmtation Timeline
31.05.2019
ARRC
ARRC Releases Recommended Fallback Language for Bilateral Business Loans and Securitizations
28.05.2019
EMMI
National Bank of Greece withdraws from Euribor Bank Panel
28.05.2019
Working Group on Euro Risk-free Rates
Minutes of the Meeting 10.05.19
22.05.2019
Finans Denmark
New Administrator for Danish Benchmark CIBOR
16.05.2019
ISDA
Two Consultations on Benchmark Fallbacks
09.05.2019
Australian Securities & Investment Commission
Dear CEO Letter
26.04.2019
ISDA
Interest Benchmarks Review Q1/19
25.04.2019
ARRC
Recommended Fallback Language for Syndicated Loans
25.04.2019
ARRC
Recommended Fallback Language for Floating Rate Notes
25.04.2019
AFM and Dutch Central Bank
Dear CEO Letter
25.03.2019
EU Commission
WIBOR Warsaw Interbank Offered Rate is now Critical under the EU BMR
12.03.2019
Working Group on euro risk-free rates
Minutes from meeting on 27.02.2019
05.03.2019
Hong Kong Monetary Authority
Dear CEO Letter
27.02.2019
Working Group on euro risk-free rates
Ergebnisse der zweiten Konsultation: ESTER-based term structure methodology as a fallback
12.02.2019
EMMI - European Money Market Institute
Second Public Consultation on Hybrid Methodology for Euribor
10.12.2018
ISDA
Die International Swaps and Derivatives Association (ISDA) hat das ISDA 2018 Benchmarks Supplement Protocol
14.11.2018
FSB
Progress report on reforming major interest rate benchmarks
25.10.2018
Working Group on Euro risk-free rates
Presentations from the meeting 13.09.2018
17.10.2018
EMMI - European Money Market Institute
Second stakeholder consultation on hybrid methodology for Euribor
10.10.2018
ICE Benchmark Administration
ICE Term Risk Free Rates
28.09.2018
Working Group on Euro risk-free rates
Minutes of the meeting 13.09.2018
25.09.2018
Benoît Cœuré, ECB
Waiting for ESTER: the road ahead for interest rate benchmark reform
19.09.2018
Financial Conduct Authority and Prudential Regulation Authority
The "Dear CEO letter"
13.08.2018
Working Group on Euro risk-free rates
Private sector working group on euro risk-free rates recommends ESTER as euro risk-free rate
30.07.2018
Working Group on Euro Risk-Free Rates
"Minutes of the Working Group 11.7.2018 The Eonia issue is being noted by the WG and an additional Sub-Group will be established."
17.07.2018
Working Group on Sterling Risk-Free Reference Rates
Consultation paper on Term SONIA Reference Rates. The consultation is open for feedback until 30.9.2018
12.07.2018
Financial Stability Board, FSB
Interest rate benchmark reform – overnight risk-free rates and term rates
12.07.2018
ISDA
Consultaton on Interbank Offered Rates (IBOR) Fallbacks for 2006 ISDA Definitions. Consultation will be running until 12.9.2018.
09.07.2018
Alternative Reference Rates Committee (ARRC)
ARRC Releases Principles for Fallback Contract Language
04.07.2018
Working Group on Sterling Risk-Free Reference Rates
Regular Minutes of the Working Group Meeting 21.5.2018
25.06.2018
ISDA, AFME, ICMA, SIFMA, and SIFMA AMG
IBOR Global Benchmark Transition Report
14.05.2018
ICE Benchmark Administration
Benchmark statement ICE LIBOR.
25.04.2018
ICE Benchmark Administration
Publication of the ICE LIBOR Evolution. The Appendix 3 contains the results of the Production Standard Test between September 15 and December 15, 2017. Evaluating the new Waterfall method.

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Christian Behm
Christian Behm
Ihr Ansprechpartner für
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