ISDA

Capitalab Switches 10,000 LIBOR Swaptions to SOFR in New Swaption Migration Service

Retrieved on: 
Tuesday, September 5, 2023
LIBOR, BGC, SOFR, ISDA, The Company, USD, Vanilla, Security (finance)

This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.

Key Points: 
  • This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.
  • The new service also removes the need for bilateral negotiations between participants and mitigates the need for extensive resources to price the LIBOR inventory conversion to SOFR or its ongoing management under LIBOR fallback rules.
  • The first three cycles executed seamlessly, switching in excess of 10,000 LIBOR swaptions to SOFR, supported by automated trade booking.
  • Capitalab plans to execute additional multilateral cycles over the coming weeks, with the aim to migrate participants' near entire LIBOR inventory to SOFR swaptions.

Capitalab Switches 10,000 LIBOR Swaptions to SOFR in New Swaption Migration Service

Retrieved on: 
Tuesday, September 5, 2023
LIBOR, BGC, SOFR, ISDA, The Company, USD, Vanilla, Security (finance)

This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.

Key Points: 
  • This pioneering new service seamlessly switches LIBOR-referenced USD swaptions into vanilla SOFR swaptions, removing complexities caused by the impact of ISDA supplements on the legacy LIBOR portfolio and LIBOR fallback rules.
  • The new service also removes the need for bilateral negotiations between participants and mitigates the need for extensive resources to price the LIBOR inventory conversion to SOFR or its ongoing management under LIBOR fallback rules.
  • The first three cycles executed seamlessly, switching in excess of 10,000 LIBOR swaptions to SOFR, supported by automated trade booking.
  • Capitalab plans to execute additional multilateral cycles over the coming weeks, with the aim to migrate participants' near entire LIBOR inventory to SOFR swaptions.

AM Best Assigns Issue Credit Rating to Weston2038 LLC Series Hannover, No.2 Variable Funding Credit-Linked Note

Retrieved on: 
Thursday, August 31, 2023
Professional Services, Insurance, Finance, AM Best, ALL, ISDA, Credit, Credit rating, Superior, Capital, Transamerica Corporation, AM, Bermuda, Reassuring Pinches, News

AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) to the $433 million, 6.00% Series Hannover, No.

Key Points: 
  • AM Best has assigned a Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) to the $433 million, 6.00% Series Hannover, No.
  • 2 variable funding credit-linked note (note), due July 1, 2043, issued by Weston2038 LLC (Weston2038), a Delaware limited liability company (issuer).
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Tokenovate and GMEX ZERO13 Enable Execution of World's First Smart Legal Contract for Voluntary Carbon Credit Derivatives Trades using ISDA Definitions

Retrieved on: 
Wednesday, May 31, 2023
Carbon, Heart, Partnership, Uniform Law Commission, Registry, International Swaps and Derivatives Association, Blockchain, DLT, ISDA, Research, UCR, Indian stock exchange, FMI, Law commission, Map, VCC, OTC, Smart, Methane, Growth, Ecosystem, Security (finance), Commodity, BSV, Cryptocurrency, Financial adviser, Savli

SECDEX was connected to the Universal Carbon Registry (UCR), where the VCCs are registered via the ZERO13 Hub.

Key Points: 
  • SECDEX was connected to the Universal Carbon Registry (UCR), where the VCCs are registered via the ZERO13 Hub.
  • Hirander Misra, CEO of GMEX Group and ZERO13 commented: "We are delighted to partner with Tokenovate to execute and settle the first ever trades using the ISDA VCC definitions on SECDEX, underpinned by BSV Blockchain smart contract capabilities."
  • We're very pleased Tokenovate and its partner ZERO13 have used the 2022 ISDA Verified Carbon Credit Transactions Definitions and the Common Domain Model to create a smart legal contract for VCC trades.
  • Tokenovate and ZERO13 will continue to collaborate to facilitate VCC trades using DLT-based smart legal contracts, incorporating the 2022 ISDA Verified Carbon Credit Transactions Definitions alongside its globally adopted standards and digital tools.

AM Best Affirms Issue Credit Rating of Weston2038 LLC’s Credit-Linked Note

Retrieved on: 
Wednesday, June 28, 2023
Banking, Professional Services, Insurance, Finance, AM Best, ALL, ISDA, Credit, Superior, AM, Redding, Bermuda, Reassuring Pinches, News, Security (finance)

AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) on the $846 million (of which $550 million remained outstanding as of March 31, 2023), 6.00% variable funding credit-linked note (note), due July 1, 2038, issued by Weston2038 LLC (Weston2038), a Delaware limited liability company (issuer).

Key Points: 
  • AM Best has affirmed the Long-Term Issue Credit Rating (Long-Term IR) of “a” (Excellent) on the $846 million (of which $550 million remained outstanding as of March 31, 2023), 6.00% variable funding credit-linked note (note), due July 1, 2038, issued by Weston2038 LLC (Weston2038), a Delaware limited liability company (issuer).
  • The outlook of this Credit Rating (rating) is stable.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .
  • AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry.

Replacement Rate for U.S. Law-Governed U.S. Dollar LIBOR ICE Swap Rate-Linked Debt Securities and Certificates of Deposit

Retrieved on: 
Friday, June 16, 2023
Professional Services, Finance, Benchmark, Morgan Stanley, Stanley, ICE, LIBOR, Depository Trust & Clearing Corporation, ISDA, SOFR, ISR, Tenor, USD, MS, LENS, IBA, DTCC, National Association, NYSE, Cryptocurrency, Security (finance)

ICE Benchmark Administration Limited (“IBA”) has announced that it will cease the publication of USD LIBOR ISR for all tenors immediately after publication on June 30, 2023.

Key Points: 
  • ICE Benchmark Administration Limited (“IBA”) has announced that it will cease the publication of USD LIBOR ISR for all tenors immediately after publication on June 30, 2023.
  • Additional information regarding these instruments is available by accessing The Depository Trust & Clearing Corporation’s (DTCC) LIBOR Benchmark Replacement Index solution through DTCC’s Legal Notice System (LENS).
  • This announcement does not apply to any U.S. dollar LIBOR ICE Swap Rate-linked instruments issued by Morgan Stanley or any of its affiliates that are not governed by U.S. law.
  • Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, wealth management and investment management services.

Chatham Hires Jennifer McLellan as a Managing Director in Global ISDA and Regulatory Practice

Retrieved on: 
Tuesday, June 6, 2023
Professional Services, Finance, Consulting, Asset Management, Banking, Accounting, University, LBO valuation model, ISDA, Real estate investment trust, FX, OTC, UCITS, Knowledge, Paris-Sud University, Financial services

Chatham Financial, a global leader in financial risk management advisory and technology solutions, is pleased to announce Jennifer McLellan is joining the company as a Managing Director in the global OTC derivative instruments, ISDA and regulatory practice.

Key Points: 
  • Chatham Financial, a global leader in financial risk management advisory and technology solutions, is pleased to announce Jennifer McLellan is joining the company as a Managing Director in the global OTC derivative instruments, ISDA and regulatory practice.
  • Jennifer established a leading practice in 2011 for law firm Dickson Minto, where she was the Head of Derivatives before joining Chatham.
  • Jennifer brings hands-on knowledge in navigating complicated cross-border M&A leveraged deals, including some of the largest European LBOs.
  • “Chatham is unrivalled in the market for their scale and coverage, and I have personally experienced their first-class approach to client service,” said Jennifer.

Tokenovate and GMEX ZERO13 enable execution of world's first smart legal contract for voluntary carbon credit derivatives trades using ISDA definitions

Retrieved on: 
Wednesday, May 31, 2023
Carbon, Heart, Partnership, Registry, International Swaps and Derivatives Association, Blockchain, DLT, ISDA, Exchange, Research, UCR, Indian stock exchange, FMI, Map, VCC, OTC, Methane, Growth, Security (finance), Ecosystem, Commodity, BSV, Cryptocurrency, Savli

LONDON, May 31, 2023 /PRNewswire/ -- Tokenovate, a financial services company providing distributed financial market infrastructure (dFMI) enabling programmatic lifecycle event management of the pre-trade to post-trade workflow for OTC and Exchange traded derivatives, and ZERO13, a GMEX Group initiative, providing a digital climate fintech aggregation ecosystem announce the successful execution of the world's first smart legal contract for voluntary carbon credit (VCC) derivatives trades referencing the 2022 ISDA (The International Swaps and Derivatives Association) Verified Carbon Credit Transactions Definitions.

Key Points: 
  • SECDEX was connected to the Universal Carbon Registry (UCR), where the VCCs are registered via the ZERO13 Hub.
  • Hirander Misra, CEO of GMEX Group and ZERO13 commented: "We are delighted to partner with Tokenovate to execute and settle the first ever trades using the ISDA VCC definitions on SECDEX, underpinned by BSV Blockchain smart contract capabilities."
  • We're very pleased Tokenovate and its partner ZERO13 have used the 2022 ISDA Verified Carbon Credit Transactions Definitions and the Common Domain Model to create a smart legal contract for VCC trades.
  • Tokenovate and ZERO13 will continue to collaborate to facilitate VCC trades using DLT-based smart legal contracts, incorporating the 2022 ISDA Verified Carbon Credit Transactions Definitions alongside its globally adopted standards and digital tools.

Tokenovate and GMEX ZERO13 enable execution of world's first smart legal contract for voluntary carbon credit derivatives trades using ISDA definitions

Retrieved on: 
Wednesday, May 31, 2023
Carbon, Heart, Partnership, Registry, International Swaps and Derivatives Association, Blockchain, DLT, ISDA, Exchange, Research, UCR, Indian stock exchange, FMI, Map, VCC, OTC, Methane, Growth, Security (finance), Ecosystem, Commodity, BSV, Cryptocurrency, Savli

LONDON, May 31, 2023 /PRNewswire/ -- Tokenovate, a financial services company providing distributed financial market infrastructure (dFMI) enabling programmatic lifecycle event management of the pre-trade to post-trade workflow for OTC and Exchange traded derivatives, and ZERO13, a GMEX Group initiative, providing a digital climate fintech aggregation ecosystem announce the successful execution of the world's first smart legal contract for voluntary carbon credit (VCC) derivatives trades referencing the 2022 ISDA (The International Swaps and Derivatives Association) Verified Carbon Credit Transactions Definitions.

Key Points: 
  • SECDEX was connected to the Universal Carbon Registry (UCR), where the VCCs are registered via the ZERO13 Hub.
  • Hirander Misra, CEO of GMEX Group and ZERO13 commented: "We are delighted to partner with Tokenovate to execute and settle the first ever trades using the ISDA VCC definitions on SECDEX, underpinned by BSV Blockchain smart contract capabilities."
  • We're very pleased Tokenovate and its partner ZERO13 have used the 2022 ISDA Verified Carbon Credit Transactions Definitions and the Common Domain Model to create a smart legal contract for VCC trades.
  • Tokenovate and ZERO13 will continue to collaborate to facilitate VCC trades using DLT-based smart legal contracts, incorporating the 2022 ISDA Verified Carbon Credit Transactions Definitions alongside its globally adopted standards and digital tools.

Citi LIBOR Transition Update

Retrieved on: 
Friday, May 12, 2023
Banking, Professional Services, Finance, Benchmark, Communication, CMS, The Secret of Annexe 3, Citigroup, Telephone, LIBOR, International Swaps and Derivatives Association, ISDA, SOFR, Leg, EDGAR, USD, Cyprus Securities and Exchange Commission, Judgement, Prospectus, IBA, Legacy, Security (finance), UK, Broadridge Financial Solutions, Surveying, Bank

The USD LIBOR ICE Swap Rate is also referred to as a constant maturity swap (or “CMS”) rate, and in this press release is referred to as the “USD LIBOR CMS Rate”.

Key Points: 
  • The USD LIBOR ICE Swap Rate is also referred to as a constant maturity swap (or “CMS”) rate, and in this press release is referred to as the “USD LIBOR CMS Rate”.
  • Citi is issuing this press release to provide notice that, after the Cessation Date, it expects that calculations referencing the USD LIBOR CMS Rate in the Legacy CMS Instruments will no longer be calculated by reference to the USD LIBOR CMS Rate, but instead will be calculated pursuant to the applicable fallback provisions described below.
  • As it is expected that the USD LIBOR CMS Rate will not be published following the Cessation Date, the calculation agent intends following the Cessation Date to request quotations for USD interest rate swap transactions referencing USD LIBOR, as described above.
  • Annex 2 lists Legacy CMS Instruments containing fallback provisions that provide that, if the calculation and publication of the relevant USD LIBOR CMS Rate is permanently canceled, then the calculation agent may replace that USD LIBOR CMS Rate with an alternative rate that it determines, in its sole discretion, represents the same or a substantially similar measure or benchmark as that USD LIBOR CMS Rate.