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ICE Benchmark Association (IBA) Second Position Paper on the evolution of ICE LIBOR

On 31 July 2015, IBA published its Second Position Paper setting out proposed changes to LIBOR.

Thekey aspects of the proposals relate to changes to methodology and the definition of LIBOR. It is not yet clear whether such changes would be simply an evolution of the existing rate or would result in the emergence of what is effectively a new rate and, consequently, the potential impact on existing bond contracts is currently uncertain. Allen & Overy is working closely with relevant trade associations, including the International Capital Market Association and the Loan Market Association, to respond to the Second Position Paper. The deadline for responses was 16 October 2015.

Legal and Regulatory Risk Note
United Kingdom