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Banking Essentials - Part I
This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.
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Tackling the Cost of Living Crisis
In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.
CSR and Sustainability in Financial Services
In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.
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Categories
Discover our Courses
Featured Pathways
More pathways
Banking Essentials - Part I
This pathway will walk us through the basics of banks, starting with some of the different types and their main functions, then starting to look at the regulation faced by the banks, both before and after the Global Financial Crisis.
Greenwashing
Greenwashing is the act of distributing false information about something being more environmentally friendly than it actually is.
More pathways
Ready to get started?
Plans & Membership
Find the right plan for you
Our Platform
Expert led content
+1,000 expert presented, on-demand video modules
Learning analytics
Keep track of learning progress with our comprehensive data
Interactive learning
Engage with our video hotspots and knowledge check-ins
Testing & certification
Gain CPD / CPE credits and professional certification
Managed learning
Build, scale and manage your organisation’s learning
Integrations
Connect Finance Unlocked to your current platform
Featured Content
More featured content
Tackling the Cost of Living Crisis
In this video, Max discusses the cost-of-living crisis currently enveloping the UK. He examines its impact on households as well as the overall economy.
CSR and Sustainability in Financial Services
In the first video of this two-part video series, Elisa introduces us to sustainability. She begins by looking at the difference between sustainability and corporate social responsibility, two terms that can be easily confused.
More featured content
Ready to get started?
Our Solutions
About Us
Testimonials
More testimonials
Mark Homans
Our sky high NPS following learner feedback speaks for itself - this platform has delivered a lot of value.
Fiona Quinn
Learning is accessible and the tool assists in the continued development of all our employees. It is a fantastic tool for our business!
More testimonials
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IBOR Transition Update and Legacy Contracts (Dec 20) II
John Ewan
20 years: Interest rate benchmarks
In this video, John briefs about the expectations of regulators to the end of 2021 and then explains what is happening between now and the end of 2021 for the LIBOR equivalents in other currencies.
In this video, John briefs about the expectations of regulators to the end of 2021 and then explains what is happening between now and the end of 2021 for the LIBOR equivalents in other currencies.
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IBOR Transition Update and Legacy Contracts (Dec 20) II
9 mins 23 secs
The FCA has stated that the contribution banks have agreed to continue providing inputs until the end of 2021, but may not continue to do so. LIBOR exists only because a set of contributor banks agrees to contribute data on a daily basis. This is risky because, over the last decade, banks have been fined billions of dollars for exploiting or violating the benchmark submission process.
Key learning objectives:
Understand what regulators expect by the end of 2021
Describe the tough legacy contracts
Understand what is happening between now and the end of 2021 for the LIBOR equivalents in other currencies
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What are the expectations of regulators by the end of 2021?
- All new business should either be conducted at alternative rates or be capable of switching at limited notice.
- All business-critical systems and processes should either be conducted without reliance on LIBOR, or be capable of being changed to run on this basis at limited notice.
- For any legacy contracts for which it has not been possible to make these amendments, the implications of cessation or lack of representativeness should have been considered and discussed between the parties, and steps taken to prepare for this outcome as needed. The scope and impact of any steps taken by authorities to support tough legacy contracts, if available, should have been clearly understood and taken into account.
What are tough legacy contracts?
The concept was introduced by the FCA and other regulators. These are contracts which genuinely have no realistic ability to be renegotiated or amended to transition to an alternative benchmark.
What is happening between now and the end of 2021 for the LIBOR equivalents in other currencies?
- Japan - There is a risk free rate called TONAR - the Tokyo Overnight Average Rate.The debate on whether to discontinue their local IBOR – TIBOR – has not been resolved
- Canada - The LIBOR equivalent is CDOR - the Canadian Dollar Offered Rate and the Risk Free Rate is CORRA – the Canadian Overnight Repo Rate Average. The Bank of Canada and various market led groups are assessing the future viability of CDOR and moving the market to CORRA
- Australia - The local LIBOR equivalent is BBSW – the Bank Bill Swap Rate. This is run by the Australian Stock Exchange, which has said it intends to continue producing the rate beyond 2021 with a raft of ongoing reforms
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John Ewan
Related videos
IBOR Transition Update and Legacy Contracts (Dec 20) I
In the previous 2 videos of this series, John and Keith explained what LIBOR is and why it exploded from being an obscure number published in London at 11am every day by a small trade association, to being a focus for central banks and regulators everywhere. In this video John talks about the timelines published by regulators and central banks, their expectations for market participants, and the differences between the game plans to replace IBOR rates in various major markets.
John Ewan • 12:53