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Understanding the Challenges of Moving from LIBOR: Navigating the Tides

In the vast ocean of global finance, the London Interbank Offered Rate (LIBOR) stands out. It has long served as a crucial navigational beacon. Established in the mid-1980s, LIBOR quickly became the world’s most widely used benchmark for short-term interest rates. It’s similar to the financial world’s heartbeat. It underpins an estimated $350 trillion worth of financial contracts worldwide. These range from complex derivatives to simple home mortgages.

LIBOR represents the average interest rate for major global banks. They can borrow from one another in the international interbank market for short-term loans. LIBOR is published in five currencies: U.S. dollar, Euro, British pound, Japanese yen, and Swiss franc. It comes in seven different maturities ranging from overnight to one year. This provides a consistent, reliable gauge of the cost of unsecured borrowing in the London interbank market.

The importance of LIBOR in the financial system cannot be overstated. It serves as a reference rate for many financial products. These include syndicated loans, adjustable-rate mortgages, student loans, credit cards, and various types of derivatives. It’s the foundation of the global financial system. It influences borrowing costs throughout the economy. Moreover, it affects the finances of corporations, governments, and consumers alike.

However, LIBOR is the backbone of the financial world. Yet, it doesn’t come without its flaws. The financial world is preparing to navigate a future without it.

The Need for Transition from LIBOR

The journey towards a post-LIBOR world began with a series of unfortunate events. These events shook the financial world to its core. The LIBOR crisis erupted in 2012. It revealed that some banks had been manipulating the rate to their advantage. This led to a crisis of confidence in the benchmark. The scandal tarnished the reputation of LIBOR. It also highlighted its inherent vulnerabilities. One primary concern was that it was based on estimates and not actual transactions. This made it easier to manipulate.

The implications of the crisis were far-reaching. It led to billions of dollars in fines for the banks involved. Additionally, it casts a long shadow over the integrity of the global financial system. In response, it sparked a global conversation. The discussion centred around the need for a more robust and transparent alternative. This alternative needed to withstand the tests of market integrity and reliability.

How Everything Led to LIBOR’s End

In response to the crisis, regulatory bodies worldwide began pushing for a transition away from LIBOR. In the UK, the Financial Conduct Authority (FCA) made an announcement in 2017. It stated it would no longer ask or persuade banks to submit rates for LIBOR’s calculation after 2021. This announcement effectively set the clock ticking for the end of LIBOR.

The final nail in the coffin was in March 2021. The administrator of LIBOR, ICE Benchmark Administration, confirmed the termination dates for most LIBOR settings. It was announced that several LIBOR settings would cease after December 31, 2021. This included all the British pound, euro, Swiss franc, and Japanese yen settings. Additionally, the “one-week and two-month U.S. dollar settings” were included. The remaining U.S. dollar settings would cease immediately after June 30, 2023.

The announcement marked the beginning of the end for LIBOR. It set in motion a significant transition in global finance history. The transition from LIBOR is more than just a regulatory requirement. It’s a crucial step towards a stable and trustworthy financial system.

Challenges in the Transition from LIBOR

Navigating away from LIBOR is no small feat. The transition presents a multitude of challenges that financial institutions and market participants must overcome.

One of the most significant challenges is the complexity of replacing LIBOR in existing contracts, often referred to as “legacy contracts”. These contracts, which can extend beyond 2023, were drafted with LIBOR as the reference rate and often lack adequate provisions for the permanent removal of the benchmark. Modifying these contracts to replace LIBOR with a new rate is an enormous task, both legally and operationally, and raises the potential for legal disputes and market disruption.

The transition also involves the adoption of new risk-free rates (RFRs) that are fundamentally different from LIBOR. Unlike LIBOR, which reflects the credit risk of unsecured interbank lending, RFRs such as the Secured Overnight Financing Rate (SOFR) in the U.S. and the Sterling Overnight Index Average (SONIA) in the UK are nearly risk-free, as they are based on actual transaction data from secure lending markets. This shift from a credit-sensitive rate to a risk-free rate could have significant implications for the pricing and risk management of financial products.

Adding to the complexity is the absence of term structures in the new RFRs. While LIBOR is quoted for different maturities, most RFRs are overnight rates. The development of term rates based on RFRs is still in progress, and until these are widely available and accepted, the transition will remain a challenge.

The impact of the transition extends to various financial sectors and products. From securities, where LIBOR is deeply embedded, to syndicated loans and adjustable-rate mortgages that reference LIBOR, the transition will require significant adjustments. Market participants will need to adapt to new pricing mechanisms, risk management tools, and system changes, all while ensuring minimal disruption to financial markets.

Potential Solutions and Strategies for the Transition

Despite the challenges, the financial world is not walking without a light in this dark transition. Several solutions and strategies are being developed and implemented to navigate the shift from LIBOR. A key part of the solution lies in the development of alternative RFRs.

In the U.S., the Federal Reserve has endorsed the Secured Overnight Financing Rate (SOFR) as the replacement for U.S. dollar LIBOR. SOFR is based on actual transactions in the Treasury repurchase market, making it a more robust and reliable benchmark.

In the UK, the Bank of England has identified the Sterling Overnight Index Average (SONIA) as the preferred alternative to the sterling LIBOR.

These RFRs, along with others being developed around the world, are set to play a pivotal role in the post-LIBOR era.

Another crucial strategy for the transition is the incorporation of robust fallback language in financial contracts. Fallback provisions outline the steps to be taken and the replacement rate to be used if LIBOR ceases to exist. The International Swaps and Derivatives Association (ISDA) has developed a standard fallback protocol, which many market participants have agreed to, providing a clear path for the transition in derivative contracts.

Technology and data also hold the key to managing the transition effectively. Financial institutions are leveraging technology solutions to identify and analyze LIBOR exposure in their contract portfolios. Advanced analytics, fintech solutions and AI are being used to extract and review contractual terms at scale, enabling institutions to manage the transition in a more efficient and risk-controlled manner.

The transition from LIBOR is undoubtedly a complex and challenging process. However, with the right strategies and solutions in place, the financial world can successfully navigate the shift and emerge with a more transparent and robust benchmarking system.

The Impact of the Transition on Global Financial Markets

The ripples of the transition from LIBOR are being felt across global financial markets. This is leading to significant changes and potential disruptions.

One of the most profound impacts is the change in market risk profiles. The shift from LIBOR, a credit-sensitive rate, to nearly risk-free rates changes the dynamics of interest rate risk.

Financial institutions will need to review their risk management strategies. This is because the new rates do not reflect bank credit risk. These rates could also behave differently from LIBOR under various market conditions.

The transition also has a significant effect on interest-rate products and securities. LIBOR is deeply embedded in these markets. Its replacement will require adjustments in pricing, valuation, and risk management of these products. For instance, the shift to SOFR in the U.S. will have effects. It could affect the pricing of interest rate swaps. This is because SOFR tends to be lower than LIBOR due to its nearly risk-free nature.

Moreover, the transition carries the potential for market disruption and legal disputes. The modification of legacy contracts to replace LIBOR could be problematic. It could lead to disagreements over the choice of replacement rate. The adjustment spread might also be a point of contention. This could potentially result in lawsuits. There’s also the risk of market fragmentation. Different jurisdictions or market segments might choose different replacement rates.

The Role of Regulatory Bodies and Financial Institutions in the Transition

Read the full article at: https://dsb.edu.in/understanding-the-challenges-of-moving-from-libor-navigating-the-tides/?utm_source=Tumblr&utm_medium=Tumblr&utm_campaign=Tumblr+LIBOR

[mariacallous]

I was 12 years old when the far-right English Defence League (EDL) marched through my town of Luton. Teachers at my all-boys, majority Muslim state comprehensive told us to stay indoors. We were overwhelmingly working-class, the children of taxi drivers and factory workers for whom racist violence was a regular occurrence.

Many of us aligned with people organising the counter-demonstrations against the EDL and soon found other common ground. Alongside antifascism, the activists were vocal on foreign policy issues such as Iraq and Palestine, as well as the domestic issue of austerity.

When I visited my old school recently, I found very different political alliances. Teachers expressed concern about the growing influence of rightwing figures such as Andrew Tate. The influencer is part of a wider network, known loosely as the “manosphere”, which comprises anti-woke culture warriors, get-rich “crypto bros” and Donald Trump supporters. Here were young Pakistani and Bangladeshi boys taking part in a community that includes many who openly despise them. For example, Tate has previously met Tommy Robinson “untold times”, and in a 2022 interview he claimed that the EDL co-founder was “doing his very best to protect England from Islamisation”. To the surprise of many, later that year Tate converted to Islam.

It’s easy to understand the appeal of these influencers, who pose as self-help gurus, speaking directly to insecure young men of all races seeking to live better lives. The growing mental health crisis among young people and the longstanding stigma attached to any discussion of it in the Muslim community leads many vulnerable young men to seek solace in the words of influencers whose videos reference depression, anxiety and how to find motivation to move forward in life.

These young men quickly become enamoured of influencer lifestyles and seek to emulate them. Tate, in fact, grew up on the deprived Marsh Farm estate in Luton, and flaunts his money and flashy cars to impressionable young people. Crypto bros, made hyper-accessible through YouTube, TikTok and Instagram, actively encourage followers to invest in stocks and shares. A year-nine student approached me after I had given a talk at my former school and asked: “How do I become a millionaire without going to school?”

These young people are entering into an economy that is unequal, a society that is atomised and workplaces that are insecure. The idea that you can rise with your class rather than out of it has all but vanished. In Luton, nearly half of children are growing up in poverty. When ethnicity is factored in, figures show that in the UK, 67% of Bangladeshi children and 58% of Pakistani children are living in poverty. Like many areas of Britain, our town has been affected by deindustrialisation, cuts to public services and the resulting loss of social infrastructure. The decline in these spaces – youth clubs, libraries and community centres – has meant a decline in social interaction, too; the void has been filled by social media platforms.

During the Jeremy Corbyn years, many young people had a sense of hope that the state could improve their lives. I remember the long queues of young people outside the polling stations in Luton in 2017, and how many registered to vote at the stalls we used to run at the local sixth-form college. Many of us canvassed for the Labour party in Luton and in neighbouring Bedford. We were promised rent controls, the abolition of tuition fees, free travel, free wifi and an increase in the minimum wage.

Now, in the absence of such a project, many are increasingly turning to individual solutions peddled by online influencers. Why dismantle the system when you can become one of its beneficiaries? Why favour higher taxes that might one day come at your expense?

The pipeline for men of colour subscribing to rightwing influencers online to voting for rightwing parties at the ballot box was made clear during the US election. A record 46% of Hispanic voters opted for Trump – a 14-point increase from 2020. Trump also saw modest gains among Black men. Minority communities have suffered from the effects of globalisation, deindustrialisation and decline.

For far too long in the UK, progressives have taken for granted the votes of Black and Asian communities – but recent electoral events and reports show that this is ill-informed. Take Brexit: it is often depicted as the revolt of the white working class, but diverse towns and cities such as Luton, Bradford and Birmingham also voted to leave the European Union. A new report by UK in a Changing Europe shows British Bangladeshi, Black Caribbean and non-white Muslim and Christian voters are particularly likely to hold socially conservative views on issues such as crime and foreign aid in comparison with those from other ethnic or religious groups. Meanwhile, British Indian and Chinese voters are more likely to hold rightwing economic views. Both the former and current Conservative leaders, Rishi Sunak and Kemi Badenoch, are representative of this wider shift. Many ethnic minority voters already hold rightwing views, and we may see this point of view grow in younger generations as the online culture they consume is dominated by the right.

On the Marsh Farm estate where Tate grew up, there is an alternative model of self-help being pioneered by local residents. Marsh Farm Outreach prides itself on collectivism and face-to-face social interaction. Its bottom-up community-organising approach transformed a derelict 17th-century farmhouse into a community hub. The building is now home to a DJing academy for local children excluded from school, Luton’s first Black radio station and a restaurant and bar. Here, on the estate, few young men believe there are any heroes in Westminster coming to save them, but they have found support in a local community.

Bringing young people into their physical communities, and out of their online ones, may be one way to counter the rise of the right. As these young people reach voting age, time is running out for the Labour party.

[latoyahart12]

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[girlfriendsofthegalaxy]

tuesday again 5/23/2023

six sentences or less bc that's the kind of week it is

listening

straighten up and fly right from the nat king cole songbook, covered by sammy davis junior. i have a lot of fondness for the nat king cole songbook bc my grandmother had a lot of fondness for it, and this one was very comfortably in our (contralto) ranges. really burrowing into the comforting familiar as we enter the Cross Country Move Hellzone (tm). spotify

-

reading

lot of documentation for work bc i am trying to build a google sheet + calendar for our grants and reports such that when someone adds OR EDITS a row in the grant/report tracker it creates a new google calendar event OR UPDATES existing events. i may have to give up on that second half.

in non-work stuff, it is hysterical how many hackers brian krebs (infosec reporter/journalist/researcher) is able to interview. like when this guy was asked "yo is this your code targeting a specific mastodon server with a crypto scam" the response was

Clicking the “open chat in Telegram” button on Zipper’s Lolzteam profile page launched a Telegram instant message chat window where the user Quotpw responded almost immediately. Asked if they were aware their domain was being used to manage a spam botnet that was pelting Mastodon instances with crypto scam spam, Quotpw confirmed the spam was powered by their software.

“It was made for a limited circle of people,” Quotpw said, noting that they recently released the bot software as open source on GitHub.

we live in the stupidest possible cyberpunk future.

-

watching

i don't know jack about shit about cars and i don't know what the fuck jennings motorsports on youtube is talking about 80% of the time but a friendly guy with a calm voice talking through how he's going to get some cars in the worst shape you've ever seen up and running again? yes good thanks, i've blown through his entire backlog in the last week in my second monitor while i've cleaned data. this man is essentially rebuilding this rare limited edition shiny holographic car from half a frame and a panel LOOK how fucked this thing is.

love the Will It Run? videos bc the answer is almost always yes AND SOMETIMES HE EVEN DRIVES THEM DOWN HIS DRIVEWAY AND BACK even if the cars are barely holding themselves together. the horse souls in these machines can be coaxed back into resurrection with the proper burnt offerings and application of liquefied dinosaur

-

playing

the charm of Powerwash Simulator is somewhat dampened by its extremely buggy achievements bc i KNOW i could get all 40 so fuckin easy if they just WORKED. i didn't get the "main campaign completed!" achievement despite spending nearly forty hours 100%ing every job, so i think the rarity of the achievements is somewhat inaccurate, bc it's more like, did you happen to play through that level at a time when the achievement was working? despite all that, it has been incredibly effective at damping generalized moving anxiety and it's a tremendous catch-up-on-podcasts game. it's hysterical to me this was published by square enix bc this style of simulator game is usually published by Playway or a Playway company, a shadowy network of about a hundred small polish studios, many of which went public and had IPOs in order to hand over a controlling interest of the company to Playway. long history of annoying business practices such as remaking more popular games with the serial numbers filed off and making demos to gauge interest and THEN only making about one full game for every twenty demos, which is very irritating for players. not this one tho, it's in fucking brighton in the uk, no relation!

-

making

this is going to be cleaning and move prep for the next six weeks. i deep cleaned (even mopped!) my kitchen and bathroom last weekend bc it uh. really needed it, and that's the most exciting thing i did. no progress on cleaning the flip clock radio bc i do not currently have the patience to sit down with qtips and get in all the little grooves.

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[gwgaccountant]

are in game currencies you can buy with real money covered under the same laws that make nfts and bitcoin taxable?

DISCLAIMER

I am not an international tax expert. Tax laws are obviously different in different jurisdictions; something that's true in the USA might not be true in the UK or Ukraine or India or Japan or Kenya or whatever. Also, the details of individual games can affect their legal standing. You may wish to consult a local tax expert before filing your return.

Disclaimers aside, probably not.

The thing about NFTs is that you can resell them. If you buy an ugly ape for etherium, you can later sell that ape for etherium and sell the etherium for cash, hopefully more than you paid in. That's what makes crypto stuff taxable; it's an investment.

Most in-game currencies cannot be exchanged for real-world money. You can't buy Fortnite VBucks at 5¢ to the buck and resell it at 7¢ to make a profit, and you can't sell anything for real-world cash. (This the main reason why gambling regulations usually don't apply to lootboxes.)

As far as the law is concerned, buying VBucks in Fortnite is no different from buying DLC on Steam.

Aside from blockchain games like the infamous Axie Infinity, the only ways I can think of for in-game currency purchases to result in taxable transactions probably violate the terms of service. Back in ye olde World of Warcraft days, people would sell their in-game gold for real-world money—profitable, despite (or because of?) being against the TOS.

Obviously, people can buy premium video game currency with their own money; that's what premium currency is for. But hypothetically, if you used that currency to buy an in-game item that you sold for real-world money, that would be a taxable transaction. The amount you sold it for minus the price initially paid for in-game currency would be taxable game.

Again, this is probably a violation of the terms of service you agreed to without reading, which would make this a breach of contract. In the US, you are required to report illegal income; however, as per the fifth amendment, you don't have to report anything that would incriminate yourself. How you report such income without self-incrimination is an exercise for any reader running a Fortnite money laundering business.

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[mariacallous]

A crypto investor has brought a class action lawsuit against Pump.Fun, a platform for launching and investing in meme-inspired cryptocurrencies, after suffering trading losses.

Representing the plaintiffs are Wolf Popper and Burwick Law, the two firms handling a separate class action brought by investors in December over a memecoin launched by web personality Haliey Welch, better known as the Hawk Tuah girl, which collapsed in value soon after trading began. (Welch was not named as a defendant in that suit.)

“These ‘emperor’s new clothes’ crypto schemes can’t keep masquerading as legitimate finance, leaving the vulnerable in the lurch," says Max Burwick, founding partner at Burwick Law.

Pump.Fun was a hit when launched in January 2024, giving people a way to launch memecoins—highly volatile cryptocurrencies that typically have no inherent purpose beyond speculation—instantly and at no cost. The new lawsuit, filed Thursday in the Southern District of New York, alleges that Pump.Fun has operated as an unregistered securities issuer and seller. In making marketing claims that downplay the likelihood of losing money trading memecoins, the complaint alleges, the platform also put investors at heightened financial risk.

Separately, the lawsuit alleges that these memecoin platforms, like Pump.Fun, are designed in such a way as to incentivize pump-and-dump activity. “Early investors or insiders artificially inflate token prices through coordinated buying and promotional campaigns, then sell their holdings at peak prices, causing the token's value to collapse and leaving later investors with substantial losses,” the complaint claims.

The complaint points to the circumstances around the launch of a particular Pump.Fun memecoin—PNUT, which references the celebrity squirrel euthanized last year in New York—to evidence its claims.

Pump.Fun did not respond to a request for comment. But in an interview with WIRED last year, Noah Tweedale, one of the three Pump.Fun cofounders named in the suit, refuted the idea that the platform stands to benefit from regular investors losing money. “The idea with Pump was to build something where everyone was on the same playing field,” Tweedale said. “I want to stress, we don’t want people to lose money on our platform. It doesn’t benefit us by any means.”

More than 6 million unique memecoins have been launched through Pump.Fun, the most successful of which are valued at hundreds of millions of dollars. The memecoin market is now worth in excess of $100 billion in aggregate, market data shows.

In its first 12 months in operation, Pump.Fun is reported by third parties to have generated more than $350 million in revenue, taking a 1 percent cut of trades. The platform is on pace to make more than $1 billion in revenue in 2025.

However, the lawsuit brought by the crypto investor—which follows reports of unethical trading activity, criticism relating to content moderation, and a warning issued against Pump.Fun by the UK financial regulator—could threaten to put a dampener on the runaway growth.

The lawsuit hinges on the idea that memecoins should in some circumstances be classified as securities, a particular type of investment instrument. The complaint claims that by failing to register token sales with the Securities and Exchange Commission (SEC), the relevant US financial regulator, Pump.Fun allegedly violated securities laws and denied investors the disclosures required of regulated entities.

Whether cryptocurrencies should be classified as securities is a long-running debate that has spawned a mess of litigation between the SEC and cryptocurrency companies. Though the SEC has not pursued many memecoin-related cases to date, in the lawsuit against Pump.Fun, the crypto investor alleges that all memecoins issued through the platform resemble securities by virtue of the way they are marketed.

“This largely turns on the question of an expectation of returns through marketing promises,” says Burwick. “The issue with almost every memecoin is: How was this marketed?” Essentially, if a creator or issuing platform suggests that a coin is headed to the moon, Burwick believes it is a security.

In the interview with WIRED, Tweedale rejected the idea that memecoins might fall under the purview of the SEC. “Memecoins being securities is a joke. That can’t be the case,” he said.

Elsewhere, the lawsuit alleges that Pump.Fun essentially gamified the trading experience and engaged in a "sophisticated marketing campaign" that combined "promises of exponential returns, luxury lifestyle imagery, and coordinated social media promotion,” which had the effect of obfuscating the risk profile of memecoin investing.

The architecture of the Pump.Fun platform, which relies upon a mathematical mechanism known as a bonding curve to eliminate the cost of issuing a memecoin for creators, amplifies the potential financial harm by creating a dynamic whereby early buyers benefit disproportionately, the investor has alleged.

Meanwhile, in failing to verify the age or identity of its users, Pump.Fun exposes minors and inexperienced investors to both financial risk and the explicit material rife on the platform, the complaint alleges. In December, Tweedale told WIRED that Pump.Fun plans to introduce age restrictions but provided no further specifics.

Memecoin trading has frequently been compared to gambling at a casino. But the metaphor is ill-fitting, Burwick claims, because it erases the responsibility to investors that should be borne by the platforms through which memecoins are issued.

“This is not a casino … Retail investors are sold an opportunity to make a return on their investment, but the reality is that they have an entire system they are playing against. They don’t understand how heavily the odds are stacked against them,” says Burwick. “Pump.Fun is not gambling—it’s the illegal issuance of securities.”