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Just a couple of hours before our colleague Sophie Cuthbertson was scheduled to participate earlier this week in the LIBOR panel at SFVegas, the biggest structured finance conference in the U.S., the Federal Reserve issued a notice of proposed rulemaking − we all know it as an NPR − that provided guidance on identifying SOFR rates related to legacy contracts. With her deep knowledge of LIBOR and some last-minute cramming on the new Fed guidance that would have made her law professors proud, Sophie was able to incorporate some of this new thinking into her panel presentation.

While the June 30, 2023 end of LIBOR as we know it is no surprise, the regulators still have some work to do here, and so announcements like Tuesday's, even though anticipated in the industry, did create a bit of a scramble. We will continue to provide updates and guidance in the weeks and months to come. 

We also encourage you to read our "Cadwalader Corner Q&A" with Prof. Pete Hahn, highly respected in the financial services community in Europe as a former regulator, banker and academic at The London Institute of Banking & Finance. In particular, take a look at Prof. Hahn's views on fintech and cryptocurrencies.  

As always, we welcome your thoughts on this week’s issue of Cabinet News and Views and other timely topics. Just write to us here.

Daniel Meade and Michael Sholem
Co-Editors, Cabinet News and Views

July 21, 2022
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