Trade Association Working Group
Following Andrew Bailey's July 2018 speech on the future of LIBOR, trade associations from across global financial markets and product areas set up a Trade Association Working Group to establish regular communication, discuss the key issues arising from the transition from LIBOR to risk-free rates and update each other on developments in relation to the transition. The Working Group represents an important source of global and cross-product communication on a market-wide issue.
Membership of the Group currently comprises the Association of Corporate Treasurers (ACT), Association for Financial Markets in Europe (AFME), Asia Pacific Loan Market Association (APLMA), Euroclear, FIA, Global Financial Markets Association (GFMA), International Capital Market Association (ICMA), International Capital Market Services Association (ICMSA), Investment Association (IA), International Swaps and Derivatives Association (ISDA), Japanese Bankers Association (JBA), Japan Syndication and Loan-trading Association (JSLA), Loan Market Association (LMA), Loan Syndications and Trading Association (LSTA), Securities Industry and Financial Markets Association (SIFMA) and UK Finance.
In January 2018, the LMA, in conjunction with the ACT, AFME, APLMA, ICMA, ICMSA, JSLA, LSTA and SIFMA, sent a letter to the Financial Stability Board (FSB) outlining the key issues arising across the different financial markets and currencies of a transition away from LIBOR to near risk-free rates. Click here to read the letter.