Legacy: Difference between revisions
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:''ACT Briefing Note, Transition to risk free rate benchmarks.'' | :''ACT Briefing Note, Transition to risk free rate benchmarks.'' | ||
LIBOR ended in September 2024. | |||
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*[https://www.bankofengland.co.uk/news/2024/october/the-end-of-libor The end of LIBOR - Press release - Bank of England - 1 October 2024] | *[https://www.bankofengland.co.uk/news/2024/october/the-end-of-libor The end of LIBOR - Press release - Bank of England - 1 October 2024] | ||
[[Category:Financial_products_and_markets]] | [[Category:Financial_products_and_markets]] | ||
Revision as of 23:32, 4 October 2024
'Legacy' refers to older systems, contracts or other arrangements, implemented before current systems, regulations or other market conditions, but still having a remaining life until their retirement or final maturity.
- Legacy RTGS systems
- "TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB.
- The NCBs of France, Germany and Italy jointly provide the single technical infrastructure and operate it on behalf of the Eurosystem.
- All of the eurozone countries have migrated to TARGET2 and have chosen to close their legacy RTGS systems upon migration."
- The Treasurer's Handbook, Payments and payment systems.
- Legacy LIBOR contracts
- "Legacy contracts are those [incorporating LIBOR] that do not mature until after the [cessation of LIBOR]
- Depending on the financial product under consideration (loan, derivative etc), the precise response to the disappearance of LIBOR will vary."
- ACT Briefing Note, Transition to risk free rate benchmarks.
LIBOR ended in September 2024.
See also
- European Central Bank (ECB)
- Eurosystem
- Eurozone
- Fallback
- LIBOR
- Migration
- NCB
- Payments and payment systems
- Real-time gross settlement system (RTGS)
- Risk-free rates
- T2
- TARGET2
- Tough legacy
