New York Funding Rate and No Deal: Difference between pages

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(NYFR).
''European Union - Brexit.''


An interest rate benchmark launched by ICAP (the inter-dealer broker) in June 2008 to respond to concern about the accuracy of [[LIBOR]] at the time and to provide a rate relating to a time when the New York market was open. It was published in New York at about 10 am and based on rates submitted by contributing banks at around 9.15 am local time.
No Deal would have been the most extreme form of a Hard Brexit.


Effectively a US domestic rate, in normal market circumstances arbitrage with the Euro-dollar market in London (still open in the New York morning) would be expected to minimise differences between the two markets - LIBOR rates being euro-currency rates, of course.
Under No Deal, the UK would have left the European Union (EU) without a negotiated settlement.


Publication ceased on 9 July 2012 [[http://in.reuters.com/article/2012/08/03/icap-nyfr-rates-idINL2E8J33FN20120803]] as an insufficient number of banks were willing to contribute rates.


NYFR, while it was published, followed US dollar LIBOR very closely. A comparison of LIBOR and NYFR can be found in ''A comparison of Libor to other measures of bank borrowing costs'', Kuo et al.,  [[http://www.newyorkfed.org/research/economists/vickery/LiborKSV_staff_webpage.pdf]], accessed 6 August 2014. ''Note'' This paper refers to LIBOR as an offered rate whereas since 1988 contributions are of rates at which the contributing bank would expect to be able to fund by "by asking for and then accepting inter-bank offers", and this is thus not an "offered rate" as such.
On 24 December 2020 the UK and European Commission agreed the terms of a post-Brexit free trade agreement agreement that applied from 1 January 2021.


==See also==
The EU-UK Trade and Cooperation Agreement entered into force on 1 May 2021.


* [[LIBOR]]
 
== See also ==
* [[Article 50]]
* [[Brexit]]
* [[Brexit transition period]]
* [[European Commission]]
* [[European Union]]
* [[EU-UK Trade and Cooperation Agreement]]
* [[Free trade agreement]]
* [[Hard Brexit]]
* [[No Brexit]]
* [[Ratification]]
* [[Single Market]]
* [[Soft Brexit]]
* [[United Kingdom]]
 
[[Category:Accounting,_tax_and_regulation]]
[[Category:The_business_context]]

Latest revision as of 19:59, 26 February 2023

European Union - Brexit.

No Deal would have been the most extreme form of a Hard Brexit.

Under No Deal, the UK would have left the European Union (EU) without a negotiated settlement.


On 24 December 2020 the UK and European Commission agreed the terms of a post-Brexit free trade agreement agreement that applied from 1 January 2021.

The EU-UK Trade and Cooperation Agreement entered into force on 1 May 2021.


See also

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