Claira Automates Contract Amendment and Restatement to Accelerate LIBOR Remediation
Oct. 7th, 2020
Claira LLC (http://www.claira.io), creator of the industry’s leading financial contract understanding technology, is excited to announce its latest development — automated contract amendment and restatement. Now, Claira will create MS Word versions from your signed and executed PDF contracts with industry-recommended or custom language inserted as tracked changes. This innovation is in addition to Claira’s leading contract-understanding LIBOR solution that immediately understands and assesses the impact of LIBOR transition. With this latest development, Claira provides an end-to-end solution to accelerate and complete LIBOR contract negotiation and remediation.
Justice Department Issues Favorable Business Review Letter To ISDA For Proposed Amendments To Address Interest Rate Benchmarks
Oct. 1st, 2020
The Department of Justice’s Antitrust Division announced today that it has completed its review of the proposal by the International Swaps and Derivatives Association Inc. (ISDA) to amend its standardized model documentation for derivatives to account for the potential discontinuation of certain interbank offered rates (collectively referred to as “IBORs”).
Claira Announces Loan Contract Understanding and Analysis to Better Navigate Stressed Portfolios
Sep. 28th, 2020
As the commercial lending market continues to prove challenging, Claira’s next-gen AI provides in-depth contract analysis & loan covenant understanding enabling clients to more accurately manage risk, value, and reposition portfolios.
LIBOR Loans Prove Problematic for Legal AI Claira Announces Next-Gen Fully Pre-Trained Solution to Jumpstart Loan Remediation
Aug. 11th, 2020
As the LIBOR deadline fast approaches, bilateral, private documents prove problematic for most legal AI platforms – requiring clients long lead-times to train for accuracy. Claira’s next-gen AI is fully pre-trained for LIBOR remediation across all private & public doc types.
Libor Troubles Deepen as Deadline for Benchmark’s Demise Approaches
Aug. 14th, 2020
Regulators and investors say transition remains on track despite setbacks including the Covid-19 pandemic
No one said replacing the London interbank offered rate would be easy, but many regulators and investors contend the cumbersome process remains on track despite setbacks including the coronavirus pandemic.
Bank of English Risk Free Rate Working Group Statement on LIBOR Transition
Jul 28, 2020
Further to the joint statement made by the Working Group on Sterling Risk-Free Reference Rates (the RFRWG), the Financial Conduct Authority (the FCA) and the Bank of England in April, it remains the central assumption that firms cannot rely on LIBOR being published after the end of 2021. The RFRWG has today published a suite of materials designed to assist firms in taking action and implementing LIBOR transition plans.
Federal Reserve Endorses Ethereum-Backed Alternative To Libor
Jun. 3, 2020
Federal Reserve Board Chairman Jerome H. Powell provided a statement on May 28, 2020, regarding the suitability of AMERIBOR as a replacement to LIBOR. AMERIBOR uses a permissioned version of Ethereum blockchain to capture the interbank lending rates.