News Stories On Artificial Intelligence, Finance, Law & More

Noteworthy information you should know.

Fed Announces No Credit Sensitive Supplement or Add-on Rate for Commercial Lending Products

Fed Announces No Credit Sensitive Supplement or Add-on Rate for Commercial Lending Products

Oct 22, 2020

The Fed does not plan to convene a group to recommend a specific credit-sensitive supplement or rate for use in commercial lending products.

Claira Automates Contract Amendment and Restatement to Accelerate LIBOR Remediation

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.

LIBOR Transition Considerations for a Corporate Borrower

LIBOR Transition Considerations for a Corporate Borrower

Oct. 27th 2020

Companies need to ensure that they are prepared for the end of LIBOR. Internal reviews must be carried out at the earliest possible opportunity and appropriate systems should be put in place.

Justice Department Issues Favorable Business Review Letter To ISDA For Proposed Amendments To Address Interest Rate Benchmarks

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

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.

Companies lagging on LIBOR transition will prompt lawsuits

Companies lagging on LIBOR transition will prompt lawsuits

Sep. 29th, 2020

There’s little chance regulators will delay the December 2021 transition because of the pandemic, specialists say.

LIBOR Loans Prove Problematic for Legal AI  Claira Announces Next-Gen Fully Pre-Trained Solution to Jumpstart Loan Remediation

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

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.

FINRA Shares Practices Firms Implemented to Prepare for the LIBOR Phase-out

FINRA Shares Practices Firms Implemented to Prepare for the LIBOR Phase-out

Aug. 5, 2020

FINRA reminds firms to evaluate their exposure to LIBOR (formerly, the London Interbank Offered Rate), and review their preparedness to manage LIBOR’s phase-out.

Bank of English Risk Free Rate Working Group Statement on LIBOR Transition

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.

Claira Announces LIBOR Transition with Valuation and Risk to Accelerate Clients into Execution Mode

Claira Announces LIBOR Transition with Valuation and Risk to Accelerate Clients into Execution Mode

Jul. 16, 2020

Claira adds valuation & risk analysis to advance clients into execution mode to meet the LIBOR deadline. Claira’s next-gen AI is pre-trained with LIBOR transition impact and cessation protocols.

Federal Reserve Endorses Ethereum-Backed Alternative To Libor

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.

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Contact Claira for prospective & retrospective contract lifecycle management, financial contract management, greater insight scenarios regarding LIBOR Transition, Initial Margin, Collateral Optimization, Credit Defaults/Downgrades & Other Legal/Regulatory Risk items.

Claira's advanced data science capability provides the most innovative legal contract management insights and more intelligent solutions for remediating, drafting or amending documents from scratch, through self-defined templates or from file extract and merge processes.

© 2020 by Claira LLC

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