Despite the impacts of COVID-19, LIBOR transition deadlines remain largely unchanged. Around the world, regulators, national market authorities and market participants are continuing to work in close coordination to refine the functioning of new alternative reference rates (ARRs) in the context of both cash and derivatives products. While there is still a significant way to go, the fundamentals of the transition are in place. Adoption of ARR-indexed products is gaining traction and we are entering a more intense phase of the transition before the expected cessation of LIBOR.
Considerable activity has already taken place in Canada, the U.S. and across Europe and we are now seeing increased activity in other parts of the world, especially across the Asia Pacific region. We continue to be very active both with changes to our own systems and processes and in supporting clients through the transition.
- LIBOR Transition and Readiness Overview - January 2021
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- LIBOR Transition: New Capabilities Summary - February 2021
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- LIBOR Transition - Frequently Asked Questions - November 2021
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Chief Operations Officer, CIBC Mellon
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About CIBC Mellon
CIBC Mellon is a Canadian company exclusively focused on the investment servicing needs of Canadian institutional investors and international institutional investors into Canada. Founded in 1996, CIBC Mellon is 50-50 jointly owned by The Bank of New York Mellon (BNY Mellon) and Canadian Imperial Bank of Commerce (CIBC). CIBC Mellon's investment servicing solutions for institutions and corporations are provided in close collaboration with our parent companies, and include custody, multicurrency accounting, fund administration, recordkeeping, pension services, exchange-traded fund services, securities lending services, foreign exchange processing and settlement, and treasury services.
As at December 31, 2021, CIBC Mellon had more than C$2.6 trillion of assets under administration on behalf of banks, pension funds, investment funds, corporations, governments, insurance companies, foreign insurance trusts, foundations and global financial institutions whose clients invest in Canada. CIBC Mellon is part of the BNY Mellon network, which as at December 31, 2021 had US$46.7 trillion in assets under custody and/or administration. CIBC Mellon is a licensed user of the CIBC trade-mark and certain BNY Mellon trade-marks, is the corporate brand of CIBC Mellon Global Securities Services Company and CIBC Mellon Trust Company, and may be used as a generic term to refer to either or both companies.
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