Late last month, Morae Global Corporation and Mayer Brown announced a collaboration to look for ways to help clients to transition from the London Inter-bank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to other, risk-free reference rates (RFRs).
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Morae Global Corporation is a provider of legal and compliance solutions for corporations and law firms. Mayer Brown is a global law firm that services the world’s largest financial markets, New York, London and Hong Kong.
Per the joint statement, the companies said, “The IBOR solution will more effectively serve the legal needs of clients during the phase-out of LIBOR by bringing together Mayer Brown’s global presence, market-leading knowledge of subject matter and product competence across various sectors of the financial industry, with Morae’s data analytics and remediation, technology enablement, repapering and program management capabilities. Already widely respected for its integrated and global IBOR transition solutions, Mayer Brown is teaming up with Morae for the company’s LIBOR Transition services and expertise in the application of advanced, highly efficient, technology-enabled workflows and analytics.”
“We are working to create a ‘one-stop shop’ for our clients preparing for the discontinuation of LIBOR, and joining forces with Morae is confirmation of Mayer Brown’s sustained efforts to deliver full-service excellence,” said J. Paul Forrester, Mayer Brown partner and IBOR Transition Leader. “Our recently launched cross-practice IBOR Transition Task Force is another great example of the firm’s ongoing commitment to advise banks, companies and investors on the full spectrum of market developments relating to LIBOR transition.”
Joy Saphla, President of Strategic Solutions at Morae, added, “By bringing together Morae’s extensive financial services, technical, analytics and program management expertise with Mayer Brown’s domain expertise, we deliver an efficient global solution for LIBOR transition while establishing a framework that transforms how such challenges will be addressed in the future. Clients will benefit from our combined legal, technology, process and data expertise, including Morae’s in-depth experience in the efficient delivery of expedited technology-driven services.”
The imminent switch from the IBOR is likely to impact financial services worldwide, encompassing multiple countries, currencies and trade organizations.
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