Latest news with #LIBOR
Business Wire
31-07-2025
- Business
- Business Wire
Denise LeMay Joins Eastern Bank As Senior Vice President, Head of Foreign Exchange and Derivative Sales, Commercial Banking
BOSTON--(BUSINESS WIRE)-- Eastern Bank is pleased to welcome Denise LeMay as Senior Vice President, Head of Foreign Exchange and Derivative Sales, Commercial Banking. Ms. LeMay brings over 25 years of experience advising commercial clients on interest rate risk management and structuring complex financial solutions through derivative products. 'It's a pleasure to welcome Denise LeMay to our commercial banking team,' said Greg Buscone, Executive Vice President, Chief Commercial Banking Officer of Eastern Bank. 'She fills an important role helping commercial businesses manage risk associated with currency fluctuations and interest rates, customized to their domestic and global business needs.' Most recently, Ms. LeMay served as Senior Vice President, Treasury Capital Markets Trading Manager at M&T Bank where she advised commercial clients on the use of derivative products to manage interest rate risk, collaborated with relationship managers to identify hedging opportunities, and played a key role in efforts around the London Interbank Offered Rate (LIBOR) to Secured Overnight Financing Rate (SOFR) transition. Previously, she built and led the Interest Rate Derivatives program at People's United Bank, growing it into a key revenue driver and serving as a senior member of the LIBOR Cessation Steering Committee. Her other career roles include treasury and trading work at Webster Bank, Calamos Asset Management, and NCM Capital Management Group with a focus on risk management and market education. 'I'm thrilled to join Eastern Bank's Commercial Banking team, which is known for putting clients first and a focus on personalized relationship banking, and I look forward to offering practical solutions to help customers meet their business goals,' said Denise LeMay, Senior Vice President, Head of Foreign Exchange and Derivative Sales, Commercial Banking of Eastern Bank. Eastern Bank provides a range of commercial financing offerings to help companies across many industries improve cash flow, increase efficiencies and build for the future. Commercial lending solutions include working capital/lines of credit, equipment/term loans, real estate loans, acquisition financing, asset-based lending, franchise lending and employee stock ownership plan-related financing. Additional services include foreign exchange solutions. About Eastern Bank Founded in 1818, Eastern Bank is Greater Boston's leading local bank with approximately 110 branch locations serving communities in eastern Massachusetts, southern and coastal New Hampshire, Rhode Island and Connecticut. As of June 30, 2025, Eastern had approximately $25.5 billion in assets. Eastern provides a full range of banking and wealth management solutions for consumers and businesses of all sizes including through its Cambridge Trust Wealth Management division, the largest bank-owned independent investment advisor in Massachusetts with $8.7 billion in assets under management, and takes pride in its outspoken advocacy and community support that includes more than $240 million in charitable giving since 1994. An inclusive company, Eastern is comprised of deeply committed professionals who value relationships with their customers, colleagues and communities. Join us for good at and follow Eastern on Facebook, LinkedIn, and Instagram. Eastern Bankshares, Inc. (Nasdaq: EBC) is the holding company for Eastern Bank. For investor information, visit
Economist
29-07-2025
- Politics
- Economist
Blighty: Why Corbyn's comeback matters
Summer fetes show there is still hope for the English village Crime has become more complex. The police have not kept up Our survey finds that Britons are pessimistic about the country's cohesion The police are better; the politicians are worse The LIBOR saga reflects badly on the courts Compromise rarely leads to contentment. But it nearly always leads to costs
Economist
24-07-2025
- Politics
- Economist
Why Britain's police hardly solve any crimes
Britain | Crime and no punishment Illustration: Giacomo Gambineri W HEN STAN GILMOUR started out as a 'regular street bobby' in 1993, he remembers picking up 'multiple burglaries a day'. It was nearly all 'traditional crime' back then: 'you know, the whodunnit, broken window, property gone, search for the suspect'. There were no mobile phones or CCTV cameras, which meant lots of knocking on doors and learning to 'manage the crime scene' to yield clues. Our survey finds that Britons are pessimistic about the country's cohesion The police are better; the politicians are worse The LIBOR saga reflects badly on the courts Compromise rarely leads to contentment. But it nearly always leads to costs Matthew Holehouse, our British political correspondent, asks what might happen if Britain made voting compulsory Their main union has become a platform for activists' causes
Economist
23-07-2025
- Business
- Economist
Vindication for two bankers. Questions for Britain's legal system
WERE TOM HAYES and Carlo Palombo guilty merely of being bankers? In 2015 Mr Hayes, formerly of UBS and Citigroup, was convicted of conspiring to manipulate LIBOR, a benchmark interest rate. He was initially sentenced to 14 years in prison (the same as the maximum for blackmail). In 2019 Mr Palombo, once of Barclays, was given four years for fiddling EURIBOR, another benchmark. Both men were released in 2021.
Business Wire
10-07-2025
- Business
- Business Wire
Capitolis Successfully Completes USD Swaptions LIBOR Transition to SOFR
NEW YORK--(BUSINESS WIRE)-- Capitolis, the financial technology company, announced today that it has successfully completed its run of multilateral exercises to transition legacy USD LIBOR-referenced swaptions to vanilla SOFR replacements for 17 global dealers. Through nine live executions, Capitolis, and Capitalab prior to its acquisition by Capitolis last year, facilitated the multilateral switching of over 17,000 legacy LIBOR swaptions across their dealer network. As a result, participants have eliminated the significant operational burden of expiry management associated with legacy LIBOR swaptions. Issues with pricing legacy USD LIBOR swaptions first became prominent in 2020, when major clearinghouses transitioned from Fed Funds to SOFR discounting for USD swaps. This led to bifurcation in the USD swaption market, introducing complexity and increased time demands for rates volatility desks. More recently, a major clearinghouse ceased support for clearing exercised legacy LIBOR swaptions on June 30, 2025, further increasing operational complexity for market participants. In response to client concerns about their remaining LIBOR swaption inventory, Capitalab (now Capitolis) worked closely with the dealer community to design and deliver a scalable solution. Within just two months, it launched a proof-of-concept run with nine dealers. Since then, nine successful multilateral runs have been completed, collectively transitioning over 17,000 trades. Participants are now left with a cleaner, simpler book of vanilla SOFR swaptions, significantly reducing complexity and ongoing operational risk. 'This initiative demonstrates the strength of collaboration across the industry and the power of innovation to solve real-world problems,' said Gavin Jackson, Co-Head of Portfolio Optimization, Capitolis. 'The successful transition of such a large volume of trades reflects the trust our clients place in Capitolis as well as their commitment to progress and willingness to work with us to achieve it. We're incredibly grateful for their support, engagement, and partnership to deliver this important solution at scale.' 'We're happy to have participated in this industry-wide effort led by Capitolis,' said Yashodeep Honmane, Head of US Rates Options, Barclays. 'Their multilateral solution delivered immediate operational relief, streamlined our swaptions portfolio ahead of the June 2025 clearinghouse cut-off, and drove meaningful efficiency gains. The process was collaborative, risk-reducing, and a clear demonstration of Capitolis' leadership in this space.' Most market participants now have few LIBOR swaptions remaining. Capitolis is prepared to run ad-hoc cycles based on additional demand. About Capitolis We believe the financial markets can and should work for everyone. Capitolis is the technology company helping to create safer and more vibrant financial markets by unlocking capital constraints and enabling greater access to more diversified capital and investment opportunities. Rooted in advanced technology and deep financial expertise, Capitolis powers groundbreaking financial solutions that drive growth for global and regional banks – and institutional investors alike. Capitolis is backed by world class venture capital firms, including Canapi Ventures, 9Yards Capital, SVB Capital, Andreessen Horowitz (a16z), Index Ventures, Sequoia Capital, Spark Capital, and S Capital, as well as leading global banks such as Barclays, Citi, J.P. Morgan, Morgan Stanley, Standard Chartered, State Street and UBS. Founded in 2017, our team brings decades of experience in launching successful startups, technology, and financial services. Capitolis was recognized on the Inc. 2024 Best in Business list in the Financial Services and Innovation & Technology categories, and named World's Best FX Software Provider for the second straight year in the 2024 Euromoney Foreign Exchange Awards. The company has been included on each of CNBC's World's Top Fintech Companies 2024 list and Deloitte's 2024 Technology Fast 500 list in consecutive years and was named to Fast Company's prestigious annual list of The World's Most Innovative Companies for 2023. American Banker recognized Capitolis among the Best Places to Work in Fintech, and the company was named by Crain's New York Business as one of New York's Best Places to Work in 2024 for the third consecutive year. For more information, please visit our website at or follow us on LinkedIn.
