“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.
May 21, 2020
Morae Global Corporation, a leading provider of transformative legal and compliance solutions for corporations and law firms, and Mayer Brown, a global law firm with uniquely integrated service across the world’s three largest financial centers—New York, London and Hong Kong, today announced a collaborative end-to-end IBOR solution to assist clients as they embark on transitioning from the London Inter-bank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to alternative risk-free reference rates (RFRs).
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.”
IBOR has been referred to as “the most important number in the world” and its cessation represents a change that could have a significant impact on the financial services industry. While efforts to identify comparable, liquid and transparent replacement benchmarks are currently underway worldwide, the process is complex and involves a multitude of regulators and trade organizations across dozens of countries and currencies. Notwithstanding the COVID-19 pandemic, there will be an even greater client emphasis on rapid and effective deployment and use of artificial intelligence and other technology-assisted review and repapering tools. Morae and Mayer Brown are ready to help clients with rapid and effective deployments.
Morae specializes in providing expedited LIBOR transition and other legal and compliance solutions, including determining which contracts meet the risk criteria, efficient identification and analysis of the data and documents that matter, document drafting and end-to-end negotiation. Morae’s LIBOR capabilities include: