9'dainci<\/sup> \u015eubat 2022'de Finansal Davran\u0131\u015f Otoritesi (FCA) bir bas\u0131n b\u00fclteni<\/a> Londra Bankalar Aras\u0131 Faiz Oran\u0131ndan (LIBOR) Sterlin Gecelik Endeksli Ortalamaya (SONIA) ge\u00e7i\u015fin tamamlanmas\u0131yla ilgili olarak. Bir, \u00fc\u00e7 ve alt\u0131 ayl\u0131k sterlin ve Japon yeni LIBOR'unun (\u2018Ge\u00e7erli Oranlar\u2019) panel banka baz\u0131nda 31 Aral\u0131k tarihinde nihai olarak yay\u0131nlanmas\u0131n\u0131n ard\u0131ndanst<\/sup> December 2021, the FCA reiterated that they as well as the the Bank of England<\/a> (BoE) and the Bank of England (BoE) working group ought to continue to encourage firms that are contractually exposed to LIBOR to try and transition permanently to Risk Free<\/a> Rates (RFR\u2019s) such as SONIA. The FCA further reiterated that during 2022 they will<\/a> seek views on the cessation of one month and six-month synthetic sterling LIBOR by the end of 2022 and on when to end the three-month sterling synthetic LIBOR.<\/p>\n\n\n\n Bu makale, LIBOR'dan SONIA'ya ge\u00e7i\u015fin yan\u0131 s\u0131ra LIBOR'dan SONIA'ya ge\u00e7i\u015fin ger\u00e7ekle\u015fmesine izin veren mevcut mevzuattaki de\u011fi\u015fiklikleri ve firmalar\u0131n eski LIBOR s\u00f6zle\u015fmelerine maruz kalmalar\u0131n\u0131 en aza indirmek i\u00e7in ne yapmalar\u0131 gerekti\u011fini genel olarak ele alacakt\u0131r.<\/p>\n\n\n\n LIBOR nedir?<\/strong><\/p>\n\n\n\n LIBOR, kredi veren bankalar taraf\u0131ndan kullan\u0131lan ve bankalar\u0131n Londra bankalar aras\u0131 piyasada toptan teminats\u0131z fon \u00f6d\u00fcn\u00e7 almaya istekli olduklar\u0131 ortalama oran\u0131 \u00f6zetleyen bir faiz oran\u0131 \u00f6l\u00e7\u00fct\u00fcd\u00fcr. Oran, se\u00e7ilen panel bankalar\u0131n\u0131n be\u015f para birimi ve bir dizi vade i\u00e7in yapt\u0131klar\u0131 ba\u015fvurular temel al\u0131narak hesaplan\u0131r.<\/p>\n\n\n\n LIBOR has been used by lenders and other financial institutions for decades as a reference point in the determination of the interest rate charged on various debt instruments whether this be in the form of loans, bonds<\/a> or derivatives. LIBOR is significant because of its widespread adoption<\/a> ve understanding<\/a>; it is estimated that over 100 million financial contracts have adopted LIBOR which total up to an estimated value of $300tn ($30tn in GBP markets).<\/p>\n\n\n\n LIBOR ile ilgili sorunlar<\/strong><\/p>\n\n\n\n LIBOR'un dayand\u0131\u011f\u0131 temel piyasa art\u0131k ne likit ne de bankalar\u0131n bor\u00e7lanmas\u0131n\u0131n ana yolu. Son y\u0131llarda bankalar bor\u00e7lanmak i\u00e7in bankalar aras\u0131 piyasaya alternatif yollar bulmu\u015flard\u0131r. Bankalar aras\u0131 piyasan\u0131n likiditesindeki bu azalma, LIBOR'un ger\u00e7ek bor\u00e7lanma maliyetini \u00f6l\u00e7mede art\u0131k g\u00fcvenilir bir oran olmad\u0131\u011f\u0131 anlam\u0131na gelmektedir.<\/p>\n\n\n\n Bir ba\u015fka sorun da LIBOR'un hesaplamas\u0131nda, bor\u00e7 verenlere vadeli bor\u00e7 verme riskini \u00fcstlenmeleri kar\u015f\u0131l\u0131\u011f\u0131nda bir tazminat sa\u011flamak \u00fczere tasarlanm\u0131\u015f vadeli banka kredi riski bile\u015feni i\u00e7ermesidir. Bu durum bor\u00e7lular\u0131 banka kredi riskindeki dalgalanmalara maruz b\u0131rakmakta, bu da LIBOR'u genel faiz oran\u0131 seviyesini korumak i\u00e7in uygun olmayan bir referans noktas\u0131 haline getirmektedir (a\u015fa\u011f\u0131da daha ayr\u0131nt\u0131l\u0131 olarak ele al\u0131nmaktad\u0131r). LIBOR ayr\u0131ca hesaplamas\u0131nda faiz d\u00f6neminin uzunlu\u011funa ba\u011fl\u0131 bir likidite primi de i\u00e7ermektedir.<\/p>\n\n\n\n LIBOR ileriye d\u00f6n\u00fck bir tahmindir, mevcut kredi portf\u00f6ylerine dayal\u0131 bir tahmin y\u00fcr\u00fcten panel bankalar\u0131 taraf\u0131ndan sa\u011flanan tahminler kullan\u0131larak hesaplan\u0131r ve bankalar aras\u0131 piyasada ilgili para biriminde her bir vade d\u00f6neminde bor\u00e7 alabileceklerini tahmin ettikleri oran\u0131 ana hatlar\u0131yla belirtir. Bununla ilgili sorun, her bir panel bankan\u0131n kendi oran\u0131n\u0131 farkl\u0131 varsay\u0131mlara dayanarak hesaplamas\u0131 ve kendi hesaplama metodolojilerini benimsemesiydi ki bu da LIBOR'un manip\u00fclasyona a\u00e7\u0131k oldu\u011fu anlam\u0131na geliyordu. Bu zafiyet 2008 y\u0131l\u0131nda ya\u015fanan LIBOR skandal\u0131nda, bankalar\u0131n bankalar aras\u0131 piyasada bu fonlar\u0131 bor\u00e7lan\u0131rken ger\u00e7ekte katlan\u0131lan maliyetlerden \u00e7ok daha d\u00fc\u015f\u00fck bor\u00e7lanma maliyeti tahminleri sunmas\u0131yla ortaya \u00e7\u0131km\u0131\u015ft\u0131.<\/p>\n\n\n\n 31 itibariylest<\/sup> Aral\u0131k 2021'de, Ge\u00e7erli Oranlar art\u0131k panel banka baz\u0131nda hesaplanmamakta, bunun yerine art\u0131k sentetik tahminler kullan\u0131larak hesaplanmaktad\u0131r, b\u00f6ylece Ge\u00e7erli Oranlara benzer \u015fekilde LIBOR yaz\u0131l\u0131 olan ve alternatif oranlara ge\u00e7i\u015f yapamayan s\u00f6zle\u015fmeler taraf\u0131ndan kullan\u0131labilmektedir (bkz. Zorlu eski s\u00f6zle\u015fmeler, Kritik G\u00f6stergeler (Referanslar ve \u0130darecilerin Sorumlulu\u011fu) Yasas\u0131 2021 (CBA) ve FCA'n\u0131n zorlu eski rejimi <\/em>a\u015fa\u011f\u0131daki b\u00f6l\u00fcm).<\/p>\n\n\n\n SONIA ve RFR'lere ge\u00e7i\u015f nedenleri<\/strong><\/p>\n\n\n\n In contrast to LIBOR, SONIA is a Risk-Free Rate (RFR); it measures the overnight lending rate paid<\/a> by banks calculated and administered by the BoE. The BoE calculates SONIA based on actual and eligible transactions reported to it which reflect the trimmed mean of interest rates actually paid by banks to financial institutions and investors when borrowing unsecured wholesale funds overnight.<\/p>\n\n\n\n SONIA'n\u0131n g\u00fcvenilirli\u011fi ve risksiz do\u011fas\u0131, bir oran olmas\u0131ndan kaynaklanmaktad\u0131r:<\/p>\n\n\n\n a. Panel banka \u00fcyeleri taraf\u0131ndan sa\u011flanan tahminlerden t\u00fcretilen ve bu nedenle manip\u00fclasyona a\u00e7\u0131k olan LIBOR'un aksine, likit temel piyasalardaki canl\u0131 i\u015flemlere dayanmaktad\u0131r;<\/p>\n\n\n\n b. ileriye d\u00f6n\u00fck olan ve hesaplamas\u0131nda bir kredi riski bile\u015feni i\u00e7eren LIBOR'un aksine geriye d\u00f6n\u00fck oldu\u011fu i\u00e7in herhangi bir kredi riski bile\u015fenini en aza indirir; ve<\/p>\n\n\n\n c. faiz d\u00f6neminin uzunlu\u011funa ba\u011fl\u0131 likidite primini en aza indirir.<\/p>\n\n\n\n SONIA has been published daily by the BoE since April<\/a> 2018 and has tracked closely to the BoE base rate (see graph below). This further reiterates SONIA\u2019s predictability and reliability as opposed to LIBOR which fluctuates (usually tracking higher due to the credit risk component in its calculation) when compared to the BoE base rate.<\/p>\n\n\n\n SONIA ayr\u0131ca LIBOR'dan farkl\u0131 olarak vadeli banka kredi riski bile\u015feni i\u00e7ermedi\u011finden faiz oranlar\u0131n\u0131n genel seviyesini hedge etmek i\u00e7in daha uygun ve \u00f6ng\u00f6r\u00fclebilir bir orand\u0131r.<\/p>\n\n\n\n <\/p>\n\n\n\n Zorlu eski s\u00f6zle\u015fmeler, 2021 Kritik G\u00f6stergeler (Referanslar ve \u0130darecilerin Sorumlulu\u011fu) Yasas\u0131 (CBA) ve FCA'n\u0131n zorlu eski rejimi (FTLR)<\/em><\/p>\n\n\n\n \u201cZorlu eski s\u00f6zle\u015fmeler\u201d terimi, LIBOR'u referans alan ancak SONIA veya alternatif bir g\u00f6sterge faiz oran\u0131na ge\u00e7i\u015f i\u00e7in de\u011fi\u015ftirilemeyen s\u00f6zle\u015fmeleri tan\u0131mlamak i\u00e7in kullan\u0131lm\u0131\u015ft\u0131r.<\/p>\n\n\n\n 15'teinci<\/sup> Aral\u0131k 2021'de CBA kraliyet onay\u0131 alm\u0131\u015f ve 2021'den sonra LIBOR'u referans alan s\u00f6zle\u015fmelerin e\u015fde\u011fer sentetik LIBOR oran\u0131na otomatik ge\u00e7i\u015fine izin verecek \u015fekilde Birle\u015fik Krall\u0131k G\u00f6sterge Y\u00f6netmeli\u011fi'ni (Birle\u015fik Krall\u0131k BMR) de\u011fi\u015ftirmi\u015ftir. CBA ayr\u0131ca hem sentetik LIBOR kullan\u0131c\u0131lar\u0131 hem de ICE Benchmark Administration (IBA) (LIBOR'un y\u00f6neticisi) i\u00e7in koruma h\u00fck\u00fcmleri i\u00e7ermektedir. FTLR ile birle\u015ftirildi\u011finde Birle\u015fik Krall\u0131k'ta art\u0131k sentetik LIBOR'un kullan\u0131m\u0131na ili\u015fkin iki u\u00e7lu bir rejim bulunmaktad\u0131r.<\/p>\n\n\n\n \u0130lk rejim, CBA'n\u0131n Birle\u015fik Krall\u0131k BMR'ye 23FA, 23FB ve 23FC maddelerini ekleyerek yapt\u0131\u011f\u0131 de\u011fi\u015fiklikle belirlenmi\u015ftir. Bu de\u011fi\u015fikliklerin ve mevzuat\u0131n kendisinin sonucu a\u015fa\u011f\u0131daki gibidir:<\/p>\n\n\n\n - Kapsam a\u00e7\u0131s\u0131ndan T\u0130S, \u0130ngiltere ve Galler, \u0130sko\u00e7ya veya Kuzey \u0130rlanda yasalar\u0131 uyar\u0131nca yap\u0131lan t\u00fcm s\u00f6zle\u015fmeler veya \u2018d\u00fczenlemeler\u2019 i\u00e7in ge\u00e7erlidir.<\/p>\n\n\n\n - Bir s\u00f6zle\u015fmenin Birle\u015fik Krall\u0131k MBR Madde 23A kapsam\u0131nda FCA taraf\u0131ndan \u2018temsili olmayan\u2019 veya \u2018risk alt\u0131nda\u2019 olarak belirtilen bir LIBOR oran\u0131n\u0131 i\u00e7ermesi halinde, bu oran, hesaplama metodolojisinin sentetik bir temelde olacak \u015fekilde de\u011fi\u015ftirilmi\u015f olmas\u0131na bak\u0131lmaks\u0131z\u0131n, e\u015fanlaml\u0131 sentetik orana at\u0131fta bulunacak \u015fekilde yorumlanacakt\u0131r.<\/p>\n\n\n\n - Otomatik ge\u00e7i\u015fe hak kazanmak i\u00e7in se\u00e7ilen oranlar Ge\u00e7erli Oranlard\u0131r.<\/p>\n\n\n\n \u00b7 Parties to a LIBOR referencing contract cannot argue that the automatic transition to the use of the synthetic rate constitutes a breach<\/a> of contract, material change to the contract or frustration of the contract.<\/p>\n\n\n\n - Bir LIBOR referans s\u00f6zle\u015fmesinin taraflar\u0131, sentetik LIBOR \u00fcretiminde hesaplama metodolojisinin de\u011fi\u015ftirilmesi gibi FCA'n\u0131n talimat\u0131 \u00fczerine ger\u00e7ekle\u015ftirdi\u011fi herhangi bir eylem veya eylemsizlik nedeniyle u\u011frad\u0131\u011f\u0131 herhangi bir kay\u0131p i\u00e7in IBA'ya tazminat davas\u0131 a\u00e7amaz.<\/p>\n\n\n\n - Taraflar, FCA taraf\u0131ndan talimat verilmeden veya FCA taraf\u0131ndan IBA'ya sa\u011flanan bir takdir yetkisine yan\u0131t olarak yap\u0131lan IBA'ya atfedilebilecek herhangi bir eylem veya eylemsizlik nedeniyle u\u011frad\u0131klar\u0131 zararlar i\u00e7in IBA'ya dava a\u00e7abilirler.<\/p>\n\n\n\n \u00b7 The effect of fallback provisions for loans and other LIBOR referencing agreements<\/a> will depend on the type of fallback triggers implemented in the contract:<\/p>\n\n\n\n o Fallback trigger A \u2013 where the Screen Rate is \u2018unavailable\u2019 (as usually drafted in LMA facility agreements which have not been amended to include a \u2018rate switch\u2019 provision in anticipation of LIBOR cessation), the contract will transition automatically to the relevant synthetic LIBOR without the trigger being activated. A LIBOR referencing agreement<\/a> that contains no fallback provisions would be treated in the same way.<\/p>\n\n\n\n o Geri d\u00f6n\u00fc\u015f tetikleyicisi B - LIBOR referans s\u00f6zle\u015fmesinin yine genellikle LMA tesis s\u00f6zle\u015fmelerinde g\u00f6r\u00fclen ve listelenen olaylardan herhangi biri ger\u00e7ekle\u015fti\u011finde alternatif bir oran\u0131n kullan\u0131lmas\u0131na izin veren tetikleyici olaylara ba\u011fl\u0131 \u2018oran de\u011fi\u015ftirme\u2019 h\u00fck\u00fcmleri i\u00e7ermesi. Bu durumda tetikleyici taslakta belirtildi\u011fi \u015fekilde i\u015flemeli ve alternatif bir oran kullan\u0131labilmelidir.<\/p>\n\n\n\n - Bir s\u00f6zle\u015fme veya d\u00fczenlemede a\u00e7\u0131k\u00e7a uygulanmayaca\u011f\u0131 belirtilmi\u015fse T\u0130S uygulanmayacakt\u0131r.<\/p>\n\n\n\n - Bir taraf\u0131n Madde 23A'n\u0131n belirlenmesinden \u00f6nce var olan bir LIBOR referans s\u00f6zle\u015fmesi kapsam\u0131nda sahip olabilece\u011fi herhangi bir dava nedeni hala ge\u00e7erli olacakt\u0131r.<\/p>\n\n\n\n \u0130kinci rejim FTLR taraf\u0131ndan kaps\u00fcllenmi\u015ftir. FTLR'nin kapsam\u0131, Birle\u015fik Krall\u0131k BMR kapsam\u0131nda tan\u0131mlanan \u2018kullan\u0131m\u2019 i\u00e7in ge\u00e7erlidir ve takas edilmi\u015f t\u00fcrevler d\u0131\u015f\u0131ndaki t\u00fcm \u00fcr\u00fcnler i\u00e7in ge\u00e7erlidir. Bu rejim kapsam\u0131nda, Birle\u015fik Krall\u0131k BMR kapsam\u0131nda \u2018denetlenen kurulu\u015f\u2019 tan\u0131m\u0131na giren herhangi bir kurum veya kurulu\u015fun, 31 Aral\u0131k 2018 tarihinden sonra Ge\u00e7erli Oranlar\u0131 kullanmas\u0131na izin verilmez. st<\/sup> Aral\u0131k 2021. FCA, zorlu eski s\u00f6zle\u015fmeler i\u00e7in bir muafiyet tan\u0131m\u0131\u015f ve denetlenen kurulu\u015flar\u0131n 31 Aral\u0131k 2021 tarihine kadar takas edilmi\u015f t\u00fcrevler hari\u00e7 olmak \u00fczere Birle\u015fik Krall\u0131k BMR kapsam\u0131na giren t\u00fcm s\u00f6zle\u015fmelerde sentetik LIBOR kullanmaya devam edebilece\u011fini belirtmi\u015ftir.st<\/sup> Aral\u0131k 2022 (sentetik Japon yeni LIBOR'unun sona erece\u011fi ve sentetik sterlin LIBOR'unun kullan\u0131m\u0131n\u0131n k\u0131s\u0131tlanaca\u011f\u0131, ancak Birle\u015fik Krall\u0131k BMR kapsam\u0131nda kullan\u0131m\u0131n\u0131n on y\u0131la kadar devam edebilece\u011fi tarih).<\/p>\n\n\n\n Bu, firmalar ve LIBOR'a maruz kalma ile ili\u015fkili risklerin azalt\u0131lmas\u0131 i\u00e7in ne anlama geliyor?<\/strong><\/p>\n\n\n\n Halihaz\u0131rda yap\u0131lmad\u0131ysa Birle\u015fik Krall\u0131k firmalar\u0131n\u0131n mevcut LIBOR referans s\u00f6zle\u015fmelerini SONIA'ya ge\u00e7irmeye ba\u015flamalar\u0131 gerekecektir. A\u015fa\u011f\u0131da, firmalar\u0131n LIBOR maruziyetini azaltmak i\u00e7in izleyebilecekleri iki ad\u0131ml\u0131 basit bir s\u00fcre\u00e7 yer almaktad\u0131r:<\/p>\n\n\n\n 1 MARUZ KALMA VE RI\u0307SK ANALI\u0307ZI\u0307NI\u0307N G\u00d6ZDEN GE\u00c7I\u0307RI\u0307LMESI\u0307<\/p>\n\n\n\n - LIBOR referansl\u0131 bor\u00e7lanma arac\u0131n\u0131 ve ilgili s\u00f6zle\u015fmeleri g\u00f6zden ge\u00e7irin ve kullan\u0131lan LIBOR ayar\u0131n\u0131 de\u011ferlendirin.<\/p>\n\n\n\n - Bir \u00f6n mali ve yasal risk de\u011ferlendirmesi ger\u00e7ekle\u015ftirin ve LIBOR'un SONIA'ya ge\u00e7i\u015finin fayda ve risklerini de\u011ferlendirin.<\/p>\n\n\n\n - S\u00f6zle\u015fmedeki geri d\u00f6n\u00fc\u015f h\u00fck\u00fcmlerini g\u00f6zden ge\u00e7irin ve sentetik LIBOR'a otomatik bir ge\u00e7i\u015f olup olmad\u0131\u011f\u0131n\u0131 kontrol edin. Sentetik LIBOR'a otomatik ge\u00e7i\u015f i\u00e7in ilave bir risk de\u011ferlendirmesi yap\u0131n\u0131z.<\/p>\n\n\n\n - Dikkate alma<\/a> . d\u00fczenleyici<\/a> obligations.<\/p>\n\n\n\n 2 LIBOR MARUZIYETININ AKTIF OLARAK AZALTILMASI<\/p>\n\n\n\n - Vadesi 31 Aral\u0131k 2021'den sonra olan t\u00fcm LIBOR referansl\u0131 bor\u00e7lanma ara\u00e7lar\u0131n\u0131n veya ilgili s\u00f6zle\u015fmelerin d\u00fczeltilmesini\/de\u011fi\u015ftirilmesini de\u011ferlendirin.<\/p>\n\n\n\n - Yeni bor\u00e7lanma ara\u00e7lar\u0131n\u0131n veya yap\u0131lan anla\u015fmalar\u0131n faiz oran\u0131 \u00f6l\u00e7\u00fct\u00fc olarak SONIA'y\u0131 referans almas\u0131n\u0131 sa\u011flamak.<\/p>\n\n\n\n - Mevcut kurumsal y\u00f6neti\u015fim yap\u0131n\u0131z i\u00e7inde bir i\u00e7 ge\u00e7i\u015f program\u0131 olu\u015fturun ve t\u00fcm payda\u015flar\u0131 SONIA'ya ge\u00e7i\u015f konusunda bilin\u00e7lendirin.<\/p>\n\n\n\n <\/p>\n\n\n\n SONIA'ya ge\u00e7i\u015fin maliyeti<\/strong><\/p>\n\n\n\n SONIA ge\u00e7i\u015fi amac\u0131yla yap\u0131lacak herhangi bir de\u011fi\u015fiklikle ilgili maliyet y\u00fck\u00fc, kredi\/bor\u00e7 belgelerinin \u015fartlar\u0131na ba\u011fl\u0131 olacakt\u0131r. Bununla birlikte, bor\u00e7lu taraf\u0131ndan talep edilen s\u00f6zle\u015fmedeki herhangi bir de\u011fi\u015fikli\u011fin maliyet y\u00fck\u00fcn\u00fc bor\u00e7luya y\u00fckleyen maliyet h\u00fck\u00fcmleri yayg\u0131nd\u0131r. Bu ko\u015fullar alt\u0131nda, bir bor\u00e7lunun, taraf oldu\u011fu LIBOR referans s\u00f6zle\u015fmelerinin de\u011fi\u015ftirilmesi masraflar\u0131n\u0131n bir k\u0131sm\u0131n\u0131 ya da tamam\u0131n\u0131 bor\u00e7 verenden talep etmesinin bir kapsam\u0131 oldu\u011fu iddia edilebilir.<\/p>\n\n\n\n Another potential cost of transition that borrowers should bear in mind is the credit adjustment spread (CAS). The CAS is the term used for the adjustment that needs to be made to a lenders profit from interest payments when transitioning from LIBOR to SONIA. As stated earlier the former contained a credit premium element whereas the latter does not. Due to the lack of a credit premium element the rate of SONIA is lower than LIBOR, therefore, in order to ensure that the lender receives the amount in interest as initially agreed between the parties an adjustment needs to be made. The FCA has reiterated that the cessation of LIBOR should not be used by lenders as an excuse to increase interest rates, hence, CAS is used to enable fair economic value transfer for all parties. In respect of calculation of CAS the Sterling Risk Free Rates Working Group has recommended the use of a five year historical median for loans transitioning on LIBOR cessation based on the difference between sterling LIBOR and SONIA compounded in arrears<\/a> over a five year lookback period. The International Swaps and Derivatives Association (ISDA) have also recommended a synonymous calculation for the derivatives market. In any event, the lender should provide a borrower with a basis of how they have calculated CAS when transitioning an agreement over to SONIA.<\/p>\n\n\n\n Sonu\u00e7<\/strong><\/p>\n\n\n\n LIBOR'dan SONIA'ya ge\u00e7i\u015f s\u00fcreci, Japon Yeni LIBOR'unun 31 Mart'tan sonra art\u0131k kullan\u0131lamayacak olmas\u0131yla birlikte son a\u015famas\u0131na geldi.st<\/sup> Aral\u0131k 2022 ve sterlin LIBOR'un gelece\u011fi \u00e7ok belirsiz oldu\u011fundan, firmalar art\u0131k 31 Aral\u0131k'tan sonraki vadelerde LIBOR'a at\u0131fta bulunan s\u00f6zle\u015fmelere maruz kald\u0131klar\u0131n\u0131 g\u00f6zden ge\u00e7irmelidirler.st<\/sup> Aral\u0131k 2021 ve hen\u00fcz yap\u0131lmad\u0131ysa SONIA'ya do\u011fru bir ge\u00e7i\u015fi y\u00fcr\u00fcrl\u00fc\u011fe koymak. Firmalar\u0131n mevcut LIBOR referans s\u00f6zle\u015fmeleri kapsam\u0131nda SONIA'ya ge\u00e7i\u015fin risk ve faydalar\u0131n\u0131 anlamaya \u00e7al\u0131\u015fmalar\u0131 ve s\u00f6zle\u015fmelerinin Birle\u015fik Krall\u0131k BMR ve CBA kapsam\u0131nda otomatik olarak sentetik LIBOR'a ge\u00e7ip ge\u00e7medi\u011fi konusunda netli\u011fe sahip olduklar\u0131ndan emin olmalar\u0131 te\u015fvik edilmektedir. Son olarak, firmalar\u0131n kendilerini \u00f6ng\u00f6r\u00fclemeyen mali veya hukuki risklerden korumak i\u00e7in mevcut LIBOR referans s\u00f6zle\u015fmelerini aktif bir \u015fekilde de\u011fi\u015ftirmeye \u00e7al\u0131\u015fmalar\u0131 ve m\u00fcmk\u00fcn olan en k\u0131sa s\u00fcrede SONIA'ya ge\u00e7melerini sa\u011flamalar\u0131 tavsiye edilmektedir.<\/p>","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[],"tags":[],"class_list":["post-3531","insight","type-insight","status-publish","format-standard","hentry"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
SONIA, gecelik canl\u0131 i\u015flemler baz\u0131nda hesapland\u0131\u011f\u0131ndan, LIBOR'un aksine SONIA'n\u0131n daha esnek ve piyasalardaki de\u011fi\u015fen e\u011filimlere uyarlanabilir olmas\u0131 beklenmektedir.<\/p>\n\n\n\n![\"\"](\"https:\/\/rfblegal.co.uk\/wp-content\/uploads\/2024\/02\/SoniaToBaseFig1-1024x585.png\")
<\/figure>\n\n\n\n