{"id":3531,"date":"2021-07-18T12:47:59","date_gmt":"2021-07-18T12:47:59","guid":{"rendered":"https:\/\/rfblegal.co.uk\/?post_type=insight&p=3531"},"modified":"2024-04-26T11:43:34","modified_gmt":"2024-04-26T11:43:34","slug":"libordan-soniaya-geci%cc%87si%cc%87n-son-duzlugu","status":"publish","type":"insight","link":"https:\/\/rfblegal.co.uk\/tr\/icgoruler\/libordan-soniaya-geci%cc%87si%cc%87n-son-duzlugu\/","title":{"rendered":"LIBOR'dan SONIA'ya - ge\u00e7i\u015fin son a\u015famas\u0131"},"content":{"rendered":"

LIBOR'dan SONIA'ya ge\u00e7i\u015fin son a\u015famalar\u0131na girdi\u011fimiz \u015fu g\u00fcnlerde, Kurumsal ve Ticari departman\u0131nda Stajyer Avukat olarak g\u00f6rev yapan Ahmed Butt, ge\u00e7i\u015f s\u00fcrecini ve \u015fu ana kadarki yasal de\u011fi\u015fikliklerin yan\u0131 s\u0131ra ilgili...<\/p>\n\n\n\n

Tarih: 1 Mart 2022<\/p>\n\n\n\n

LIBOR'dan SONIA'ya - ge\u00e7i\u015fin son a\u015famas\u0131<\/u><\/strong><\/p>\n\n\n\n

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> Aral\u0131k 2021'de FCA, \u0130ngiltere Merkez Bankas\u0131 (BoE) ve \u0130ngiltere Merkez Bankas\u0131 (BoE) \u00e7al\u0131\u015fma grubunun yan\u0131 s\u0131ra kendilerinin de s\u00f6zle\u015fmeye ba\u011fl\u0131 olarak LIBOR'a maruz kalan firmalar\u0131 SONIA gibi Risksiz Oranlara (RFR'ler) kal\u0131c\u0131 olarak ge\u00e7i\u015f yapmaya te\u015fvik etmeye devam etmeleri gerekti\u011fini yinelemi\u015ftir. FCA ayr\u0131ca, 2022 y\u0131l\u0131 boyunca bir ayl\u0131k ve alt\u0131 ayl\u0131k sentetik sterlin LIBOR'un 2022 y\u0131l\u0131 sonuna kadar durdurulmas\u0131 ve \u00fc\u00e7 ayl\u0131k sterlin sentetik LIBOR'un ne zaman sona erdirilece\u011fi konusunda g\u00f6r\u00fc\u015f isteyeceklerini yinelemi\u015ftir.<\/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, kredi verenler ve di\u011fer finansal kurulu\u015flar taraf\u0131ndan, ister kredi, ister tahvil veya t\u00fcrev \u015feklinde olsun, \u00e7e\u015fitli bor\u00e7lanma ara\u00e7lar\u0131na uygulanan faiz oran\u0131n\u0131n belirlenmesinde bir referans noktas\u0131 olarak on y\u0131llard\u0131r kullan\u0131lmaktad\u0131r. LIBOR, yayg\u0131n olarak benimsenmesi ve anla\u015f\u0131lmas\u0131 nedeniyle \u00f6nemlidir; 100 milyondan fazla finansal s\u00f6zle\u015fmenin LIBOR'u benimsedi\u011fi ve bunlar\u0131n toplam de\u011ferinin $300tn (GBP piyasalar\u0131nda $30tn) oldu\u011fu tahmin edilmektedir.<\/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

LIBOR'un aksine SONIA bir Risksiz Faiz Oran\u0131d\u0131r (RFR); BoE taraf\u0131ndan hesaplanan ve y\u00f6netilen bankalar taraf\u0131ndan \u00f6denen gecelik bor\u00e7 verme oran\u0131n\u0131 \u00f6l\u00e7er. BoE, SONIA'y\u0131 kendisine bildirilen fiili ve uygun i\u015flemlere dayal\u0131 olarak hesaplar; bu i\u015flemler, bankalar\u0131n teminats\u0131z toptan fonlar\u0131 gecelik olarak \u00f6d\u00fcn\u00e7 al\u0131rken finansal kurulu\u015flara ve yat\u0131r\u0131mc\u0131lara fiilen \u00f6dedikleri faiz oranlar\u0131n\u0131n k\u0131rp\u0131lm\u0131\u015f ortalamas\u0131n\u0131 yans\u0131t\u0131r.<\/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, Nisan 2018'den bu yana BoE taraf\u0131ndan g\u00fcnl\u00fck olarak yay\u0131nlanmakta ve BoE baz oran\u0131na yak\u0131n bir seyir izlemektedir (a\u015fa\u011f\u0131daki grafi\u011fe bak\u0131n\u0131z). Bu durum, BoE baz oran\u0131na k\u0131yasla dalgalanan (hesaplamas\u0131ndaki kredi riski bile\u015feni nedeniyle genellikle daha y\u00fcksek seyreden) LIBOR'un aksine SONIA'n\u0131n \u00f6ng\u00f6r\u00fclebilirli\u011fini ve g\u00fcvenilirli\u011fini bir kez daha ortaya koymaktad\u0131r.<\/p>\n\n\n\n


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

\"\"<\/figure>\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

- Bir LIBOR referans s\u00f6zle\u015fmesinin taraflar\u0131, sentetik oran\u0131n kullan\u0131m\u0131na otomatik ge\u00e7i\u015fin bir s\u00f6zle\u015fme ihlali, s\u00f6zle\u015fmede \u00f6nemli bir de\u011fi\u015fiklik veya s\u00f6zle\u015fmenin feshi anlam\u0131na geldi\u011fini iddia edemezler.<\/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

- Krediler ve di\u011fer LIBOR referansl\u0131 s\u00f6zle\u015fmeler i\u00e7in geri d\u00f6n\u00fc\u015f h\u00fck\u00fcmlerinin etkisi, s\u00f6zle\u015fmede uygulanan geri d\u00f6n\u00fc\u015f tetikleyicilerinin t\u00fcr\u00fcne ba\u011fl\u0131 olacakt\u0131r:<\/p>\n\n\n\n

o Geri d\u00f6n\u00fc\u015f tetikleyicisi A - Ekran Oran\u0131n\u0131n \u2018kullan\u0131lamaz\u2019 oldu\u011fu durumlarda (genellikle LIBOR'un kesilmesi beklentisiyle bir \u2018oran de\u011fi\u015ftirme\u2019 h\u00fckm\u00fc i\u00e7erecek \u015fekilde tadil edilmemi\u015f LMA tesis s\u00f6zle\u015fmelerinde kaleme al\u0131nd\u0131\u011f\u0131 gibi), s\u00f6zle\u015fme tetikleyici etkinle\u015ftirilmeden otomatik olarak ilgili sentetik LIBOR'a ge\u00e7i\u015f yapacakt\u0131r. Hi\u00e7bir geri d\u00f6n\u00fc\u015f h\u00fckm\u00fc i\u00e7ermeyen bir LIBOR referans s\u00f6zle\u015fmesi de ayn\u0131 \u015fekilde muamele g\u00f6recektir.<\/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

- D\u00fczenleyici y\u00fck\u00fcml\u00fcl\u00fcklerin dikkate al\u0131nmas\u0131.<\/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

Bor\u00e7lular\u0131n ak\u0131llar\u0131nda tutmalar\u0131 gereken bir di\u011fer potansiyel ge\u00e7i\u015f maliyeti de kredi ayarlama fark\u0131d\u0131r (CAS). CAS, LIBOR'dan SONIA'ya ge\u00e7i\u015fte kredi verenin faiz \u00f6demelerinden elde etti\u011fi k\u00e2rda yap\u0131lmas\u0131 gereken ayarlama i\u00e7in kullan\u0131lan bir terimdir. Daha \u00f6nce de belirtildi\u011fi \u00fczere, ilkinde bir kredi primi unsuru bulunurken ikincisinde bu unsur bulunmamaktad\u0131r. Kredi primi unsurunun bulunmamas\u0131 nedeniyle SONIA oran\u0131 LIBOR'dan daha d\u00fc\u015f\u00fckt\u00fcr, bu nedenle kredi verenin taraflar aras\u0131nda ba\u015flang\u0131\u00e7ta kararla\u015ft\u0131r\u0131lan faiz tutar\u0131n\u0131 almas\u0131n\u0131 sa\u011flamak i\u00e7in bir ayarlama yap\u0131lmas\u0131 gerekmektedir. FCA, LIBOR'un durdurulmas\u0131n\u0131n kredi verenler taraf\u0131ndan faiz oranlar\u0131n\u0131 art\u0131rmak i\u00e7in bir bahane olarak kullan\u0131lmamas\u0131 gerekti\u011fini, dolay\u0131s\u0131yla CAS'\u0131n t\u00fcm taraflar i\u00e7in adil ekonomik de\u011fer transferini sa\u011flamak i\u00e7in kullan\u0131ld\u0131\u011f\u0131n\u0131 yinelemi\u015ftir. CAS'\u0131n hesaplanmas\u0131yla ilgili olarak Sterlin Risksiz Oranlar \u00c7al\u0131\u015fma Grubu, LIBOR'un kesilmesiyle ge\u00e7i\u015f yapan krediler i\u00e7in be\u015f y\u0131ll\u0131k bir geriye d\u00f6n\u00fck d\u00f6nem boyunca sterlin LIBOR ve SONIA aras\u0131ndaki farka dayanan be\u015f y\u0131ll\u0131k bir tarihsel medyan kullan\u0131lmas\u0131n\u0131 tavsiye etmi\u015ftir. Uluslararas\u0131 Swap ve T\u00fcrevler Birli\u011fi (ISDA) de t\u00fcrev piyasas\u0131 i\u00e7in e\u015fanlaml\u0131 bir hesaplama \u00f6nermi\u015ftir. Her hal\u00fckarda, bor\u00e7 veren, bir s\u00f6zle\u015fmeyi SONIA'ya ge\u00e7irirken bor\u00e7luya CAS'\u0131 nas\u0131l hesaplad\u0131\u011f\u0131na dair bir temel sunmal\u0131d\u0131r.<\/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":[],"yoast_head":"\nLIBOR to SONIA \u2013 the final stretch of the transition - RFB Legal<\/title>\n<meta name=\"description\" content=\"As we enter the final stages of the transition from LIBOR to SONIA, Ahmed Butt a Trainee Solicitor in the Corporate and Commercial department, outlines\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/rfblegal.co.uk\/tr\/icgoruler\/libordan-soniaya-geci\u0307si\u0307n-son-duzlugu\/\" \/>\n<meta property=\"og:locale\" content=\"tr_TR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"LIBOR to SONIA \u2013 the final stretch of the transition - 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