El Salvador: El tiempo pasa… Adiós, LIBOR
Published date | 25 April 2023 |
Author | Annette Herrera |
Law Firm | Consortium Legal |
El London Interbank Offered Rate (LIBOR) ha sido durante mucho tiempo una de las tasas de referencia más importantes en el mundo financiero, sin embargo, su descontinuación está en marcha. El LIBOR ha sido eliminado en casi todas sus monedas y plazos desde el 31 de diciembre de 2021, con excepción de las referencias en dólares estadounidenses para plazos de un día, tres, seis y doce meses que se publicarán hasta el 30 de junio de 2023. La decisión de descontinuar el LIBOR se tomó debido a preocupaciones sobre su integridad y confiabilidad.
Antes de su descontinuación, el LIBOR se basaba en una encuesta diaria de un panel de bancos que informaban las tasas a las que creían que podrían obtener fondos prestados de otros bancos en el mercado interbancario. Sin embargo, después de una serie de escándalos financieros, se descubrió que algunos bancos habían manipulado el LIBOR para beneficiarse en sus operaciones financieras. Esto generó dudas sobre la integridad de la tasa y llevó a los reguladores a considerar alternativas.
En consecuencia, se han creado varias tasas de referencia alternativas, como el Secured Overnight Financing Rate (SOFR)[1]. y el Sterling Overnight Index Average (SONIA) en el Reino Unido. Estas tasas se basan en transacciones reales en lugar de encuestas bancarias, lo que las hace más confiables y menos susceptibles a la manipulación.
La descontinuación del LIBOR ha traído incertidumbre a los acreedores y deudores que han utilizado dicha tasa de referencia para los contratos de créditos. El Alternative Reference Rate Committee (ARRC) de la Reserva Federal de Nueva York es el comité encargado de asegurar que la transición de USD LIBOR sea exitosa. La ARRC ha realizado esfuerzos dirigidos a la adopción de tasas de referencia más confiables en sustitución de la USD LIBOR.
La tasa de referencia SOFR[2] se establece sobre los costos de acuerdo de recompra a un día que se garantizan por los valores del tesoro de Estados Unidos de América (Repo). Para la determinación de SOFR diario se toman en cuenta las transacciones reales de Repo del día anterior. La Reserva Federal de Nueva York publica todos los días hábiles, aproximadamente a las 8:00 a.m. hora del Este, la tasa diaria SOFR en su página web.
A pesar de que la SOFR[3] es una tasa de referencia confiable, su naturaleza overnight significa que únicamente es retrospectiva (backward-looking) y no tiene una...
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