UBS Financial Services Inc. v. Cave

Filing 14

ORDER signed by Judge Kimberly J. Mueller on 2/25/2014 GRANTING petitioner's 1 Motion to Confirm Arbitration Award. Petitioner is entitled to postaward prejudgment and postjudgment interest in amounts set forth in Order. However, petitioner is NOT entitled to attorneys' fees. Judgment shall be entered in favor of UBS Financial Services, Inc. and Clerk directed to close case. (Attachments: # 1 Exhibit A to Order) (Marciel, M)

FEDERAL RESERVE statistical release

cited in UBS Financial Services v. Cave
No. 2:13-mc-0114, archived Feb. 25, 2014 use at 2:30 p.m. Eastern Time
H.15 (519) SELECTED INTEREST RATES
For
Yields in percent per annum
Instruments
Federal funds (effective)1 2 3
Commercial Paper3 4 5 6
Nonfinancial
1-month
2-month
3-month
Financial
1-month
2-month
3-month
Eurodollar deposits (London)3 7
1-month
3-month
6-month
Bank prime loan2 3 8
Discount window primary credit2 9
U.S. government securities
Treasury bills (secondary market)3 4
4-week
3-month
6-month
1-year
Treasury constant maturities
Nominal10
1-month
3-month
6-month
1-year
2-year
3-year
5-year
7-year
10-year
20-year
30-year
Inflation indexed11
5-year
7-year
10-year
20-year
30-year
Inflation-indexed long-term average12
Interest rate swaps13
1-year
2-year
3-year
4-year
5-year
7-year
10-year
30-year
Corporate bonds
Moody’s seasoned
Aaa14
Baa
State & local bonds15
Conventional mortgages16
See overleaf for footnotes.
* Markets closed.
n.a. Not available.

February 24, 2014
2014
Feb 17∗

2014
Feb 18

2014
Feb 19

2014
Feb 20

2014
Feb 21

0.06

0.07

0.07

0.07

0.07

0.06

0.06

0.07

0.06
0.09
0.12

0.05
0.08
0.10

0.05
n.a.
0.11

0.06
0.09
n.a.

0.06
0.09
0.11

0.06
0.09
0.12

0.05
0.06
0.09

0.07
0.10
0.12

0.05
0.09
0.12

0.07
0.11
0.14

0.08
0.11
0.14

0.07
0.10
0.13

0.07
0.11
0.14

0.07
0.09
0.12

0.19
0.26
0.41
3.25
0.75

0.19
0.26
0.41
3.25
0.75

0.19
0.26
0.41
3.25
0.75

0.19
0.26
0.41
3.25
0.75

0.19
0.26
0.41
3.25
0.75

0.19
0.26
0.41
3.25
0.75

0.19
0.26
0.41
3.25
0.75

0.02
0.05
0.08
0.11

0.04
0.06
0.09
0.10

0.02
0.05
0.08
0.11

0.02
0.05
0.08
0.11

0.03
0.05
0.08
0.11

0.03
0.04
0.09
0.12

0.02
0.04
0.07
0.11

0.02
0.05
0.08
0.12
0.31
0.67
1.50
2.14
2.71
3.40
3.68

0.04
0.06
0.09
0.11
0.33
0.69
1.53
2.17
2.73
3.42
3.71

0.02
0.05
0.08
0.12
0.34
0.72
1.57
2.20
2.76
3.44
3.73

0.02
0.05
0.08
0.12
0.33
0.71
1.56
2.19
2.73
3.41
3.69

0.03
0.05
0.08
0.12
0.33
0.70
1.54
2.18
2.73
3.42
3.70

0.03
0.04
0.09
0.12
0.33
0.70
1.53
2.18
2.75
3.41
3.69

0.02
0.04
0.07
0.12
0.39
0.78
1.65
2.29
2.86
3.52
3.77

-0.29
0.29
0.57
1.14
1.42
1.04

-0.25
0.32
0.60
1.17
1.45
1.08

-0.21
0.35
0.63
1.19
1.49
1.11

-0.18
0.38
0.61
1.15
1.45
1.08

-0.23
0.34
0.60
1.16
1.45
1.08

-0.24
0.32
0.56
1.14
1.42
1.05

-0.09
0.45
0.63
1.17
1.44
1.11

0.26
0.44
0.80
1.21
1.61
2.24
2.83
3.67

0.26
0.43
0.78
1.19
1.58
2.21
2.80
3.66

0.27
0.46
0.84
1.27
1.67
2.29
2.87
3.71

0.27
0.46
0.83
1.26
1.66
2.28
2.85
3.68

0.27
0.45
0.81
1.23
1.63
2.25
2.84
3.68

0.27
0.45
0.81
1.23
1.63
2.26
2.84
3.68

0.30
0.50
0.88
1.32
1.73
2.37
2.95
3.76

4.47
5.11

4.50
5.14

4.52
5.15
4.44
4.33

4.44
5.11

4.48
5.13
4.44
4.33

4.50
5.13
4.46
4.28

4.49
5.19
4.59
4.43

0.19
0.26
0.41
3.25
0.75

Week Ending
Feb 21 Feb 14

2014
Jan

Footnotes
1. The daily effective federal funds rate is a weighted average of rates on brokered trades.
2. Weekly figures are averages of 7 calendar days ending on Wednesday of the current week; monthly figures include each calendar day
in the month.
3. Annualized using a 360-day year or bank interest.
4. On a discount basis.
5. Interest rates interpolated from data on certain commercial paper trades settled by The Depository Trust Company. The trades
represent sales of commercial paper by dealers or direct issuers to investors (that is, the offer side). The 1-, 2-, and 3-month rates are
equivalent to the 30-, 60-, and 90-day dates reported on the Board’s Commercial Paper Web page (www.federalreserve.gov/releases/cp/).
6. Financial paper that is insured by the FDIC’s Temporary Liquidity Guarantee Program is not excluded from relevant indexes, nor is any
financial or nonfinancial commercial paper that may be directly or indirectly affected by one or more of the Federal Reserve’s liquidity
facilities. Thus the rates published after September 19, 2008, likely reflect the direct or indirect effects of the new temporary programs and,
accordingly, likely are not comparable for some purposes to rates published prior to that period.
7. Source: Bloomberg and CTRB ICAP Fixed Income & Money Market Products.
8. Rate posted by a majority of top 25 (by assets in domestic offices) insured U.S.-chartered commercial banks. Prime is one of several
base rates used by banks to price short-term business loans.
9. The rate charged for discounts made and advances extended under the Federal Reserve’s primary credit discount window program,
which became effective January 9, 2003. This rate replaces that for adjustment credit, which was discontinued after January 8, 2003. For
further information, see www.federalreserve.gov/boarddocs/press/bcreg/2002/200210312/default.htm. The rate reported is that for the
Federal Reserve Bank of New York. Historical series for the rate on adjustment credit as well as the rate on primary credit are available at
www.federalreserve.gov/releases/h15/data.htm.
10. Yields on actively traded non-inflation-indexed issues adjusted to constant maturities. The 30-year Treasury constant maturity series
was discontinued on February 18, 2002, and reintroduced on February 9, 2006. From February 18, 2002, to February 9, 2006, the U.S.
Treasury published a factor for adjusting the daily nominal 20-year constant maturity in order to estimate a 30-year nominal rate. The
historical adjustment factor can be found at www.treasury.gov/resource-center/data-chart-center/interest-rates/. Source: U.S. Treasury.
11. Yields on Treasury inflation protected securities (TIPS) adjusted to constant maturities. Source: U.S. Treasury. Additional information
on both nominal and inflation-indexed yields may be found at www.treasury.gov/resource-center/data-chart-center/interest-rates/.
12. Based on the unweighted average bid yields for all TIPS with remaining terms to maturity of more than 10 years.
13. International Swaps and Derivatives Association (ISDA R ) mid-market par swap rates. Rates are for a Fixed Rate Payer in return for
receiving three month LIBOR, and are based on rates collected at 11:00 a.m. Eastern time by Thomson Reuters and published on
Thomson Reuters Page ISDAFIX R 1. ISDAFIX is a registered service mark of ISDA R . Source: Thomson Reuters.
14. Moody’s Aaa rates through December 6, 2001, are averages of Aaa utility and Aaa industrial bond rates. As of December 7, 2001,
these rates are averages of Aaa industrial bonds only.
15. Bond Buyer Index, general obligation, 20 years to maturity, mixed quality; Thursday quotations.
16. Contract interest rates on commitments for 30-year fixed-rate first mortgages. Source: Primary Mortgage Market Survey R data
provided by Freddie Mac.
Note: Weekly and monthly figures on this release, as well as annual figures available on the Board’s historical H.15 web site (see below),
are averages of business days unless otherwise noted.
Current and historical H.15 data are available on the Federal Reserve Board’s web site (www.federalreserve.gov/). For information about
individual copies or subscriptions, contact Publications Services at the Federal Reserve Board (phone [phone], fax [phone]).

Description of the Treasury Nominal and Inflation-Indexed Constant Maturity Series
Yields on Treasury nominal securities at “constant maturity” are interpolated by the U.S. Treasury from the daily yield curve for
non-inflation-indexed Treasury securities. This curve, which relates the yield on a security to its time to maturity, is based on the closing
market bid yields on actively traded Treasury securities in the over-the-counter market. These market yields are calculated from composites
of quotations obtained by the Federal Reserve Bank of New York. The constant maturity yield values are read from the yield curve at fixed
maturities, currently 1, 3, and 6 months and 1, 2, 3, 5, 7, 10, 20, and 30 years. This method provides a yield for a 10-year maturity, for
example, even if no outstanding security has exactly 10 years remaining to maturity. Similarly, yields on inflation-indexed securities at
“constant maturity” are interpolated from the daily yield curve for Treasury inflation protected securities in the over-the-counter market. The
inflation-indexed constant maturity yields are read from this yield curve at fixed maturities, currently 5, 7, 10, 20, and 30 years.

Post Judgment Interest Rates

http://www.uscourts.gov/formsandfees/Fees/PostJudgmentInterestRates.aspx

POST JUDGMENT INTEREST RATES cited in UBS Financial Services v. Cave

No. 2:13-mc-0114, archived Feb. 25, 2014

Interest is allowed on most judgments entered in the federal courts from the date of judgment until paid. The types
of judgments generally fall under one of three statutes: 28 U.S.C. 1961, which governs civil and bankruptcy
adversary judgment interest; 18 U.S.C. 3612 (f)(2), which governs criminal judgments or sentences; and 40 U.S.C.
3116, which governs deficiency judgments in condemnation proceedings. These statutory references should be
checked with reliable statutory data bases such as Westlaw. Lexis, or other appropriately maintained sources of
the U.S. Code for the latest changes.
Under each of the above statutes the rate of interest used in calculating the amount of post judgment interest is the
weekly average 1-year constant maturity (nominal) Treasury yield, as published by the Federal Reserve System.
Prior to December 21, 2000 the rate of interest allowed under the statutes cited above was based on the coupon
issue yield equivalent (as determined by the Secretary of the Treasury) of the average accepted auction price for
the last auction of 52 week t- bills settled immediately preceding entry of the judgment. The way the rate is used
differs under each of the cited statutes, so those sections should be reviewed to determine how to apply it to any
particular judgment.
Current Applicable Rates

The current rate applicable under these sections is provided by the Federal Reserve and published each Monday
for the preceding week (unless that day is a holiday in which case the rate is published on the next business day).
The specific rate referred to in the statutes is found in the table under the two columns headed WEEK ENDING.
The two dates under those columns refer to the Friday averages of the last two weeks. Under those columns you
need to go down to the row which states U.S. government securities - Treasury constant maturities nominal1-year. Where the row and columns meet - that is the rate you use.
Prior current rates also are available by selecting the week preceding the date of judgment (or the date interest
would otherwise apply under the above) and selecting the release date preceding the date of judgment. NOTE: if
your judgment date is the same as the release date, you should select the prior week’s release. REASON: the
releases are considered to be issued at the close of business on the date of release.
Rates Prior to December 21, 2000

Rates under the prior language were based on the average accepted auction price for the latest auction of 52 week
t-bills.

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