Replacement of LIBOR

"The replacement of LIBOR is a significant undertaking for financial markets participants. LIBOR is being phased out and replaced by alternative reference rates (ARR). While LIBOR publication may cease at the end of 2021, it is important for clients, counterparties, investors and other stakeholders to develop an understanding of what the transition from LIBOR to ARR means now. As the industry considers how and when it will transfer to ARR, it is important to note that the timing of changes may vary based on the currencies, products and participants involved. As a result, early action, to prepare and understand LIBOR exposure, is recommended by regulators for financial markets participants."

"The UK’s Financial Conduct Authority, the regulator of LIBOR, has indicated its expectation that publication of LIBOR is likely to cease at the end of 2021 and that all institutions should end their reliance on LIBOR by that time."

-SOURCE: MACQUAIRE