Countdown to 2021: what you need to know about the phasing out of LIBOR

  Read time : 8 mins       Added:  14/05/2020

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In July 2017, the Financial Conduct Authority signalled the discontinuation of LIBOR after 2021. This kick-started significant activity around the globe to consider the implications and prepare for transition to alternative benchmarks.

Since then, Andrew Bailey, as CEO of the FCA, has reinforced the message that market participants should not rely on LIBOR's continuation beyond 2021.

The Bank of England-initiated Working Group on Sterling Risk-Free Reference Rates has said that all financial products linked to LIBOR must transition to an alternative benchmark by 2021 and that all users of LIBOR must take action now to ensure that this deadline is met.

But what does a transition from LIBOR to an alternative benchmark mean for those using the trillions of dollars of financial products and contracts around the globe which reference LIBOR?

Our approach to LIBOR transition helps business understand how their products with us are affected by the phasing out of LIBOR.

The Countdown to 2021 report gives insight into the background and recent market developments from Steve Bullock, Head of Benchmark Submission and Supervision, Group Corporate Treasury.

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