Moving Away from LIBOR— Are You Ready for the Change?

The Financial Conduct Authority (FCA) announced plans to retire LIBOR by 2021 because of LIBOR’s inherent structural weakness – particularly highlighted during the 2007-2009 financial crisis when banks were under fire for manipulating the benchmark for higher gain. This change is estimated to impact over £350 trillion worth of contracts. To manage the transition, companies and financial institutions alike must review every aspect of their business that uses the LIBOR and all other IBOR-based benchmarks.