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LIBOR: Its Astonishing Ride and How to Plan for Its End

In July 2017, the UK’s FCA (Financial Conduct Authority) announced that after the end of 2021, it will no longer compel banks to use LIBOR as the benchmark for short-term interest rates in the interbank market.

This departure from LIBOR is expected to bring some substantial changes to the global financial markets. However, while sending LIBOR to the annals of financial history is certainly not trivial, the transition is not something that is being rushed, nor is it unplanned and unexpected.

This white paper provides an overview of LIBOR’s history, what’s motivating its disappearance, the implications for legacy contracts, and what is important when preparing for 2021.