Libor transition: Are markets ready for a $350 trillion white-knuckle ride?

It is less than two and a half years until Libor, the benchmark on which trillions of dollars-worth of financial instruments are based, will disappear. That is a hopelessly ambitious timetable in which to complete what has been called the largest financial engineering project in history. Even if chaos is averted, the way in which banks lend, and indeed how corporates borrow, may never be the same again.