No one is hanging out ‘mission accomplished’ banners, but there are signs that the transition away from the use of Libor as a reference rate may have more in common with the relatively benign Y2K technology adjustment of the turn of the millennium than the descent into chaos for $400 trillion of financial contracts that some had feared.
Bankers acknowledge that there is still a great deal of work to be done to ensure that the target date of the end of 2021 for transition from Libor use can be achieved with minimal disruption; and regulators are putting on their serious faces as they prepare to deliver further warnings on the need for urgency.
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