more on libor
By late 2021, Asia was running out of time to be ready to transition out of the London interbank offered rate (Libor).
The transition is of course a global theme: Libor is the benchmark that underpins more than $300 trillion of bonds, derivatives and loans. All told, it represents 35 separate interest rate benchmarks worldwide.
But there is at least as much at stake in Asia as there is in the rest of the world. Asian countries must not only adopt changes to the global benchmarks but refine their own in local markets, without much consistency of approach between them and often a paucity of liquidity to work with.
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And the clock is ticking.
