LIBOR Transition

In July 2017, the Financial Conduct Authority announced that, from the end of 2021, it would stop compelling panel banks to contribute to the London Inter-Bank Offered Rate (“LIBOR“).

Since the announcement, the transition from LIBOR to the Secured Overnight Financing Rate (“SOFR“), Sterling Overnight Index Average (“SONIA“) and the other chosen risk-free rates has occupied the derivatives, securities and loan markets. Several issues and concerns have been raised by market participants.

The FMLC has taken great interest in these issues over the years, and even before the 2017 announcement. It has published prolifically on benchmark reform, benchmark transition, LIBOR and SONIA. Its Scoping Forums—and in particular the Infrastructure and Banking Forums—have continued to discuss preparations for the transition from LIBOR.

Please click on the links above to see the FMLC’s publications and FMLC CEO Joanna Perkins’ speeches on these topics. Should you wish to discuss this further or raise an issue of uncertainty, please contact FMLC Projects Manager, Virgilio Diniz, at projects@fmlc.org.