A survey of over half derivatives users conducted by JCRA and Norton Rose found 49% of respondents did not think their contracts contain appropriate fallback language for the discontinuation of the benchmark. Just 11% believed their LIBOR-referencing contracts contain appropriate fallback language and 40% said they did not know. While 85% said they have LIBOR-linked contracts with termination dates beyond 2021, 38% had yet to start work to renegotiate contracts and 23% still needed to identify which contracts need to be amended.
A survey of 71 derivatives users conducted by JCRA and Norton Rose found 49% of respondents did not think their contracts contain appropriate fallback language for the discontinuation of the benchmark. Just 11% believed their LIBOR-referencing contracts contain appropriate fallback language and 40% said they did not know. While 85% said they have LIBOR-linked contracts with termination dates beyond 2021, 38% had yet to start work to renegotiate contracts and 23% still needed to identify which contracts need to be amended.