A survey of the financial industry shows roughly one in 10 market participants don’t know if they have any contracts that will be affected by the potential discontinuation of Libor after 2021. The survey also shows that over 80% of firms haven’t yet started amending existing contracts to add fallback language. From the end of 2021, the panel banks contributing to the Libor family of rates are no longer compelled by the UK regulator to participate in the benchmark process. Many see this is as Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content. To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe You are currently unable to print this content. Please contact [email protected] to find out more. You are currently unable to copy this content. Please contact [email protected] to find out more.
One in 10 market participants are unaware of whether they have any open contracts that will be impacted by the potential discontinuation of LIBOR, according to a recent survey. It also shows that more than 80% of firms have yet to begin the process of amending existing contracts. Respondents blame lack of standardisation in the treatment of fallbacks.