An article by Danielle Katz, associate, “Preparing for the Transition Away From LIBOR,” was published by the New York State Bar Association in Inside.
On July 27, 2017, Andrew Bailey of the Financial Conduct Committee put the global financial industry on notice that the London Interbank Offered Rate (LIBOR) would be phased out by the end of 2021.1 In the wake of that announcement, committees were formed all over the world to analyze, develop, and determine what the future of interest rate benchmarks will look like. While LIBOR was once the premier benchmark used across various currencies and terms, its potential for abuse and lack of liquidity in its underlying market has caused it to go from a front runner to being voted off the island.
Read the complete article here.