A tenth of users ‘don’t know’ if Libor death affects them, survey finds
Respondents blame low industry preparedness on lack of standardisation in treatment of fallbacks
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
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