LIBOR Transition

The transition away from LIBOR has been a significant undertaking across the financial services industry and its clients.

LIBOR is a series of benchmark rates which underpinned hundreds of trillions of financial products for customers globally, with key impacted businesses and functions including capital markets, commercial lending, retail banking and wealth management, investment management, mortgages, market infrastructure and corporate treasury.

UK Finance has committed to supporting our members and their clients with the transition away from LIBOR onto alternative reference rates. Our focus has centred on supporting members with the sterling transition including:

  • Active participation in the Risk-Free Rate Working Group and relevant sub-groups;
  • Advocacy on behalf of members, including regulatory and legal support for legacy contracts;
  • Communication and engagement with members on the transition;
  • Communication and engagement with end users and customers on the transition;

Though we have now reached the conclusion of the main transition roadmap in the sterling market, the UK Finance team will continue to support members on transition related issues through some ongoing policy and intelligence-sharing, particularly with regards to the transition in the USD market. UK Finance’s cross-cutting LIBOR transition activity remains open all to impacted members across product areas.
Please contact liborcoreteam@ukfinance.org.uk to find out more on our ongoing work to support the industry’s preparations for transition.
 

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