LIBOR TransitionAs of January 1, 2022 the Financial Conduct Authority will no longer compel banks to quote LIBOR (and its variations) as a benchmark lending rate. The required transition is shaping up to be one of the most fundamental changes to the financial services industry in recent times.

It is estimated that there are over $300 trillion of LIBOR-referencing mortgages, commercial loans, bonds and derivatives. The problem is global, complex and isn’t going away. Affected banks, insurers, and other financial market participants need to act quickly, and effectively, to resolve it.

Adding to the complexity is confusion in the market due to challenges from the COVID19 pandemic. While regulators are standing firm on the deadline, this is no reason organizations should expect to find themselves in the dark on what to do.

Mayer Brown's new LIBOR Transition series of webinars and podcasts will provide information on the key issues and considerations you need to know about.

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