LIBOR, the benchmark rate for which there is currently over $200 trillion in USD LIBOR outstanding exposure alone, will cease to be published after mid-2023, with the majority of tenors being discontinued by December 31, 2021. Our Team is focused on monitoring the ever-changing landscape and advising clients on the impact associated with LIBOR cessation.
Additional Insights
As the deadline for LIBOR鈥檚 discontinuation approaches, regulators and working groups have pressed market participants to prepare for the transition to alternative benchmarks. Several regulators have expressly identified transition preparedness an examination priority and have published relevant guidelines and considerations. Industry working groups have developed templates and best practices to implement a benchmark transition. We have continually monitored these developments. We invite you to review our publications and videos addressing these issues.
- LIBOR Transition Update: An Overview of Federal LIBOR Legislation - 4/28/2022
- Manuel Frey and Jane O鈥橞rien Featured on 鈥淔inReg鈥� Podcast鈥� 6/17/2021
- Manuel Frey and Jane O鈥橞rien Interviewed in Regulatory Compliance Watch Video 鈥� 5/17/2021
- Federal Reserve Directs Examiners to Review Banks鈥� Exit Plans As LIBOR Deadline Approaches 鈥� 3/11/2021
- LIBOR Cessation: FCA Announcement on the End of LIBOR Triggers ISDA鈥檚 Spread Adjustment Fixing Date - 3/05/2021
- Governor Cuomo Introduces Proposed New York Legislation on LIBOR Replacement - 1/28/2021
- Recent Developments Impacting LIBOR Transition 鈥� 12/3/2020
- LIBOR Cessation: ISDA Launches IBOR Fallbacks Supplement and ISDA 2020 IBOR Fallbacks Protocol -听10/27/2020
- LIBOR Transition: ISDA Receives Positive Business Review Letter from the Department of Justice on Proposed IBOR Fallback Language -听10/12/2020
- LIBOR Transition Update: Efforts Continue to Transition from LIBOR to Alternative Reference Rates by the End of 2021 鈥� 7/7/2020
- UPDATE: Federal Reserve Issues Revised Term Sheets and Guidance for Main Street Lending Facilities, Announces New Main Street Priority Lending Facility - 5/1/2020
- LIBOR Cessation: ISDA Announces Preliminary Results of Consultation on Pre-cessation Fallbacks for LIBOR - 4/20/2020
- COVID-19: LIBOR 2021 Cessation Timing Unchanged Though Planning Delays Expected - 3/29/2020
- Transactional Real Estate: LIBOR鈥檚 Replacement In the Real Estate Loan Market - 2/13/2020
- Global Regulators Press Market Participants to Prepare Now for LIBOR Transition - 1/22/2020