Financial Stability Board 2020 Progress Report on Benchmark Reform
11/20/2020The Financial Stability Board has published a 2020 progress report on Reforming Major Interest Rate Benchmarks. The report includes:
- an overview of reforms to the administration of LIBOR, EURIBOR and TIBOR and of progress in transitioning to alternative reference rates for US dollars, Euros, Japanese yen, British Pounds and Swiss Francs;
- an overview of transition progress made in Australia, Brazil, Canada, Hong Kong, Indonesia, Mexico, Saudi Arabia, Singapore, South Africa and Turkey;
- updates on international efforts to protect contractual robustness for contracts referencing LIBORs (including ISDA's latest IBOR Supplement and Protocol); and accounting, tax and regulatory issues arising from the LIBOR transition.
The report finds that progress in transitioning away from LIBOR must accelerate in early 2021 in order to achieve LIBOR transition targets and avoid disruption to the performance of contracts. The report also includes the FSB's Global Transition Roadmap for LIBOR, published in October 2020, which sets out a target timeline for firms' transition away from LIBOR benchmarks.
View the FSB's 2020 progress report on Reforming Major Interest Rate Benchmarks.
View details of the FSB's Global Transition Roadmap for LIBOR.
View details of ISDA's IBOR Supplement and Protocol.
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