Financial Stability Board Publishes Global Transition Roadmap for LIBOR10/16/2020The Financial Stability Board has published a roadmap setting out a target timeline for firm's transition away from LIBOR benchmarks. The roadmap is aimed at financial and non-financial firms to ensure a successful transition away from LIBOR by the end of 2021.
Key steps in the roadmap are:
- by now, firms should have identified their LIBOR exposures, agreed a project plan to transition away from LIBOR and assessed any necessary changes to supporting systems to enable the use of the alternative reference rates that will replace LIBOR;
- by the end of 2020, firms should be able to offer non-LIBOR linked loan products to customers;
- by January 25, 2021, firms should have adhered to the new ISDA 2020 IBOR Fallbacks Protocol;
- by mid-2021, firms should have established which legacy contracts could be amended before the end of 2021 and have implemented any system and process changes to facilitate the transition to alternative reference rates; and
- by end-2021, firms should be ready for LIBOR to cease.
View the FSB's Global Transition Roadmap for LIBOR.
View details of the new ISDA 2020 IBOR Fallbacks Protocol.
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