Welcome to the third edition of IBOR Aware. With 2021 now upon us, LIBOR’s endgame is hoving into view. As Andrew Hauser, Executive Director for Markets at the Bank of England, remarked in a recent speech, “LIBOR’s long career is drawing to an end. It’s time to bow out gracefully.”
Though COVID-19 continues to cause disruption, there have been a number of important developments over the past few months. In this edition of IBOR Aware we look towards what we can expect to see in the market to meet the challenge of transition for LIBOR and other IBORs in 2021. One might say that necessity is the mother of all invention and as we enter the final 12 months before LIBOR in its current form is expected to be discontinued, the pace of transition will only accelerate.
By drawing on our lawyers' deep knowledge and understanding of global and domestic financing transactions across all the key financial markets, IBOR Aware covers the main developments affecting all major benchmark rates and currencies, as well as efforts undertaken by the key players in the market, such as working groups, central banks, regulators and trade associations.
In the third edition of IBOR Aware, we provide a "lookback" on major developments since June 2020 and highlight some significant upcoming landmarks.
