1489313 - Hogan Lovells FIS Horizons 2021 update - Flipbook - Page 30
Hogan Lovells
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Remaining steps along
the road to LIBOR
transition
With just over a year to go until the
expected demise of LIBOR, the Financial
Stability Board (FSB) recently published its
Global Transition Roadmap for LIBOR.
Their short document aims to inform
those with exposure to LIBOR of prudent
steps they should be taking to ensure
an orderly transition by the end of 2021.
Being a coordinator at international level
of the work of national finance authorities
and of international standard setting
bodies, the FSB’s roadmap is designed
to supplement the existing timelines and
milestones issued by industry working
groups and regulators.
We have put together a timeline which can be
read here and which sets out the FSB’s “prudent
steps” alongside the different national working
groups’ aims and priorities and ISDA’s work in the
derivatives space.
Whilst we have included information on the
benchmarks relevant to the euro in the table, we
do not focus on them in this article. This is because
most euro-denominated financial transactions
rely on EURIBOR which has been reformed to be
compliant with the EU Benchmarks Regulation
and is not currently expected to be discontinued,
albeit that it is currently the subject of work to
develop more robust fallback rates.
