The global financial industry must move faster and prepare for the demise of the scandal-tarred interest-rate system that underpins $370 trillion in derivative, bond and loan contracts.
The London Interbank Offered Rate, or Libor, is expected to stop being the go-to benchmark by the end of 2021, Eric Litvack, chairman of the International Swaps and Derivatives Association, said on April 11 in Hong Kong. Changes needed to prepare for the deadline are “arguably the most challenging and complex task the industry has ever faced,” he said.
“It will require laser-like focus and all-out effort from every single part of the ...
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