The transition from interbank offered rates (IBORs) to alternative reference rates remains high on the agenda of policy-makers and market participants. The UK Financial Conduct Authority announcement on March 5, 2021 on the timing for the cessation or loss of representativeness of all 35 LIBOR settings gave market participants a clear set of deadlines across all currencies and tenors.
This announcement, along with other
major upcoming developments in 2021, should significantly accelerate
LIBOR transition efforts.
This paper examines several major developments in 2021 that have been
announced and/or are expected to occur related to the adoption of
replacement benchmarks such as risk-free rates (RFRs). It also reviews
the significant progress made on the transition from LIBOR and other
IBORs to RFRs in 2020.
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