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Evolving LIBOR overview

Evolving LIBOR overview

The transition to new global risk-free rates will be a significant change and a profound transformation for the financial markets. KPMG’s Evolving LIBOR overview summarises some of the challenges that lie ahead and how firms can start to plan and manage the transition successfully.

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Colin Martin

Partner

KPMG in the UK

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Managing the transition to new risk free rates - city at sunset

Interbank offer rates (‘IBORs’) are systemically important benchmarks underpinning many contracts within the financial sector globally. There are estimated to be over $370 trillion contracts currently referencing them from US retail mortgages to derivative contracts and corporate loans.

Following the OSSG recommendations in 2014 to move the industry towards new risk free interest rate reference rates (‘RFR’s’) the industry has been developing proposed new reference rates. In 2017 the Financial Conduct Authority (FCA) confirmed it will no longer compel banks to submit data to LIBOR (London IBOR) post 2021 resulting in a clear impetus and need to implement these alternative RFR benchmarks globally.

KPMG’S Evolving LIBOR overview summarises:

  • The key challenges?
  • What firms need to do?
  • How to develop a clear timeline
  • What are the outstanding industry building blocks

© 2019 KPMG LLP, a UK limited liability partnership, and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative, a Swiss entity. All rights reserved.

KPMG International Cooperative (“KPMG International”) is a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm.

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