Overview – as at the end of September 2019 – of the readiness of banking systems in the Asia Pacific region to transition away from LIBOR
Despite the size of the market and the use of LIBOR by market participants in numerous products, the Financial Conduct Authority (FCA) in the UK announced that it will not compel or persuade LIBOR panel banks to continue to submit quotes after 2021. Market participants should therefore not rely on LIBOR being available after 2021. Planning for this transition away from LIBOR is currently underway, and is expected to be completed by the end of 2021.
This report provides an overview – as at the end of September 2019 – of the readiness of banking systems in the Asia Pacific region to transition away from LIBOR, and it offers a detailed plan for how banks can prepare for the end-2021 deadline.