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Financial Institutions Seem Unprepared For Libor Demise

Law360 (May 14, 2018, 1:23 PM EDT) -- Since the 1980s, U.S. debt markets have been increasingly reliant on the use of the London Interbank Offered Rate for setting short-term rates in U.S. dollar-denominated loans and related instruments. But in 2012, after a series of criminal and civil actions, it became evident that Libor would need to be replaced with a new index. Then came the announcement that Libor would be phased out by Dec. 31, 2021, which was no surprise. In a report published on March 5, 2018, the Alternative Reference Rates Committee of the New York Federal Reserve Bank estimated that the size of debt applying U.S....

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