May 01, 2018
Four years from now, the scandal-plagued London interbank offered rate, or LIBOR, may no longer exist. With the July 2017 announcement of the U.K. Financial Conduct Authority (FCA) that panel banks will not be compelled to submit LIBOR rate information after 2021 because there are insufficient actual transactions to support submissions, it is likely that LIBOR will be phased out due to the absence of FCA backing. Although publication of LIBOR may not completely end in 2021, global financial markets need to be prepared for a transition from LIBOR to limit disruption if LIBOR ceases to be an accepted reference rate for financial contracts.
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