White Paper

The demise of LIBOR - What Next? Updated August 2019

LIBOR, or the London Inter Bank Offer Rate to give its full title, has long been considered the world’s most important number. It is a global benchmark, used across major currencies and markets to set the interest rates used by a whole range of financial products, from variable-rate mortgages to trillions of dollars of derivatives contracts.

But not for much longer.

2017 saw the UK’s Financial Conduct Authority (FCA) announce that as of 2021 panel banks would no longer be encouraged to submit the rates needed to calculate LIBOR. This set the clock ticking to find a suitable replacement; a process that is throwing up as many questions as answers.

This paper, first published in February but updated here with latest market developments, provides a snapshot of progress made and what still needs to be done. It also considers how Calypso can help - where we are well-positioned to meet the new requirements.

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