We arrive at 2021 with one of the most significant regulatory changes in a generation, as a priority. Migration is a $300 trillion problem. With less than a year to implement the requirements across the industry, many financial service organisations still have work to do.
Perhaps Edwin Schooling Latter’s, Director Markets and Wholesale Policy at the FCA, speech on January 26th will focus minds. Key takeaways were:
- 85% of uncleared UK derivatives market is ready for the end of LIBOR as 12,500 firms sign the ISDA protocol
- IBA consultation on proposed end-dates for LIBOR has now closed, opening the way to determining and announcing the future path for all 5 LIBOR currencies simultaneously
- Users of LIBOR should press ahead with transition plans – in their new business and their legacy LIBOR books.
If you need help in defining the size of the task for your firm, Evolution Partners can help, please click on link below to see how:
Time is ticking!