Transitioning away from LIBOR

Driven by the G20 and the Financial Stability Board, major initiatives are underway to reform interest rate benchmarks and move away from IBOR rates to overnight near risk-free rates. In particular, in pounds sterling (GBP), there is no guarantee that GBP LIBOR will even survive beyond 2021. The UK Financial Policy Committee has identified the continued reliance of end-users on LIBOR as a key risk to financial stability.