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The Financial Conduct Authority (FCA) has recently
reiterated that 2021 is the critical year for firms to
complete their transition away from
LIBOR .
1
LIBOR).
In this article, we discuss the current state of play and the
measures governments and institutions are taking to aid this
transition, including the development of overnight risk-free rates
(
RFRs), recommended transition milestones and
proposed legislative reform.
Development of RFRs
The European Central Bank commenced publishing the Euro Short
Term Rate on 2 October 2019, and since then RFRs for all LIBOR