Standards Setter Says 2020 Critical For Libor Transition

Law360, London (February 13, 2020, 1:02 PM GMT) -- This year is critical to reforming the scandal-hit Libor benchmark interest rate, the global derivatives industry body has said as it called on banks to make 2020 count when shifting to overnight risk-free rates.

The International Swaps and Derivatives Association told financial companies to move away from using the London Interbank Offered Rate in their financial contracts during the year as there is no guarantee that the discredited benchmark will be published after the end of 2021.

The interest-rate benchmark lost favor in the wake of a multibillion-dollar global rigging scandal and is due to be replaced by new so-called risk-free...

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