After almost four decades of use, the London Interbank Offered Rate (LIBOR) is coming to a long-planned and much anticipated end. With approximately $400 trillion in financial contracts linked to LIBOR globally, and the United States accounting for over half of that amount, the mid-2023 final cessation date for the most widely used USD tenors presents significant risks across the financial markets, impacting consumer and business borrowers, lenders, investors, banks, and other market participants. Market participants and regulators have worked hard to get to this point, with much progress made.
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