Due to the need for software updates, several banks in Britain are struggling to make a self-imposed LIBOR transition deadline in October. According to two firms that supply loan management software, not all banks will be ready to make the switch to software that will allow them to use alternative reference rates by the agreed upon date. Some reasons for the delays stem from stained resources at smaller banks and the preference of many borrowers to stick with LIBOR. While the October goal is self-imposed, the Financial Conduct Authority has told Reuters that an ignored deadline would be viewed negatively.

Read more via the New York Times.