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Global Interest Rate Reform

Reform of LIBOR and other global benchmark rates used in loans and other financial instruments

Global Interest Rate Reform

The transition away from the London Interbank Offered Rate (LIBOR) and other IBORs is unlike any previous regulatory reform – underpinning loans, debt and derivatives contracts estimated at $350 trillion globally, its scale is potentially larger, it will involve a great number of granular moving parts and is technically challenging.

Whilst alternative risk-free rates are still being agreed, now is the time for banks, asset managers and corporates to start focussing on the replacement timeline, planning and understanding how to make an orderly transition.

IBOR transition will be a project of great scale and complexity – and Linklaters can support you through this journey as your strategic legal adviser, as well as legal adviser for the various specific product areas. We can bring our unrivalled market-leading knowledge of IBOR-related issues, our depth of experience, as well as our track record of running strategic matters driven by regulatory change.

Click here to talk to our team of experts, and do explore our insights on this topic.

In the press 
(Financial Times) - Bank of England puts squeeze on Libor lending to encourage shift. Read the full article by the Financial Times (£)
(Reuters) - Banks must provide concrete evidence to show that they are ending the use of the Libor interest rate benchmark as a price reference in financial contracts, a senior Financial Conduct Authority official said on Thursday. Read the full article by Reuters
(Financial Times) - UK market regulators on Thursday gave little comfort to senior bank executives who might have been hoping that they can soon stop worrying about Libor. Read the full article by the Financial Times (£)
(Bloomberg) - The borrowing costs known as the London interbank offered rates are embedded throughout the DNA of finance. Read the full article by Bloomberg

Global interest rate reform breakfast briefing

Key issues and takeaways

Deepak Sitlani, Derivatives Partner

(1:37 mins)


Benedict James, Banking Partner

(1:06 mins)

Catherin Wade, Debt Capital Markets Counsel

(0:51 mins)

Chris Rich, Financial Regulation Group Managing Associate

(0:50 mins)

More insights on the global interest rate reform

Global interest rate reform

Deepak Sitlani, derivatives partner, reflects on our recent global interest rate reform half day seminar and the latest market developments.

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The future of global interest rate reform

Speaking after our Future of Global Interest Rate Reform seminar, ISDA’s Rick Sandilands highlights in this short video two consultations ISDA is currently conducting on benchmark fallbacks and encourages market participants to engage with these consultations ahead of the 12 July 2019 closing date.

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Banking market – mid-year review 2019

In this video, Kirsty Thomson and Toby Grimstone, banking partners, discuss recent developments in relation to global interest rate reform.

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Investment Association: The future of LIBOR and implications for UK investment managers

Produced in collaboration with The Investment Association, this short, three minute video outlines the key implications of the transition away from LIBOR for UK investment managers.

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The future of LIBOR

Since the announcement on 27 July 2017 by Andrew Bailey, Chief Executive of the Financial Conduct Authority, of the intention to transition away from LIBOR to alternative reference rates by the end of 2021, the market has been focussing on how best to address this major change.

In this short, three minute video we outline the background to, and key implications of, the transition away from LIBOR.

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The Health of the financial system

Watch Benedict James who spoke to Bloomberg TV, on 20 December 2019, about the health of the financial system. On LIBOR he cautioned against underestimating the challenges of transition, the scale of change and what it means for legacy contracts.

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