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Evolving LIBOR: Planning the transition to new Risk Free Rates

Evolving LIBOR: Transition planning

How will your firm fare in the transition to new global risk-free rates? KPMG’s Evolving LIBOR report outlines the implications for firms and provides insight into scenario planning for a successful transition.

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Almost a year after the Financial Conduct Authority’s (FCA) Chief Executive Andrew Bailey announced that the FCA would no longer compel banks to submit data to the London Interbank Offered Rate (LIBOR) after 2021, there is now a clear global direction of travel towards alternative risk free rate benchmarks (RFRs) based on transactional data.

Firms must take action now to plan for this very significant structural shift. However with so many of the details of the transition remaining uncertain, including timing and jurisdictional differences, firms will require a flexible cross-functional programme to adapt to changes in the global landscape.

In this report we outline 3 potential scenario planning options.

Scenario 1 – The big bang
Scenario 2 – Proactive market adoption
Scenario 3 – A steady multi-year transition

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