On 9 December 2020, the Bank of England (BoE) published a speech from Andrew Hauser (Executive Director, Markets) entitled Bowing out gracefully: LIBOR’s retirement draws near.
In his speech Mr Hauser discusses the following key things that market participants need to get done:
- Move all new business off LIBOR as soon as possible next year – and by the end of March for sterling.
- Sign the ISDA protocol or make firm alternative plans.
- Work hard to convert any remaining legacy contracts away from LIBOR.