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.