On 11 June 2020, the FICC Markets Standards Board (FMSB) published a Spotlight Review on LIBOR transition with practical case studies to support firms when considering the risks to fairness and effectiveness as the market moves to risk-free rates as more sustainable and representative benchmarks.

As the risks associated with the continued provision of new LIBOR-linked products increase, ‘LIBOR transition: Case studies for navigating conduct risks’ highlights issues for market participants to address when offering new products to clients or changing performance benchmarks. The paper includes four practical case studies which cover cash and derivative products and performance benchmarks. The case studies are relevant across the sell-side, buy-side and corporates.