The financial services industry is faced with a daunting task as the single largest floating rate benchmark in history is set to be phased out in less than two years. There are over $350 trillion in notional contracts tied to IBORs in various jurisdictions around the world. In the U.S. alone that number stands at $200 trillion.
The cessation of LIBOR has become such a significant issue that many are overwhelmed and do not have the expertise or resources in-house to identify the issues and address them in a timely manner. Stakeholders are concerned about the effects this will have on the bottom line in addition to the regulatory, tax, accounting and legal implications.
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