Clifford Chance
The Wheatley Review on LIBOR: publication of the final report
28 September 2012
The final report of the Wheatley Review on LIBOR has been published today (28 September 2012). The report concludes that LIBOR should be retained as a benchmark, but, as expected, recommends a comprehensive reform of LIBOR, which includes replacing the British Bankers Association (BBA) with a new independent administrator of LIBOR. Given the different contexts (as well as the number and types of transactions) in which LIBOR is used, the report raises various questions which should be considered by market participants as to the implications of the recommendations for existing and future transactions.
This briefing outlines the ten-point plan for reform set out in the report. It concludes by setting out some of the matters which should be considered by market participants involved in LIBOR linked transactions.
