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Clifford Chance

Clifford Chance

Briefings

Interest rate benchmark reform: current issues for the loan market

25 June 2013

Almost nine months on from the publication of the Wheatley Review of LIBOR and the practical impact on the loan market of the proposed reforms is stepping up a gear.  The discontinuation of screen rate LIBOR for some currencies and maturities is taking full effect, leading to a search for acceptable replacements.  There have been unexpected problems for the customary Reference Bank contingency measure which is also under pressure from other aspects of the reform process.  All the while US regulators are pushing for a complete replacement of LIBOR.

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