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Expert Analysis

Financial Institutions Seem Unprepared For Libor Demise

By Kevin Trabaris ( May 14, 2018, 1:23 PM EDT) -- Since the 1980s, U. S. debt markets have been increasingly reliant on the use of the London Interbank Offered Rate for setting short-term rates in U. S. dollar-denominated loans and related instruments. But in 2012, after a series of criminal and civil actions, it became evident that Libor would need to be replaced with a new index. Then came the announcement that Libor would be phased out by Dec. 31, 2021, which was no surprise. In a report published on March 5, 2018, the Alternative Reference Rates Committee of the New York Federal Reserve Bank estimated that the size of debt applying U. S. dollar Libor is around $200 trillion. . . .

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