Bye-Bye Benchmark: 5 Tech Tips for Leaving LIBOR Behind
When the end of LIBOR was announced three years ago, the changeover to a new benchmark seemed a long way off. Many considered the task of updating contracts with a new lending rate framework as a distant hurdle, somewhere over the horizon, far down the road.
But now we’re in the home stretch. Despite regulators’ accommodation for a subset of legacy contracts through June 2023, the deadline is still December 31, 2021 for the industry to stop using LIBOR in new contracts. Additionally, there’s still pressure to address legacy contracts that mature after June 2023.
That means there’s much work to do around identifying, categorizing and updating potentially millions of affected contracts. Financial institutions cannot afford to ignore this any longer — otherwise, they face regulatory fines, litigation, negative press and/or reputational damage.
For firms that are “lost in transition” and feeling overwhelmed by the volume and complexity of work still to be done, here’s a roadmap to get back on track. Our new white paper, Bye-Bye Benchmark: Five Tech Tips for Leaving LIBOR Behind, provides a planning framework to help you efficiently, easily and methodically:
- LOCATE relevant contracts and terms
- LEVERAGE AI and legal expertise to analyze and amend contracts
- STREAMLINE workflow with digital tools
- TRACK progress with detailed audit trails and compliance reports
- COMMUNICATE early, often and securely
Time is of the essence. Download this critical white paper today.