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LIBOR and reference rate reform
The clock is ticking toward the end of LIBOR – will you be ready?
A tremendous shift across financial markets is taking place. The London Interbank Offered Rate (LIBOR) is being replaced. Currently the benchmark for over US$350 trillion in financial contracts worldwide, the impact of the transition from LIBOR will be far-reaching for financial services firms, businesses and customers alike. Given the scope of the impact, planning for this transition must start now and begin with a comprehensive strategy.
Key impacted businesses and functions include capital markets, commercial lending, retail banking and wealth management, investment management, insurance, market infrastructure and corporate treasury.
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LIBOR Strategy and Analytics
The LIBOR Strategy and Analytics portal is an end-to-end tech-enabled service built to extract key contract clauses, analyze LIBOR terms and provisions, deliver best-in-class remediation recommendations, and position clients to capitalize on future opportunities.
Opportunities emerge
As firms start to address the impact of LIBOR transition across their organization, opportunities become apparent:
- To create new and differentiated products
- To improve customer experiences and increase customer loyalty
- To standardize and improve processes
- To make internal improvements in agility, collaboration and decision making
- To tackle “while you’re at it” projects
How PwC can help
The transition from LIBOR is market, not regulator driven and institutions and territories are preparing at different rates. PwC’s LIBOR and reference rate reform specialists in territories throughout the globe can help you assess, prepare for, and execute on the transition. We work with you across the entire lifecycle of the transition, including:
- Program mobilization and governance
- Impact assessment and transition planning
- New benchmark markets & product transition
- Contract management and remediation
- Client & customer outreach and communications
- Systems & process changes
- Models & risk management
- Managing related tax & accounting implications
LIBOR at a glance
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| Selected Alternative Rate | SOFR (Secured Overnight Financing Rate) |
SONIA (Reformed Sterling Overnight Index Average) |
€STR (Euro Short-Term Rate) |
| Working Group | Alternative Reference Rates Committee (ARRC) | Working Group on Sterling Risk-Free Rates | Working Group on Euro Risk-Free Rates |
| Administrator | Federal Reserve Bank of NY | Bank of England | European Central Bank |
| Key Features |
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| Selected Alternative Rate | SARON (Swiss Average Rate Overnight) |
TONA (Tokyo Overnight Average Rate) |
| Working Group | National Working Group on Swiss Franc reference rates (NWG) | Cross-Industry Committee on JPY Interest Rate Benchmarks |
| Administrator | SIX Swiss Exchange | Bank of Japan |
| Key Features |
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LIBOR transition around the Globe
To discuss the latest market & industry developments in your territory or industry, and how LIBOR transition will impact your business.
Webcasts
Are you prepared for the tax & accounting implications in the transition from LIBOR?
It’s game time: LIBOR transition enters critical next phase
IFRS Webcast: Accounting in times of uncertainty
How should asset managers be thinking about the upcoming LIBOR transition?
After LIBOR: What’s next for companies?
Operational readiness during the LIBOR transition
From LIBOR to SOFR and the immediate considerations for the months ahead
LIBOR's End: How insurance companies can prepare for new reference rates
LIBOR’s End: An opportunity for asset management emerges.
LIBOR No More! Are you ready?
Podcasts
LIBOR is going away...but what does that really mean?
Hear PwC discuss the LIBOR phase-out and steps companies can — and should — take now.
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