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ARTICLE · 05 AUGUST 2020

IBOR Transition: It's Later Than You Think!

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On August 3, 2020, the US Alternative Reference Rates Committee ("ARRC") hosted the penultimate session in its SOFR Summer Series: Approaching the Transition.

United StatesFinance and Banking
Mary Jo N. Miller
Mary Jo N. Miller
J. Paul Forrester
J. Paul Forrester
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On August 3, 2020, the US Alternative Reference Rates Committee ("ARRC") hosted the penultimate session in its SOFR Summer Series: Approaching the Transition.

During the past month in particular, there has been a tangible shift from tweaking fallback language to focusing on the practicalities of implementing benchmark transition, and that clearly was the focus of the August 3 webcast.

Here are some of the key takeaways that resonated with us:

  1. All parties must analyze current portfolios and understand IBOR exposures. Not only do these exposures vary by product and currency, but fallbacks themselves within product categories have evolved during preparations for transition over the past few years. Operational readiness, both internal and with vendors, depends on IBOR exposures being identified and understood at a granular level.

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