Survey Shows Progress On LIBOR Transition Despite COVID-19 Challenges

The  results of a new survey on the implication of recent market volatility and the pandemic on the LIBOR transition showed that participants were progressing on "operation[s], risk, infrastructure, systems re-tooling, interactions with critical third parties, [and] meeting governance guidelines."

The report, by Sia Partners, followed-up on a  previous study* which identified significant operational, legal, organizational and risk challenges, particularly for small firms, in the transition from LIBOR. In the new study, conducted between April and June of 2020, Sia Partners found that participants:

• are using the work-from-home period as an opportunity to address the "enormous magnitude" of continuing the transitions at every level of their respective institutions;