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U.K. Govt to enhance UK Financial Conduct Authority (FCA)’s powers to manage the orderly transition away from LIBOR

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The London Interbank Offered Rate (LIBOR) has been the de facto standard reference rate in global financial markets for decades, and with a notional value of over £294 trillion globally in contracts, it is called the ‘world’s most important interbank offered rates.’

The UK Government has announced their intention to transition away from LIBOR-linked products. The whole transition will take place by the end of 2021, and the amendments will further eliminate any need for bilateral or multilateral contractual amendment.

With our vast experience in the banking and financial services domain, this POV elaborates on how Mindtree can help financial institutions transition away from LIBOR. Our roadmap covers the following key steps:

  • Initial and exposure assessment
  • Scoping and program plan
  • Transition planning and implementation
  • Readiness and post go-live managed services

We also take a quick look into the possible Alternative Reference Rates/Risk Free Rates (ARFR) that can be made applicable, and the timelines for LIBOR transition.

Download the POV to know more.

LIBOR Transition

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