Written by Amanda Montano and Szonja Kolbenheyer
Things have been moving quickly now on LIBOR and IBOR reforms, but with regulators in the UK, US and EU going at different speeds. Needless to say, it was a welcome development this week to see combined announcements on 30 November 2020 from the Federal Reserve Board, the Alternative Reference Rates Committee (ARRC), the LIBOR administrator ICE Benchmark Administration, the Financial Conduct Authority (FCA) and the International Swaps and Derivatives Association (ISDA). International cooperation really is needed as so many trade and export finance deals are inherently cross-border and often involve multiple currencies. The fact that USD LIBOR will be available for legacy loans until 30 June 2023 will help sectors like ou rs, which have been recognised
as needing a forward-looking term rate.
