The Investment Association (IA) has urged broader market participants, such as banks, insurers and benchmark administrators, to support its buy-side members in the successful transition away from the LIBOR benchmark in 2022.
In a document published today, the IA highlighted the "need to address the large number of outstanding LIBOR-linked bonds which have still not yet transitioned to a new rate", warning that failure to meet the deadline "has the potential to impact our industry and our clients much more widely than we might expect". The trade body said its members "have continuously demonstrated their commitment to a smooth LIBOR transition", but that "transition is not a process that can be driven by one part of the market". Three quarters of financial institutions unprepared for LIBOR transition - sur...
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