A tremendous shift across financial markets is taking place. The London Interbank Offered Rate (LIBOR) is being replaced. Currently the benchmark for over US$350 trillion in financial contracts worldwide, the impact of the transition from LIBOR will be far-reaching for financial services firms, businesses and customers alike. Given the scope of the impact, planning for this transition must start now and begin with a comprehensive strategy.
Key impacted businesses and functions include capital markets, commercial lending, retail banking and wealth management, investment management, insurance, market infrastructure and corporate treasury.
As firms start to address the impact of LIBOR transition across their organization, opportunities become apparent:
The transition from LIBOR is market, not regulator driven and institutions and territories are preparing at different rates. PwC’s LIBOR and reference rate reform specialists in territories throughout the globe can help you assess, prepare for, and execute on the transition. We work with you across the entire lifecycle of the transition, including:
By 2022, LIBOR will be discontinued, which could mean big changes for companies. To help manage the transition, Heather Horn is joined by PwC partners Brian Staniszewski and Nick Milone to discuss the key accounting and financial reporting considerations when LIBOR is phased out.
Global LIBOR team, Partner, PwC United Kingdom
Partner, Financial Markets, PwC United States
Tel: +1 (646) 742 7510
Financial Markets, Principal, PwC United States
Partner, PwC Japan
Tel: +81 (0) 90 9850 6016
US Advisory Principal, Banking and Capital Markets, PwC United States