From mortgages to commercial loans to financial derivatives, over $350 trillion worth of contracts are tied to LIBOR. This will make the transition from “the most important number in the world” to alternative reference rates by the end of 2021 one of the biggest challenges facing banks and other financial institutions. That’s why it is so important for market participants who rely on LIBOR to keep track of all development tied to the phaseout.
In this animated video, we show you how much progress, such as building liquidity, each of the five selected alternative reference rates has made towards readiness for the LIBOR decommission.