AFME, ICMA, ISDA, SIFMA and SIFMA AMG have published a new report that assesses the issues involved with benchmark reform, and makes recommendations on steps firms can take to prepare for the transition from interbank offered rates (IBORs) to alternative risk-free rates (RFRs).
The report, which was based on a survey of 150 banks, end users, infrastructures and law firms in 24 countries, shows that:
The transition away from existing IBORs to RFRs is a major capital markets challenge both in respect of new and legacy transactions. AFME and the other trade groups will continue to assist the RFR working groups that are leading the initiative.
Read press release here.