After initial attempts to reform LIBOR in accordance with IOSCO principles, the infamous speech by FCA’s chief executive Bailey in July ’17 set the final demise of LIBOR.

Like every financial institution, our client – a global bank – needs to cope with the expected end of LIBOR and other major interest rate benchmarks (colloquially summarized as “IBORs”). As a global bank which is present in many jurisdictions, offering a wide range of products & services and running on an old legacy platform, this is a highly complex undertaking.

The global IBOR transition program aims to identify all IBOR exposures, define a strategic roadmap (product innovation, business strategy, operating model, transition strategy), design an efficient change portfolio and implement it in a cost-efficient manner.

Our Contribution

Impact assessment

  • Identification of systems, contracts, models, investments and products referring to IBOR

Transition Management

  • Setup of a global contract inventory
  • Support of a data taskforce to build a transition management dashboard
  • Legacy prevention via contractual, technical, processual and policy measures

Product Innovation

  • Definition of a framework for legal clarification of product offerings in target jurisdictions
  • Support go-to-market activities for new alternative reference rate products
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