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LIBOR & IBOR Transition

This pathway begins with Peter Eisenhardt’s introductory LIBOR series, where he outlines floating rates and how LIBOR became so widely used. By the end of the pathway you will understand the history of IBORs and provide clarity on the IBOR transition process. Join Keith Mullin and John Ewan towards the latter end of the pathway as they explain why LIBOR had to be replaced, and the timelines for doing so.

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13 videos • 1 hour 57 minutes

  • LIBOR Introduction (1/4): Floating Rates

    Peter explains what floating rates are and explains why the most important floating rates are in fact central bank policy rates

    Peter Eisenhardt10:23

  • LIBOR Introduction (2/4): LIBOR

    Peter provides an overview of floating rates and explains why LIBOR specifically is such an important tool.

    Peter Eisenhardt06:36

  • LIBOR Introduction (3/4): Scandal

    Peter explains how some traders submitting LIBOR rates were colluding to manipulate rates to suit their positions and generate huge profits.

    Peter Eisenhardt02:35

  • LIBOR Introduction (4/4): Reform

    In this video, Peter covers what is being done to address the issues that were brought about by LIBOR. He also explains the practical, legal and organisational considerations that must be made during these pivotal changes.

    Peter Eisenhardt12:02

  • IBOR Transition (1/4): Background

    In the first video of his series, John introduces the IBOR transition process. He begins by explaining how LIBOR emerged, became one of the major focal points for regulators and central banks and was entrenched in all markets for all financial market participants. John briefly explores the two unavoidable issues with LIBOR that have surfaced in the last few years.

    John Ewan09:11

  • IBOR Transition (2/4): Market Reception

    Keith highlights the intended transition from LIBOR to SOFR, an alternative risk-free rate. However, associated with this transition is a wide range of reluctance and objections, many of which are discussed within the video. Some of which include - uncertainties regarding how the new rate will work overtime and arguments from mid-sized US banks about the 'one size fits all' approach.

    Keith Mullin16:33

  • IBOR Transition (3/4): Replacement Timelines Pt I

    In the previous 2 videos of this series, John and Keith explained what LIBOR is and why it exploded from being an obscure number published in London at 11am every day by a small trade association, to being a focus for central banks and regulators everywhere. In this video John talks about the timelines published by regulators and central banks, their expectations for market participants, and the differences between the game plans to replace IBOR rates in various major markets.

    John Ewan12:51

  • IBOR Transition (4/4): Replacement Timelines Pt II

    In this video, John briefs about the expectations of regulators to the end of 2021 and then explains what is happening between now and the end of 2021 for the LIBOR equivalents in other currencies.   

    John Ewan09:22

  • Executing LIBOR Transition (1/2)

    In this video James Eves outlines what will happen to existing instruments that reference a LIBOR, such as  loans, bonds and derivatives. He highlights how issuance date is vital in determining what to do with a particular instrument. Finally, he outlines what a fallback is and its three components alongside ISDA recommendations.

    James Eves09:12

  • Executing LIBOR Transition (2/2)

    In the previous video, James began by covering derivative fallbacks and in this video he will cover loan fallbacks, bond fallbacks, governing law and currency.

    James Eves14:43

  • Impact of IBOR Transition on Asset Classes

    In this video, John outlines how LIBOR transition will work with individual types of assets. He takes us through cash, fixed income, loans, and derivative instruments. 

    John Ewan13:51

  • LIBOR Transition Triggers

    In the previous videos on this series, John discussed what LIBOR is and why it exploded. In this video he discusses the role of key players in a LIBOR transition. He further talks us through the series of tightly coordinated announcements made by the FCA, ICE Benchmark Administration and the Federal Reserve on Friday, 5th of March.

    John Ewan12:39

  • LIBOR Transition: Roadmap for 2021

    In this video, John tells us what the market participants must do and plan for in the rest of 2021. He outlines the further developments surrounding LIBOR that we can expect in 2021 and when “synthetic LIBORs” might apply. The potential implications of moving from LIBOR to synthetic LIBORs is also explored. 

    John Ewan14:05

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