LIBOR transition- Sterling RFR Working Group publishes paper on the identification of LIBOR ‘tough legacy’ issues

Regulatory Updates | 02/06/20

The Working Group on Sterling Risk Free Reference Rates has published a Paper on the identification of Tough Legacy issues, prepared by its Tough Legacy Taskforce in response to Andrew Bailey’s call for a more public debate on the potential outcomes for legacy contracts that prove unable to be converted or amended to include fallbacks ahead of the discontinuation of LIBOR. The paper sets out details of the Taskforce’s analysis of proposed fallbacks and the amendments to contracts that will be necessary.