What Libor reform will change – and what it won’t

What Libor reform will change – and what it won’t

Tony Clifford

For a period of almost three months – from the announcement of a UK government-commissioned review of Libor on July 2, to the publication of the review’s findings on September 28 – the banking industry was on the edge of its seat, and derivatives markets were on the edge of chaos. Switching to a new benchmark – one of the options the review was required to consider – could have triggered legal disputes on contracts estimated to have a gross notional value in excess of $300 trillion.

That danger

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