Leaving Libor Part II: Benchmark Reform Around the World
The transition away from the London Interbank Offered Rate (LIBOR) is a global phenomenon that has the financial industry mobilizing ahead of a looming 2021 deadline. In aggregate, $400 trillion in assets across currencies including the British pound, Japanese yen, Swiss franc, euro and U.S. dollar need to migrate towards new benchmarks for short-term borrowing costs. In this episode, we cover benchmark reform in Europe, the United Kingdom, Switzerland and Japan. When is LIBOR actually going away? What actions are being taken across the globe? What approaches are different regions taking and will this lead to market fragmentation? To discuss: J.P. Morgan’s Charles Bristow, global head of Rates, Fixed Income Financing, Credit Portfolio Trading, and Markets Resource Management, Chris Palmer, who leads the firm-wide LIBOR transition program and Cyprien Decoux, head of Rates Structuring EMEA. This podcast was recorded on May 23rd, 2019. The views in this podcast do not necessarily reflect the views of JPMorgan Chase & Co. or its affiliates (collectively, J.P. Morgan). This communication is provided for information purposes only. J.P. Morgan normally makes a market and trade as principal in securities, other financial products and other asset classes that may be discussed in this communication. For additional disclaimers and regulatory disclosures, please consult: https://www.jpmorgan.com/country/US/en/salesandtradingdisclaimer. For further information about benchmark reform and the transition away from LIBOR, please visit https://www.jpmorgan.com/global/markets/libor-sofr. © 2019 JPMorgan Chase & Co. All rights reserved.