International: In 2014, the Financial Stability Board (FSB) recommended enhancing existing IBORs and the development and adoption of alternative risk-free rates (RFRs) and several jurisdictions have since established working groups which have developed appropriate RFRs as alternative benchmark rates or worked towards reform of existing rates.

LIBOR replacement : Although LIBOR has been a bedrock of the financial markets for over 30 years, in July 2017 it was announced that after the end of 2021, the Financial Conduct Authority (FCA) will no longer encourage or compel LIBOR panel banks to provide quotes and so the FCA is encouraging the development and transition to alternative reference rates as a priority. Despite the coronavirus pandemic, the FCA has indicated that it does not intend to alter this timeframe. Work continues in the jurisdictions for the currencies for which LIBOR is currently published (Sterling, dollars, euro, Swiss francs and Japanese yen) to facilitate transition to alternative rates – see LIBOR transition below.

Product areas: Trade and other associations are working with the relevant jurisdiction and currency specific working groups on transition issues pertinent to their specific products, to ensure appropriate consistency for linked products and, where necessary, to update their documentation to accommodate alternative benchmark rates - see trade and industry bodies​ below.