FSB Provides Timeline for Firms to Transition from LIBOR

In a report called the Global Transition Roadmap ("GTR"), the Financial Stability Board ("FSB") laid out USD LIBOR transition timelines for market participants with exposure to LIBOR cessation risk.

The FSB said that the GTR is intended to inform market participants with exposure to any of the five LIBOR currencies (USD, GBP, EUR, JPY and CHF) of steps they should be taking now, and prior to LIBOR's likely cessation by the end of 2021. Further, the FSB encouraged adherence to ISDA's fallback protocol. The FSB indicated that the GTR draws from more detailed timelines put forth by national regulators and working groups, including guidelines from the Alternative Reference Rates Committee, the Bank of England, the Bank of Japan and the European Central Bank.