Commentary by Nihal Patel
The Financial Stability Oversight Council and the Financial Stability Board considered the "post-LIBOR transition landscape" and steps forward to ensure market resilience.
In a series of statements and reports, the Financial Stability Board highlighted recommendations to facilitate an orderly transition from the London Inter-Bank Offered Rate ("LIBOR") by the end of 2021.
In a new report, the Financial Stability Board identified the remaining challenges concerning the transition away from LIBOR.
The Financial Stability Board urged market participants to continue working to remove remaining dependencies on LIBOR by the end of 2021.
IOSCO urged market participants to assess their exposure in preparation for USD LIBOR's anticipated cessation.