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Michael Attaway Published in SA Financial Regulation Journal

The SA Financial Regulation Journal has published an article penned by Michael Attaway that explains the implications of the end of LIBOR.  Titled “Considerations for Banks in Preparing for the End of LIBOR,” the article was originally published on the KRCL blog, The Law of Banking.

The SA Financial Regulation Journal is the official financial regulation journal of the South African Institute of Financial Markets and serves as a platform where financial regulation practitioners can share their knowledge.

On July 27, 2017, Andrew Bailey, the head of the U.K. Financial Conduct Authority (FCA), surprised the banking industry (and other financial markets) when he announced the London Interbank Offered Rate (LIBOR) may cease to be published as early as the end of 2021. In his speech, Mr. Bailey said that, by January 1, 2022, the FCA will no longer compel banks to report the interbank transactions that underpin LIBOR. The removal of this reporting requirement is likely a death knell to LIBOR as we know it to today.

Read the full article.