End of Libor: fallback provisions will be key for a smooth transition

Regardless of where the interest-rate benchmark is going and the speculation suggesting it will continue to be used beyond its ‘sell by’ date, the most important safety belt for the manufacturer of products linked to Libor is ensuring that contracts that do rely on the benchmark have clear fallbacks that deal effectively with the transition. This is true across all markets, but is perhaps of particular systemic importance in the swaps market, given the sheer size of exposures. The I