As the London Interbank Offered Rate (Libor) ceased to be available as an interest rate index after 31 December 2021, SRP caught up with Chris Schell (pictured), partner at law firm Davis Polk and Wardwell to discuss the ongoing transition within the structured products industry.
Schell notes that several Libors have been phased out such as euro, Japanese yen, Swiss franc, and pound stirling Libors as well as one week and two-month USD Libors. However, others are still in use until June 2023 like the one-month, three-month, six-month, and 12-month USD Libors. “Another aspect of this is that the bank regulators have been putting a lot of pressure on the main banks to transition immediately, notwithstanding the fact that are Libors which are going to keep going. Maj
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