After being an integral part of financial markets for many years, the interbank offered rates (IBORS) are to be reformed by the end of 2021. This reform comprises a number of initiatives coordinated by supranational committees, regulators and central banks with the aim to find alternative risk-free rates (RFRs).
Some jurisdictions have already established their RFRs, such as the United States, United Kingdom, Switzerland and Japan. However, the approaches and the timing of their implementation varies from country to country. To help you better understand the impact of these changes we have prepared a short Factsheet.