Elevate City Papers summarise the knowledge and expertise shared by leaders, under Chatham House Rule at Elevate City events, to contribute to strategic discussion and debate on topics within the financial services industry, and more broadly.
Latest Elevate City Paper
The Rate of Change: LIBOR
The current transition from the London Interbank Offered Rate (LIBOR) to a variety of other benchmark rates, most of which are recently created, is setting off alarm bells in financial centres around the globe. At the beginning of 2020, firms were already questioning whether they had enough time to complete this project, but with the coming of the Covid-19 pandemic, panic is now setting in as they move from planning and strategy phases to implementation and execution.
LIBOR is a widely-used measure of the average interest rate at which international banks are willing to borrow unsecured funds in the wholesale market. It is calculated based on submissions from a qualifying group of banks and is published in five currencies and a range of tenors.