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Comment: Banks gear up for scramble to sort legacy contracts as Libor phaseout looms

By Fiona Maxwell ( December 30, 2019, 12:05 GMT | Comment) -- Banks have in their sights the final stretch of the race to move away from the scandal-ridden London Interbank Offered Rate benchmark — but they face major hurdles to ensure a successful transition, with existing contracts likely to prove the thorniest challenge. Financial services companies have a deadline of the end of 2021 to move onto alternative, "risk-free" rates. But with much left to do, the coming year sets off the countdown clock as regulators ramp up their warnings and banks scramble to make the necessary changes.Banks have in their sights the final stretch of the race to move away from the scandal-ridden London Interbank Offered Rate benchmark — but they face major hurdles to ensure a successful transition, with existing contracts likely to prove the thorniest challenge....

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