LIBOR, one of the most used benchmarks globally, will soon cease to be published.
The European legislative framework regulating financial benchmarks (Regulation (EU)
2016/1011 1 ) has been recently amended 2 granting the European Commission powers to
accompany the transition away from LIBOR in the European Union.
Nevertheless, significant reliance on any of the LIBOR settings at the time of their
discontinuation or loss of representativeness may have an impact on the functioning of the
European financial system.
In order to ensure a smooth transition away from LIBOR, market participants are encouraged
to actively reduce their exposure to LIBOR and not wait for the exercise by the European
Commission of its new powers to designate a replacement for LIBOR pursuant to Article 23b
of Regulation (EU) 2016/1011.