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LIBOR and Reference Rate Reforms
London Interbank Offered Rate (LIBOR) is the world’s most widely used benchmark and is pervasive throughout the global financial system. It is the benchmark for over US$350 trillion in financial contracts worldwide. The London Interbank Offered Rate (LIBOR) may cease to exist after December 2021 and hence is being replaced. The impact of the transition from LIBOR will be far-reaching and spread across industries globally as well as in India. In the Indian context, the key businesses impacted by LIBOR would include:
- Capital Markets
- Commercial Lending
- Retail Banking and Wealth Management
- Investment Management
- Corporate Treasury
The following areas that will be impacted in most organizations across industries:
- Derivatives and Hedge Accounting
Process and Controls
Risk Management
Product Characteristics
System Infrastructure
Tax implications
Opportunities emerge
Firms across the globe are gaining expertise in the new benchmark and have started to address the impact of LIBOR transition across their organisation by:
Creating new and differentiated products
Improving customer experiences and increasing customer loyalty
Standardising and improving processes
- Making internal improvements in agility, collaboration and decision making
How PwC can help
PwC LIBOR and reference rate reform specialists in territories throughout the globe can help you assess, prepare for, and execute on the transition. We work with you across the entire lifecycle of the LIBOR transition, including:
Programme mobilisation and governance
Impact assessment and transition planning
Contract management and remediation
Client and customer outreach and communications
Systems and process changes
Risk and valuation model changes
Managing related tax and accounting implications
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Contact us
Kuntal Sur
Partner and Leader, Financial Risk and Regulations, PwC India
Tel: +91 22 6669 1335
Kapil H Todi
Associate Director, Financial Risk and Regulations, PwC India
Tel: +91 98 2060 0369
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