Thank you for making me part of the celebration of your success. Your hard work is being rewarded by earning an internationally-recognised qualification that ICSA confers upon you. I congratulate you for the academic commitment you have displayed and for the passion within you to contribute to the business community and the country’s progress.
If the publication of LIBOR were to become untenable or if we were to simply “end LIBOR”, as some have urged, untangling the $ trillion in outstanding U.S. dollar LIBOR contracts would entail a protracted, expensive, and uncertain process of negotiating amendments to an enormous number of complex documents – a horrible mess and a feast for the legal profession, to be sure.