Now, with two elections looming in the two largest countries of the European Union, it is sometimes a little bid difficult to come to common positions especially on the most difficult chapters that are still open.
As is the case for all of you, a transition will be a complicated task for the broker-dealers and other members of the ARRC, and will involve significant costs. Over time, however, I think the ARRC members have developed a greater understanding of the risks to LIBOR and now see that, despite those complications and costs, a transition may prove necessary.