Any firms that have not done this will, on the 1 January 2022, be facing the prospect of significant disruption to their contracts and operations. This could lead to more widespread disruption through the financial system. [8] Regulators will therefore be keeping a close eye on progress between now and then to ensure that the necessary work is completed on time.
For any that may still hold doubts about the need to act, I'd like to stress that there is no alternative path to follow to move away from LIBOR. Waiting and seeing – for what others do or what other more convenient benchmarks might emerge in the future – is not a viable transition plan.