Even in the United States and the United Kingdom, where the reform has been promoted, smooth transition from LIBOR is considered a challenging project given the time limit of the end of 2021. Now, I would like to explain why interest rate benchmark reform is not easy in any jurisdiction, including Japan.
It is comforting to note that your 2006 officials are mainly re-electionists, led by your President Mr. Roberto Banaag. Your membership made a wise decision as this move ensures, among others, continuity and consistency of your programs and advocacies.