For those, the  4 The London Clearing House (LCH) operates SwapClear, the dominant global system for  centrally clearing over-the-counter interest rate swaps, including many Canadian-dollar interest rate swaps. -8-  transition could be much more complicated because the nature of their exposures might change. Then there are the challenges we all face within our organizations.
Transitioning to new benchmarks means adapting our trading and risk systems and back-office processes. We all know how long systems changes can take. That means starting work relatively soon, or as soon as we know what reference rates we will be using in the future.