Well the summit, or summits that are the cessation dates for Libor are now clearly on the horizon with the FCA announcing earlier in the year that Friday 31 December 2021 will be the final publication date for panel bank sterling, Japanese yen, Swiss franc and euro Libor rates along with a number of lesser used US dollar tenors. The remaining US dollar tenors will cease in mid-2023. These summits have been on the horizon for over a decade and have been well signposted but they are now clearly visible, but as any climber will tell you the hardest part of mountaineering is often the descent. It can often be more treacherous than the climb. So with the market having definitive dates for the end of Libor – I am going to focus my comments today on descending safely – remembering the important role benchmarks play in the financial system and why financial firms and borrowers would be well served in choosing the most robust alternative reference rates that meet their use case. Transition from Libor was always going to be challenging given its widespread use, but to those looking for an easy descent by substituting Libor for credit sensitive rates that do not address all of its fundamental weaknesses, they risk much of the good progress that has been made. While these rates may offer convenience as a short-term substitution, they present a range of complex longer term risks.
ICE Term SONIA Reference Rates  ; Refinitiv Term SONIA  14. Standard on use of Term SONIA reference rates 15. Investor size, liquidity and prime money market fund stress 16. Re: Transition to the Secured Overnight Financing Rate – The Views of Nonfinancial Corporations  Descending safely: Life after Libor ‐ speech by Andrew Bailey | Bank of England  Page 6  Andrew Bailey Governor, Bank of England  Sign up for latest updates  Descending safely: Life after Libor ‐ speech by Andrew Bailey | Bank of England  Page 7