The decision to get away with LIBOR was take quite some time back and now its nearing to the date which is end of 2021, there is process in this effort to standardize it by fallback provision. But this is much to do in less than 2 years’ time from now. Regulators needs to come u with final definition on fall back provision and Firms need to move fast with their decision on outstanding deals and also roadmap for implementing the change in system.

This is also an opportunity for firms to make more scalable and configurable solution so any such scenario in future can be handled with lesser effort from System upgrade perspective. There is opportunity for IT team to bring their capability in AI/machine learning, robust digital document management.