31^st December 2021 marked a long-anticipated landmark in the global financial market; with a few exceptions, the publication of the London Interbank Offered Rate (“LIBOR”) has ceased. Out of the 35 settings of LIBOR in CHF, EUR, GBP, USD and JPY, only 11 remain in place as of 1^st January 2022.

Our lawyers, Shane Mungur, Senior Associate, and Leticia Esther, Associate, in the Banking and Finance Practice, wrote an overview of the current situation of the LIBOR transition.