This paper discusses the transition from LIBOR, a key global benchmark interest rate used in financial contracts worth trillions, following concerns over manipulation and declining relevance in interbank lending. Authorities, including the UK’s Financial Conduct Authority, announced its phase-out, prompting a shift toward alternative risk-free rates tied to major currencies. Financial institutions must adapt to this significant change by updating systems, contracts, and processes to ensure continuity and compliance. Successful transition requires careful planning, risk management, and coordination across stakeholders, as it impacts lending, pricing, and financial operations globally.

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