Why Ditching Libor Is Vexing the Financial World

Declaring an end to Libor is one thing, making it happen another altogether. The deadline to drop the discredited London interbank offered rate is approaching at the end of 2021, leaving the financial world scrambling to adjust contracts on hundreds of trillions of dollars’ worth of products, from mortgages and credit cards to derivatives. The risk of a chaotic transition has been likened to Y2K and the fear of computer systems misfiring at the end of the last millennium, only with the added cha