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FSF Benchmark reform 2: Transition from LIBOR

Benchmark reform update: Our first Benchmark Reform Helpsheet (published 10 August 2018) outlined proposed changes to LIBOR and the need to transition to alternative risk free rates (RFR). Since then, awareness of Libor Transition has increased and work has been done to mitigate known risks through the development of fallback language and alternate RFR products. This second Helpsheet sets out some of the market progress, key considerations, risks and the next steps.