- How long firms have been preparing for the transition.
- What assistance might be required to meet the deadline and from whom.
- How much the Covid-19 pandemic has disrupted transition preparations.
- The extent to which content updates are complicated by cross-border arrangements and multilingual challenges.
LIBOR, the London Inter-Bank Offered Rate, is being phased out in favour of Risk-Free Rates (RFRs) administered from the global financial centers of London, New York, Frankfurt, Zurich and Tokyo. The challenges in addressing readiness for this transition are many and varied, encompassing complex legal, financial, regulatory and procedural undertakings and much has been written about these issues. Less has been said, however, about the impact of the transition on the significant volumes of content that will need to be updated, remediated, rewritten and translated. To understand this challenge in more detail, SDL has undertaken research among major global financial institutions to better understand how prepared they are to manage the content risk of this transition. This report details the findings of the research including:
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