In this week's FFF: Industry Conversations, Jeremy Cross, a Cadwalader partner and member of our LIBOR Preparedness Team in London, discusses the state of play and issues around the proposed replacement of Sterling LIBOR with "SONIA" with two other members of the LIBOR preparedness team in London, special counsels Michael Sholem and Assia Damianova. The discussion covers all the high-level things you need to know, including what a "risk-free rate" is, the main differences between SONIA and LIBOR, the documentary and other changes that this will require, the implications of this on Margin and other costs, what market participants need to be thinking about and when, as well as some of the issues and questions that still remain.
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