Foundations for post-Libor system sliding into place

Critical steps for replacing Libor could be taken by next year, British industry officials told Reuters, increasing the chances of a smooth transition from the interest rate benchmark used to price financial contracts worth tens of trillions of pounds.
 
When regulators announced last month that scandal-plagued Libor would be replaced by the end of 2021, there was scepticism among some industry players over whether such a huge transition could take place on time  or even at all.
 
But preparations are already underway to put in place two essential elements for the planned replacement, SONIA, to assume its role