trending Market Intelligence /marketintelligence/en/news-insights/trending/NbPblvMniTXoLc23GzPAqw2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

UK banks unlikely to end Libor use by October due to software upgrade struggles

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Street Talk Episode 70 - Banks' Liquidity Conundrum Could Fuel M&A Activity

StreetTalk – Episode 69: Banks left with pockets full of cash and few places to go

Street Talk – Episode 69: Banks left with pockets full of cash and few places to go

UK banks unlikely to end Libor use by October due to software upgrade struggles

Many of the U.K.'s banks may not be able to stop issuing loans linked to the discredited London interbank offered rate, or Libor, by October as they are still contending with critical software upgrades required to use alternative reference rates, Reuters reported Jan. 13, citing industry sources.

Executives from financial technology firms Finastra Global Ltd. and Fidelity National Information Services Inc., that supply loan management software to financial institutions, told Reuters that not all banks will be ready by the deadline due to the amount of time required for testing the software upgrades, which can take up to 18 months. They added that only a few loans tied to alternative rates such as the sterling overnight index average rate, or Sonia, had been issued so far.

The two software suppliers indicated that small banks have been slower in upgrading their systems, according to the report.

Despite the October target being a mutually agreed-on goal rather than a regulatory mandate, the U.K. Financial Conduct Authority told the newswire it would not look favorably on lenders and borrowers coming up late in abandoning Libor.

According to the report, the regulator's director of markets and wholesale policy, Edwin Schooling Latter, said banks that miss the target date will need to clearly show how they plan to quickly upgrade their systems. He added that companies that have no plans to end their dependence on Libor post-deadline will be scrutinized by the watchdog to see how they are managing risks, Schooling Latter added.