This survey, launched by Mazars at the end of 2018, aims to reflect the state of the European Financial Services industry readiness for IBOR reform and, to identify the key challenges and potential solutions during the transition period. Although the reform came as no surprise, its extent, rapidity and potential impacts were not anticipated. To add to the complexity, each European jurisdiction progresses at its own pace, sometimes conveying, different – if not opposing – messages.
Aware of the strategic, legal, financial and operational challenges, such a reform can raise for the FS industry, Mazars wanted to:
Understand how the industry is preparing
Existence of a dedicated IBOR programme
Sponsorship and governance of the programme
Identify the main challenges: resolved and ongoing
Understand the industry expectations in the short term
The survey was conducted within an evolving environment where solutions and new challenges were raised along the way. Some challenges identified at that time may now be resolved. However, we have done our best to update this report with the latest information available.