Moving from LIBOR to alternative reference rates (ARRs) is a massive undertaking across capital markets and includes several key elements:

• new benchmarks must be widely adopted by a variety of participants;
• technology must be upgraded to process products linked to the new benchmark(s);
• legal teams must amend trillions of dollars of existing contracts tied to LIBOR; and
• financial markets must model structural adjustments to integrate the economics of the new rate.