Financial Markets and Funds partner Ilene Froom spoke with Financial News as part of a look back at the sunset of the London Interbank Offered Rate (LIBOR), how that affected those who worked in the financial services industry and where those professionals go from here. Ilene noted that a major task was education about Secured Overnight Financing Rate (SOFR) as well as the guidance coming from the Alternative Reference Rates Committee (AARC). She stated, "At the beginning, a majority of my work was a combination of explaining SOFR and the disappearance of Libor, why parties needed to remediate their contracts and going through the recommendations of the AARC." As the cut-off date drew closer, Ilene shared that nearly half of her days were solely devoted to LIBOR. "I not only worked on contractual language, I also helped clients analyze their contracts, whether or not they needed to be remediated and how they could be amended."
"Libor is dead. Now hundreds of experts must reinvent themselves," Financial News, July 10, 2023
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