Get ready for the IBOR transition

Financial institutions face enormous challenges in the LIBOR transition and the transition from other benchmarks to RFRs. The reform is significant.

This transition is not a one-off switch — it is a long and complicated journey, with participation from regulators. Market participants need to take immediate action to ensure a smooth transition.

MX.3 for IBOR Reform can help you navigate the LIBOR transition and IBOR replacement, delivering new functionalities for all asset classes, including cash and derivatives, to ensure a smooth transition.

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IBOR replacement challenges

A developing regulatory environment

Emerging market standards and conventions

Global impact and time-constrained transition

Operation-intensive transition

Complex modeling requirements for emerging RFR products

Multiple phases and challenges loom post-IBOR cessation

Countdown to US dollar cessation

  • JULY 2017 FCA Andrew Bailey speech
  • JANUARY 2018 SARON replaces TOIS
  • APRIL SOFR publications begins
  • MAY CME starts SOFR futures
  • OCTOBER Eurex starts SARON futures, ICE starts SOFR futures
  • JUNE First GBP FRN transitions from LIBOR to SONIA
  • OCTOBER €STR publication begins
  • JULY €STR discounting switch at CCPS
  • AUGUSTDiscounting switchAcceleration of CSA re-papering of bilateral trades – driven by change in Collateral Interest calculation (PAI)
  • OCTOBER SOFR discounting switch at CCPS
  • Term SONIA rates tradable by end of 2020
  • JANUARY ISDA fallback protocol
  • Transition EventsEarly transition:
    • • Bilateral derivates
    • • Loans & Bonds
  • Terms rates for SOFR/others
  • DECEMBER Cessation of non-USD LIBOR publications
  • Cessation of USD LIBOR 1W and 2M publications
  • Options on RFR
  • JUNE Cessation of the remaining USD LIBOR publications
  • SOR discontinuation
  • THBFIX discontinuation
  • PHIREF discontinuation
Still to come
  • Term rates for €STR
  • BBSW/EURIBOR termination?
  • HIBOR discontinuation
  • Cessation of other LIBOR publications and LIBOR-dependent benchmarks?
  • Synthetic USD LIBOR

MX.3 for IBOR Reform
Seamless, flexible, intuitive

  • Multifaceted solution
  • Covers all business processes across FO, Operations, Risk, Finance
  • Quick evolution as market transformations unfold (e.g. new instruments, new models, fallback protocols, etc.)
  • Easy solution deployment

Accelerate, automate and simplify the LIBOR transition with MX.3

“The central assumption that firms cannot rely on LIBOR being published after the end of 2021 has not changed, and this should remain the target date for all firms to meet.” BoE, FCA and GBP WG joint statement
“At the time that Libor ceases, there is a good chance the fallback spread will be relatively close to the historic median. However, there is also a possibility that the spread will be significantly above, or even below, the historic median.”Christopher Willis and Edmund Allen, Coremont LLP
“We know that Libor will continue until end 2021, but announcements about the discontinuation from the end of 2021 of Libor settings could come as early as November or December this year”Edwin Schooling Latter, FCA
“We’re pleased to be continuing our work toward a smooth transition to alternative reference rates. Our work with Murex will enable us to continue along this path and allow us to adapt to the changes in a timely manner.”Philip Whitehurst, LCH

Our Insights


IBOR Transition: Addressing the Market Challenges Posed

Listen as Murex's Didier Loiseau shares an overview on how MX.3 for IBOR Reform can help capital markets players address the major challenges posed ahead of the December 2021 deadline.

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LIBOR Transition: Hitchhiker's guide to the non-linear RFR galaxy

Didier Loiseau, global head of trading and financial engineering, and Kamal Hirbli, global head of rates, bonds and credit at Murex,​ explore the uncharted territories of non-linear RFR trading.

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Technology's Role in LIBOR Reform

Stella Clarke, Murex CMO, sat down with Finextra to discuss the challenges that come with the move away from LIBOR, the steps that capital markets institutions need to take to be ready for the change and how the right technology can help smooth the transition path.

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LIBOR Special Report - Murex Q&A

Alexandre Bon, Murex head of marketing for APAC, provides insight on key industry concerns around the transition away from LIBOR in this question and answer session with

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LIBOR Virtual Week

In this LIBOR Virtual Week webinar, Didier Loiseau, global head of rates, bonds and credit at Murex, gives a guide to the new world of risk-free rate benchmarks in the transition phase.

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Cliff effect might demand risk calculation agility until Libor cessation

The challenge that the capital markets industry is facing as short-term SOFR and LIBOR remain decorrelated until the Libor Transition is outlined in this feature.

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LIBOR Endgame

In this video from Sibos 2019 in London, Didier Loiseau, Head of Rates and Credit Product Development at Murex looks at the story thus far, the challenges ahead and the role of technology as LIBOR takes it final bow.

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As LIBOR, Similar Benchmarks Phase Out, Alternative Reference Rate Adaptation is Key

Technology is key to financial institutions’ ability in overcoming alternative reference rate transition hurdles. Market actors need to be able to trade, process and risk manage new benchmarks.

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Video LIBOR Series: USD / SOFR

Listen as industry professionals discuss the outstanding issues associated to transitioning financial products tied to U.S. dollar Libor and remaining concerns over the Secured Overnight Financing Rate (SOFR).

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MX.3 for Cross-Asset Trading

As the capital markets continue to evolve, opportunities and challenges appear in equal measure. In this time of fundamental change, banks must offer rich services and creative solutions to their clients, while balancing cost pressures and regulatory constraints.

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Risk Australia Virtual 2020

Murex's Alexandre Bon joins a panel of industry experts at Risk Australia to discuss the LIBOR benchmark reform in the Australian context.

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Risk ASEAN Virtual 2020

Murex's Alexandre Bon takes part in this panel discussion at Risk ASEAN to discuss the hot topic of 'LIBOR transition – How can ASEAN prepare for it?' as  the 2021 deadline draws closer.

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Upcoming ISDA Fallbacks Highlight Need for Right Solution to Manage the LIBOR Transition

In the evolving ISDA context, this blog seeks to explore what IBOR solution technology is necessary to address the two major dynamics of the transition.

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Race to LIBOR Transition: A Global Perspective

Listen as Murex's Didier Loiseau shares a global perspective on how the LIBOR Transition will impact markets and asset classes around the world at the Almus Rupee Money Conference 2020.

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Get in touch with Murex’s IBOR team

Murex’s dedicated team is here to help you with the upcoming IBOR transition and support you in meeting the regulatory deadline. Please call your regional office or, if you prefer to be contacted, complete the form and one of the team will get in touch.

    About Murex

    For more than 30 years, Murex has been providing cross-asset financial technology solutions to capital markets players. Its platform, MX.3, supports trading, treasury, risk and post-trade operations, enabling clients to better meet regulatory requirements, manage risk, and control IT costs. With more than 55,000 daily users in 60 countries, Murex has clients in many sectors, from banking and asset management to energy and commodities. The MX.3 Risk and Regulatory Suite is a comprehensive framework that enables financial institutions to build a strategy for regulatory compliance and internal risk management. Find out more at

    Find out more about how Murex can be your technology partner for the future with MX.3, the leading agile technology platform for the capital markets.

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