[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-203510-105":59,"doc-detail-203510-en":130},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":123,"head_meta":125,"extra_data":127,"updated_unix":129},105,"en","libor-discontinuation-transition-executive-summary-from-libor-to-sofr","LIBOR 停止过渡：从 LIBOR 到 SOFR 的执行概要","","Executive summary and technical background on the planned discontinuation of LIBOR and the transition to alternative reference rates. It explains LIBOR’s historical role as a global benchmark tied to an estimated $350 trillion in instruments, the market conditions that undermined unsecured interbank lending liquidity, and the credibility issues raised by manipulation scandals. It then outlines U.S. regulator objectives via ARRC, the introduction of SOFR, and practical steps for firms to manage LIBOR exposure, review fallback language, and assess system readiness.",{"@graph":69,"@context":122},[70,84,105],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/libor-discontinuation-transition-executive-summary-from-libor-to-sofr/203510/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/libor-discontinuation-transition-executive-summary-from-libor-to-sofr/203510.png","ImageObject",300,407,{"name":92,"@type":93},"\tWilliam","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-08","2026-09-04",true,{"@type":102,"interactionType":103,"userInteractionCount":29},"InteractionCounter",{"@type":104},"ViewAction",{"@type":106,"mainEntity":107},"FAQPage",[108,114,118],{"name":109,"@type":110,"acceptedAnswer":111},"为什么要停止 LIBOR？","Question",{"text":112,"@type":113},"监管机构在担忧市场操纵的同时，也因伦敦无担保同业融资的程度持续下降而推动替代基准。LIBOR 的报价也曾出现依赖“专家判断”的情形，流动性不足与可信度问题进一步加剧风险。","Answer",{"name":115,"@type":110,"acceptedAnswer":116},"美国的过渡工作由谁负责，目标是什么？",{"text":117,"@type":113},"美国的 Alternative Reference Rates Committee（ARRC）被要求两项关键任务：找出替代 LIBOR 的基准利率，并制定市场策略以完成平稳过渡。",{"name":119,"@type":110,"acceptedAnswer":120},"企业在停止 LIBOR 前应如何准备？",{"text":121,"@type":113},"需要按产品逐一识别自身的 LIBOR 敞口，审查存量合约中的 fallback（回退）条款，并评估相关系统的就绪情况，以应对过渡的成本高且过程复杂、且可能持续数年。","https://schema.org",{"og:url":83,"og:type":124,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":126,"canonical":83},"index,follow",{"doc_id":128,"site_id":62},203510,1788561602,{"code":4,"msg":5,"data":131},{"doc_id":128,"user_id":132,"nickname":92,"user_avatar":133,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":134,"file_id":135,"file_url":136,"file_type":137,"file_size":138,"view_count":29,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":39,"language":139,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":140,"faqs":141,"seo_title":142,"seo_description":67,"update_tm":129,"read_time":46},5909887254083,"https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c","The end of LIBOR  \nIT’S SO HARD TO SAY GOODBYE  \n“The discontinuation of LIBOR is not a possibility. It is a certainty. We must anticipate it, we must accommodate it and we must adapt to it.”  \nJ. Christopher Giancarlo  \nChairman, U.S. Commodity Futures Trading Commission July 2018  \nEXECUTIVE SUMMARY  \n• Since 1986, the London Interbank Offered Rate (LIBOR) has been one of the most important interest rates in the world and is referenced as the standardized benchmark for many financial instruments such as interest rate derivatives (swaps, options, Eurodollar futures), floating rate notes, business loans and securitized products (mortgages), and government bonds amounting to almost $350 trillion in outstanding notional.  \n• In response to concerns about market manipulation as well as continued decline in the degree to which banks fund themselves in the London interbank market, global regulators have selected alternative reference rates to LIBOR.  \n• In the United States, the Alternative Reference Rates Committee (ARRC) has been tasked with two primary goals—to identify an alternative reference rate to replace LIBOR, and to develop a market strategy to make the transition.  \n• In April 2018, the Federal Reserve Bank of New York (NY Fed) began publishing the Secured Overnight Financing Rate (SOFR), a new benchmark rate intended as a replacement for LIBOR. However, this rate is structurally different from LIBOR and there have been some concerns expressed about the possibility of significant economic impact and uncertainty over how this transition process will develop.  \n• Transitioning away from LIBOR will be an expensive and complicated endeavor that will take several years to achieve. While much uncertainty remains, insurance firms should plan for LIBOR cessation by first identifying LIBOR exposure on a product-by-product basis, reviewing fallback language in legacy contracts, and evaluating systems readiness.  \nOCTOBER 2019  \nMilliman Financial Risk Management LLC  \nCapital Markets Group  \nRam Kelkar, CFA David Schreiner, FRM Jeanne Russo  \nJosh Dobiac, LLM, JD, MS, CAIA  \nLIBOR  \nOften referred to as the “world’s most important number,”LIBOR is a widely used benchmark that indicates the interest rate at which banks are willing to lend to one another on an unsecured basis (without collateral). It is produced for five currencies (Swiss franc, euro, pound sterling, Japanese yen, and U.S. dollar) and seven tenors per each currency (overnight/ spot next, one-week, one-month, two-month, three-month, sixmonth, and 12-month), based on submissions from a reference panel of between 11 and 18 contributor banks for each currency, resulting in the publication of 35 rates every applicable London business day. In this paper,“LIBOR” is used to refer specifically to the LIBOR with the deposit term that is most common in a given currency’s swap market. For example, for U.S. dollars it would be three-month. The Japanese yen, pound sterling, and euro would be six-month.  \nAn estimated $350 trillion of market instruments are tied to LIBOR. Derivatives are the largest proportion and the notional amount accounts for almost 95% of the total outstanding gross notional value referencing LIBOR. The other 5% are cash products that include floating rate notes, syndicated loans and bilateral corporate loans, term wholesale deposits, overdraft and trade finance facilities, covered bond, capital securities, perpetual and securitized products, as well as retail and commercial mortgages.  \nTHE PROBLEMS WITH LIBOR  \nAfter the global financial crisis, banks awakened to the scale of counterparty risk and became less willing to lend to one another on an unsecured basis and new laws were created to encourage banks to use other forms of borrowing to reduce their reliance on volatile short-term lending. As a result, interbank lending has decreased significantly. On many days, there are no transactions at all so that some quotes are based on “expert judgment” of the p","cbCaijipBTJt9ooP","https://ap.wps.com/l/cbCaijipBTJt9ooP","pdf",621048,"English","# Executive Summary\n## LIBOR: definition and market scale\n## The problems with LIBOR\n## Background on benchmark interest rate roles in the U.S. market","[{\"question\":\"为什么要停止 LIBOR？\",\"answer\":\"监管机构在担忧市场操纵的同时，也因伦敦无担保同业融资的程度持续下降而推动替代基准。LIBOR 的报价也曾出现依赖“专家判断”的情形，流动性不足与可信度问题进一步加剧风险。\"},{\"question\":\"美国的过渡工作由谁负责，目标是什么？\",\"answer\":\"美国的 Alternative Reference Rates Committee（ARRC）被要求两项关键任务：找出替代 LIBOR 的基准利率，并制定市场策略以完成平稳过渡。\"},{\"question\":\"企业在停止 LIBOR 前应如何准备？\",\"answer\":\"需要按产品逐一识别自身的 LIBOR 敞口，审查存量合约中的 fallback（回退）条款，并评估相关系统的就绪情况，以应对过渡的成本高且过程复杂、且可能持续数年。\"}]","LIBOR 停止过渡：从 LIBOR 到 SOFR 的执行概要 | PDF"]