This is a exchange as a goldman's acts where we discuss developments currently shaping markets, industries, and the global economy.

I'm Jake Stewart, Global Head of Corporate Communications here at the firm.

In today's episode, we're going to revisit Libor or the London Interbank offered rate.

Libor traditionally was used as the base interest rate in

mortgages, loans, and much, much more, but over the past couple years there's been an

industry-wide transition away from Libor. That transition has a big impact both on Wall Street

and Main Street in very meaningful ways.

About two years ago, we had a podcast on the Lai Board

transition, and now we're getting an update

on what's changed, the outlook and the timing and the like.

We're joined once again by Jason Granite, head of the firm's Libor transition efforts.

Jason, welcome back to the program.

It's great to be here.

Thanks, Jay.

I hope you and your family are all well. We are. Thank you. So Jason, for those who don't file this issue every day, remind our listeners of why we're going through this transition from Wybor to a post-Libor world and what's at stake here?

Sure Jake, you know, just to take us back a few years in the summer of 2017 as a result of some work that was done after the last financial crisis.

Andrew Bailey, who at the time was the head of the FCA, and now obviously leads the Bank of England,

gave what is a seminal speech where he came now obviously leads the Bank of England,

gave what is a seminal speech where he came forward

and said that the Libor panel banks

are no longer going to support and produce

the Libor panel after the end of 2021.

...