The UK's Financial Conduct Authority recently announced that it will not compel panel banks to produce LIBOR (the London Interbank Offered Rate) after the end of 2021. As a result, LIBOR will likely cease to exist after the end of 2021. Market participants and regulators now need to plan a transition to alternative reference rates. There is no single, obvious global replacement for LIBOR. Instead, different markets will likely have different rates.