A story that has caught headlines around the world, and seen a spiral of fines and negative publicity in the banking sector, has been the issues surrounding Libor (the London Interbank Offer Rate) and its impending demise.

While we know the intention of regulators is to cease the benchmark by 2021 in the UK, we don’t yet know what will replace it. With over $350tn of financial products referencing it, this is clearly not only a single benchmark, but an entire process that needs to be right.