Much of the discussion over switching from Libor to RFRs is around technicalities, such as value transfer and crucial though these factors are, firms should not overlook the conduct risks involved in the transition.

Replacing Libor is no easy matter, given that it is so deeply embedded in the financial system. However, regulatory efforts to marginalise the benchmark are forcing the industry to devise alternatives, writes Henning von Sachsen-Altenburg of PricewaterhouseCoopers.