
The Libor Change Is Coming - telotortium
https://www.bloomberg.com/opinion/articles/2019-08-27/the-libor-change-is-coming
======
telotortium
This is one way of getting management buy-in for code maintenance:

> Imagine if you worked at a bank and someone came to you and said, “you have
> to restructure all of your derivatives now, every single one of them, it is
> basically the law.” On the one hand: Sounds like a lot of work! On the other
> hand: Restructuring every derivative! You are going to get so rich!

> [...]

> Yeah, look, I take the point, there’s a lot to do and it’s complicated and
> labor-intensive. If you’re the Libor Transition Guy at a big bank, you are
> going to be spending so much money on lawyers and computer programmers to
> scour and rewrite all your contracts and code to reflect new interest-rate
> benchmarks. On the other hand, if you are not also the biggest profit center
> at the bank for the next five years, I kind of think you are doing it wrong?

