Phil Lloyd

A lot of the corporate market are waiting for a few things of which one is a term rate. And if they never get a term rate, then waiting will lead to them still executing Libor, and not being ready for Sonia. The clock is ticking, and the other point about having a term rate is you're starting to get back into a world where you are really recreating a new version of Libor.

Part of the market is very educated and smart on this and part of the market is not even aware that Libor is going.