Across the global markets, the countdown to 2022 started many months – or even years – ago. Regulators had announced that the end of 2021 would be the end of nearly all tenors of LIBOR in the $400 trillion global market. This presented multiple challenges, which Cadwalader Financial Services partner Lary Stromfeld, head of the firm's LIBOR Preparedness Team, addresses in related commentary in the Cadwalader Cabinet.