Dan Krieter and Dan Belton discuss some recent key developments in the Libor-SOFR transition, including: ISDA’s soon to be released protocol, Libor fallback values, and the potential for a pre-cessation trigger by the end of 2020. In addition, they cover key obstacles that remain including a term structure for SOFR and ultimately whether or not the end of 2021 remains a viable target for the end of Libor.