LIBOR, “the world’s most important number”, is likely to cease after 2021. This presents significant—but hopefully surmountable—challenges. We discuss the LIBOR problem, timeline and potential shorter- and longer-term solutions. We know whereof we speak; the LSTA is a member of the overall Alternative References Rates Committee (“ARRC”), the body tasked with replacing U.S. dollar LIBOR.  We also co-chair the ARRC’s Business Loans Working Group (which is tasked with solving LIBOR transition problems for syndicated and bilateral loans) and the Business Loans Operations Subgroup (which is working to operationalize loan solutions), and are a member of the ARRC’s Securitization Working Group (where we represent the interests of CLOs.)