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When law firm Linklaters decided to organize a seminar about the forthcoming demise of LIBOR, it planned to hold the event in its London auditorium, which seats about a hundred people. After more than 500 attendees signed up, it was forced to move to a larger venue.

Thursday’s packed attendance at the Honourable Artillery Company’s headquarters strikes me as testament to how corporate treasurers, bankers, accountants, and consultants are belatedly realizing the scale of the task finance faces in replacing what was dubbed—and still arguably is—the world’s most important interest rate. But the awakening may still have come too late to avoid a chaotic and expensive denouement to the benchmark.

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