Cutting the world’s reliance on Libor and related benchmarks by the end of 2021 will require “significant commitment and sustained effort”, a survey by two global institutions finds.

“Major transition challenges” remain with little more than a year left until Libor risks being discontinued, the Financial Stability Board and Basel Committee on Banking Supervision say in the report.

They warn there are gaps in some jurisdictions’ data on exposures to Libor benchmarks and that countries are at