Global law firm Reed Smith recently advised the European Federation of Energy Traders (EFET) on updates to its standard templates, replacing soon-to-be discontinued reference rates - including London Inter-bank Offered Rate (LIBOR) settings – with “risk free rates”.  The upgrade of the EFET standard templates enables market participants to mitigate their exposure to the soon-to-be discontinued settings, which will cease to exist or become non-representative after the end of 2021.  Contracts developed by the EFET are critical to efforts to standardize wholesale power and gas contracts in Europe.

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The Reed Smith team advising the EFET included Joe Kohler and Charlotte Simpson, a London-based finance partner and associate, respectively.

Additional information pertaining to the templates can be found via this press release issued by the EFET.