Analysis

Libor Transition Hits 'Milestone' With NY Legacy Contracts Fix

By Jon Hill (March 25, 2021, 9:45 PM EDT) -- New York has passed legislation that should help smooth the Libor transition for potentially trillions of dollars in financial instruments, a development that financial services industry groups and attorneys are hailing as an important step in the high-stakes preparations for the benchmark's impending retirement.

By near-unanimous votes Wednesday, Albany lawmakers approved a bill designed to address the problem of so-called tough legacy financial contracts that rely on the London Interbank Offered Rate but could be thrown into disarray when it is discontinued after mid-2023.

Although regulators have been warning the financial industry for years of the need to prepare their contracts...

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