What If Market Snubs SOFR As New Benchmark Interest Rate?
By Alex Cota, Elizabeth Loonam and Marni Isaacson (June 30, 2021, 2:09 PM EDT) -- Libor is being phased out as a result of the U.K. Financial Conduct Authority's prior announcement that it will no longer require banks to provide Libor estimates. The change coming on the heels of the 2012 Libor manipulation scandal and the fact that the Libor benchmark has been based on fewer and fewer transactions.
The general sentiment is that all these facts make Libor a decreasingly reliable benchmark for the global financial markets.
On March 5, Libor's administrator, the ICE Benchmark Administration set out clear end dates for U.S. dollar Libor, noting it will cease publication of overnight, one-, three-, six-...
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