Libor and why treasurers have their finger on the ‘pre-cessation’ trigger
Financial firms can’t seem to come to an agreement on the unofficial “pre-cessation” trigger that will signal the beginning of the end for Libor. Meanwhile, SOFR faces some controversy.
By the end of the next year, the London Interbank Benchmark Offered Rate (Libor) should be phased out and is expected to replaced by one of three potential alternatives – the Secured Overnight Financing Rate (SOFR) in the United States, the Sterling Overnight Index Average (SONIA) in the United Kingdom and the Euro short-term rate (€STR) in the rest of the European region.
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