The UK Needs Safe Harbors For Libor's Wind-Down

Law360 (March 26, 2021, 4:22 PM EDT) -- Libor, which according to some is the most important number in finance, will begin going away at the end of the year. The official sector is largely responsible for Libor's coming disappearance, and rightly so, given that the lack of an active underlying market. It is the steady drying up of the market, especially in certain maturities or tenors, that has rendered Libor no longer sustainable.

The official sector in the U.K. has also made clear that it is considering requiring the benchmark administrator to publish a synthetic form of Libor, which would be an alternative reference rate designed for use...

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