US Marks ‘Critical Step’ on Tough Legacy Libor
By Oliver Wade
April 8, 2021, Global Investor Group
The US Federal Reserve’s Alternative Reference Rates Committee (ARRC) is marking a “critical step” in the transition from Libor to the Secured Overnight Financing Rate (SOFR) with the signing into New York State law of legislation on legacy contracts.
State governor Andrew Cuomo has signed into law legislation passed by the state’s legislature last month to address legacy contracts that mature after mid-2023 and do not have effective fallbacks, the ARRC said in a statement late on Wednesday.
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