Corporates warn of legal risk in Euribor transition

Proposed new methodology behind benchmark constitutes a "fundamental" change, ACT argues

Revised rates could raise prospect of legal challenges to contracts, says trade body

Proposed changes to the methodology behind Euribor – the reference rate for trillions of euros' worth of interest rate swaps – are significant enough that holders of the contracts could have grounds to claim they are no longer valid when the benchmark is overhauled, an industry group representing corporate treasurers has warned.

The Association of Corporate Treasurers (ACT) is arguing that under proposals from the European Money Markets Institute (EMMI), Euribor's administrator – which will see

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