In the US, it’s an even ‘tougher legacy’ for Libor

A legislative solution for cash products is in the works, but lawyers say it raises constitutional issues

As Libor ambles towards possible extinction, the big financial centres are moving at different speeds away from the discredited benchmark.

Among the slowest is New York.

In the US, solutions to the post-Libor dilemma for cash products are light on the ground, even as the benchmark winds toward irrelevance at the end of 2021. The most obvious fix, directly converting to Libor’s US successor, the secured overnight financing rate (SOFR), or inserting the new rate as a backup, generally requires