Synthetic Libor faces legal obstacles
EU benchmark rules may thwart ‘tough legacy’ fix, reviving calls for blanket legislation
A possible fix for averting chaos in financial contracts most stubbornly welded to Libor may not be permissible under the European Union’s benchmark regulations.
A synthetic version of sterling Libor is under consideration by an industry working group as a last-ditch measure to future-proof so-called ‘tough legacy’ contracts, which cannot be renegotiated to reference successor benchmarks
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