Twin-track solution for ‘tough legacy’ Libor falls flat

Critics deplore lack of detail in UK taskforce's call for parallel legal fix and synthetic rate

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A sketchy report on one of the big challenges in Libor transition has disappointed observers who were hoping for more detail.

The report recommends a belt-and-braces approach to rescuing derivatives, bonds and loans that will be left without a viable reference rate when Libor stops being published. Panel banks will be free to walk away from the benchmark from the end of 2021.

“There’s literally nothing in here that hasn’t been talked about and isn’t already on people’s minds,” says a partner

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