UK’s tough legacy fix spells trouble for US Libor transition

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In their rush to rid the financial world of Libor rates, regulators glossed over a stubborn problem: an untold number of so-called tough legacy contracts are hardwired to the discredited benchmark and cannot be re-hitched to alternatives. With less than 18 months until Libor’s scheduled phase-out, regulators are finally addressing the issue head-on.

“The whole ballgame here is tough legacy and there’s no simple solution for it,” says Anne Beaumont, a partner at law firm Friedman Kaplan.

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UK’s tough legacy fix spells trouble for US Libor transition

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