
SOFR adoption stalls after US Libor delay
Stay of execution, RFR illiquidity and fallback reliance slow SOFR adoption

The derivatives market’s transition to the secured overnight financing rate (SOFR) has stalled since regulators granted US dollar Libor an 18-month reprieve, with traders blaming poor liquidity and the industry’s reliance on new fallback language for a dearth of new swaps linked to the successor rate since November.
Five of the most heavily used US dollar Libor fixings will survive until mid-2023, but regulators have insisted that no new Libor risk should be traded after the end of 2021, when
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