US federal legislation ‘eliminates’ need for synthetic Libor

‘Tough legacy’ proposal will be discussed at a House Financial Services subcommittee meeting on April 15

congress

A federal fix for so-called tough legacy Libor contracts that is on the verge of being proposed in the US House of Representatives may curb demand for a synthetic version of US dollar Libor when the benchmark ends in mid-2023.

Democrat Brad Sherman is circulating a discussion draft of the legislative proposal, seen by Risk.net, which aims to reduce litigation risk when Libor contracts are re-hitched to a successor rate. Sherman represents California’s 30th District and is the chairman of the

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