Lawmakers have to sort ‘tough legacy’ Libor products – survey
Six jurisdictions told the Financial Stability Board (FSB) they’ve identified financial products that cannot be moved off Libor, the soon-to-be-extinguished interest rate benchmark. Most said legislative action would be needed to deal with these so-called ‘tough legacy’ contracts.
Four of these jurisdictions said products like floating rate notes and securitisations have high consent thresholds for changing their terms, meaning they could not be transitioned through simple contractual fixes.
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