Markets across the globe are getting ready to this alternate reference rate following an announcement from the UK’s Financial Conduct Authority on March 5 that Libor will either cease to be provided by any administrator or no longer be a representative rate. The decision came following revelations that banks were rigging the rate, which was a prevalent benchmark over the past five decades.source https://economictimes.indiatimes.com/industry/banking/finance/banking/hsbc-executes-its-first-sofr-linked-trade-financing-with-brookfield-renewable/articleshow/88145307.cms
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