LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...
In “The Trading Game,” Gary Stevenson spills secrets of the City. By Mark Gimein It has been an arduous process to get the financial system to stop relying on the tarnished interest-rate benchmark. By ...
From here on out, your consumer or business loan rate will be set by a new standard. Replacing Libor, the obsolete benchmark for loan rates, is SOFR, the Secured Overnight Financing Rate. Its full-on ...
The LIBOR money-market rates, widely used around the world as the benchmark for interest rates on mortgages, credit cards and billions of dollars worth of other financial transactions, will be cleaned ...
LONDON, July 3 (Reuters) - The use of four dollar-denominated alternatives to the now scrapped Libor interest rate need restrictions to avoid threatening financial stability, a global securities ...
The London Interbank Offered Rate, or LIBOR—one of the most widely-recognized interest rate benchmarks of the past 37 years—will officially be retired today. The London Interbank Offered Rate, or ...
LONDON (Reuters) - Tom Hayes, a former star trader at UBS and Citigroup, will next Tuesday become the first person to face trial by jury over allegations he conspired to rig global Libor interest ...
When the LIBOR interest-rate fixing scandal broke wide open over the summer, I asked whether it was “The Crime of the Century.” The answer to that question relied on whether banks were understating ...
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