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For the better part of three years, U.S. officials have been preaching patience. Bloomberg | Jan 11, 2021
(Bloomberg) It’s one of the most confounding questions facing regulators in the fight to phase out the London interbank offered rate.
How do you wean everyone from asset managers and traders to corporate treasurers off derivatives that are so ubiquitous, they’ve become part of the fabric of the financial system?
For the better part of three years, U.S. officials have been preaching patience. Libor-based interest-rate swaps, futures and options, among the most liquid markets in the world, would gradually give way to new securities tied to new benchmarks, they said, including the Secured Overnight Financing Rate, dollar Libor’s anointed successor.