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Goldman Sachs Group Inc. sees a global migration away from the scandal-tainted London interbank offered rate (LIBOR) improving the soundness of debt markets, but it’s likely to be an arduous process.

The world was put on notice last year that LIBOR was set to be consigned to the history books, and global regulators have been spearheading the promotion of alternatives to the half-century–old global borrowing benchmark. In the U.S., the heir presumptive to LIBOR is the secured overnight financing rate, or SOFR, while in the U.K. authorities have been championing the Sterling Overnight Index Average, known as SONIA.

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