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The end is coming for LIBOR, and financial markets need to get ready.

That’s the view of Morgan Stanley’s Tom Wipf. He heads the Federal Reserve’s Alternative Reference Rates Committee (ARRC), which on Thursday released recommendations for language to enable contracts linked to the beleaguered London interbank offered rate (LIBOR) to work even if the benchmark disappears. Darrell Duffie, a finance professor at Stanford University, has also underscored the risks involved with shifting away from a set of benchmarks that underpin some $200 trillion in dollar-denominated instruments.

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