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Schrodinger’s LIBOR Refuses to Leave Its Box

While market participants drag their heels, the deadline to move away from LIBOR approaches unabated.

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By the end of 2021, the smorgasbord of benchmark borrowing costs known as the London interbank offered rate (LIBOR) is due to die. Rendered archaic by shifts in the wholesale money markets, not to mention sullied by rigging, the world’s regulators have deemed LIBOR no longer fit for purpose.

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