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A sweeping agreement designed to prevent turmoil from being unleashed in the global derivatives market when LIBOR expires is gaining widespread acceptance.

Nearly 14,000 parties have agreed to sign on to the International Swaps and Derivatives Association (ISDA) protocol, according to the organization. The pact allows for the London interbank offered rate (LIBOR) to automatically be yanked from hundreds of trillions of dollars of interest-rate swaps, futures, and options and replaced with another rate, addressing a major risk hanging over markets as the discredited benchmark’s end nears. While it doesn’t completely rule out the potential for disruption, the protocol goes a long way toward ensuring a smooth transition.

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