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"We want to signal our support for credit-sensitive rates alongside SOFR. There's a lot of work being done on having a rate that looks and feels like LIBOR," according to a BofA representative.
Banks' preparations for the transition are coming under intense scrutiny from the Federal Reserve.
The bank hopes to expand relationships with the 95% of Fortune 1000 for which it currently fills corporate banking needs.
FX Global Code, paired with $10 billion in fines, still not enough to eliminate front-running and “last look,” according to critics.
U.S.-led trade war would likely lead to significant drop in dollar.
Last look gets thumbs down in revised FX Global Code
Firms say greenback's rout is overdone.
Settlement recovery firms seek clients for currency claims.