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Vedder Thinking | Articles Ronald Scheinberg publishes “SOFR, the New LIBOR? A Critique of SOFR and the USD LIBOR Replacement Process,” in The Banking Law Journal

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Starting in early 2022, the London interbank offered rate – commonly known as LIBOR, will no longer be available for use as an interest rate benchmark for bank and other lending transactions. The U.S. Federal Reserve has designated the secured overnight financing rate (SOFR) as a replacement benchmark rate. This transition could have a massive effect on banking institutions and other lenders worldwide, as LIBOR is used as a benchmark rate in an estimated $350 trillion-worth of financial contracts across global markets.

In his latest article, published by The Banking Law Journal, “SOFR, the New LIBOR? A Critique of SOFR and the USD LIBOR Replacement Process”, Vedder Price Shareholder Ronald Scheinberg explores some of the potential issues and challenges that may arise from the choice of SOFR as a replacement benchmark rate.

Read the full article here.

 



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Ronald Scheinberg

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