From here on out, your consumer or business loan rate will be set by a new standard. Replacing Libor, the obsolete benchmark for loan rates, is SOFR, the Secured Overnight Financing Rate. Its full-on ...

LIBOR set interest rates for trillions of dollars in loans for over 30 years. Banks manipulated the rate because it relied on estimates rather than real transactions. A new system called SOFR replaced ...

After years of transition efforts, the benchmark interest rate for nearly all commercial loans for the past 40 years (LIBOR) has been phased out and replaced in most agreements with a new benchmark ...

US Dollar London InterBank Offered Rate (LIBOR) had been considered the world’s most important number, as it was utilized in hundreds of trillions of dollars of financial instruments worldwide.

MEMPHIS, Tenn., April 25, 2023 /PRNewswire/ -- First Horizon Corporation (FHN) (NYSE: FHN or "First Horizon") today announced that, after June 30, 2023, US dollar LIBOR will be replaced with CME Term ...

RIVERWOODS, Ill.--(BUSINESS WIRE)-- Discover Financial Services (NYSE: DFS) and Discover Bank (collectively “Discover”) have certain outstanding preferred stock and debt securities, listed in this ...

“SOFR is an alternative risk-free rate that will serve as the successor to Libor in many U.S. dollar borrowing agreements,” says Sam Weller, Senior Vice President and Director of Capital Markets at ...

Two years after the U.K. Financial Conduct Authority announced an end date for the London interbank offered rate, there has been an alarming lack of progress in preparing for a conversion to a new ...

MINNEAPOLIS--(BUSINESS WIRE)--U.S. Bancorp (NYSE: USB) announced today that, after June 30, 2023, 3-month CME Term SOFR, as administered by CME Group Benchmark Administration, Ltd. (or any successor ...

About the authors: J. Christopher Giancarlo served as chairman of the U.S. Commodity Futures Trading Commission. He was previously an independent director of the American Financial Exchange, the ...

LSEG’s post-trade division, LCH SwapClear, successfully completed the second and the final conversion last week, following the first USD Libor conversion event last month. LCH SwapClear completed its ...