Regulators may be reasonably happy with the progress being made on alternative reference rates to Libor, but the need to clarify exactly what will happen to instruments referencing Libor once the benchmark no longer exists is becoming hard to ignore.
This issue underscores the uphill battle that they face in replacing Libor: issuers and investors still like it.
Much has been made of the $170 trillion of derivative contracts that are linked to Libor, even though many of these will roll off long before the benchmark is due to cease in 2021.
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