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Clearing houses, exchanges gear up to move trillions away from Libor
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Exchanges and clearing houses are racing to ready their systems as trillions of dollars in legacy Libor contracts must move to a new rate by the summer.
Hundreds of thousands of dollar Libor swaps need to be changed to the Secured Overnight Financing Rate (Sofr), the replacement rate for dollar Libor, when it comes to an end on 30 June.
LCH,...
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