Why LIBOR ended: a benchmark lost its market →
Manipulation damaged LIBOR’s credibility. The shrinking market behind it made replacement unavoidable, setting off a years-long effort to move loans and derivatives to new reference rates.
CME Group operates derivatives marketplaces; its benchmark-administration business administers CME Term SOFR reference rates.
CME Term SOFR is administered by CME Group Benchmark Administration Limited. It is distinct from the New York Fed’s overnight SOFR.
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Manipulation damaged LIBOR’s credibility. The shrinking market behind it made replacement unavoidable, setting off a years-long effort to move loans and derivatives to new reference rates.
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