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 ...
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 ...
BUFFALO, N.Y., June 14, 2023 /PRNewswire/ -- M&T Bank Corporation (MTB) (NYSE: MTB, M&T) announced today that CME Term SOFR will be the replacement reference rate for certain outstanding floating rate ...
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 ...
As if they didn’t have enough to deal with, banks are faced with a succession of serious challenges over the next two years as they face up to the reality of the end of Libor. Firstly, they must ...
This year, North American countries will reach another milestone in the financial markets transition from unsecured rates to risk-free rates (RFRs). The United States transitioned away from LIBOR on ...
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Here’s how the Secured Overnight Financing Rate works and why it might matter for your mortgage
Remember Libor? For decades, the London interbank offered rate was the benchmark for pricing a wide variety of loans, ...
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