• Here's what will happen after the death of the magical number underpinning $350 trillion in trades

    9 days ago - By Business Insider

    Libor, linked to about $350 trillion worth of financial products, will be replaced by an alternate pricing benchmark for everything from mortgages to credit cards.
    Replacing Libor will be lengthy and problematic, and is one of the key themes to look out for in 2019 as financial services and asset managers start transferring to new systems.
    Thousands of existing contracts will need to be renegotiated causing a huge operational and financial burden that will consume legal teams for months.
    Libor, the rate that banks agree on when lending to each other, was problematic from the beginning...
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