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​US Libor panel finds possible legislative fix for transition block but runs into election-year delays

By Neil Roland ( November 12, 2019, 20:50 GMT | Insight) -- A US Federal Reserve-sponsored Libor panel has identified a possible legislative fix for a seemingly intractable issue impeding a switch from the benchmark, but the approach is likely to run into election-year delays, panel members said. The Alternative Reference Rates Committee will have to proceed on the premise that it won’t find a near-term New York State legislative solution to a vexing obstacle posed by derivatives cash contracts, said Brian Grabenstein of ARRC member bank Wells Fargo. “It’s unlikely we’ll have certainty on this for quite some time,” he said.A US Federal Reserve-sponsored Libor panel has identified a possible  legislative fix for a seemingly intractable issue impeding a switch from the benchmark rate, but the approach is likely to run into election-year delays, panel members said....

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