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What is the reason for the libor replacement

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Reference no: EM133179935

Question - On 30-Jun-2023 the US Libor rate will be discontinued. The new benchmark rate which will replace it is SOFR (Secured Overnight Funding Rate).

i) What is (are) the reason(s) for the Libor replacement?

ii) Describe three ways in which Libor differs from SOFR.

Reference no: EM133179935

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