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Key US dollar Libor rates get 18-month stay of execution
The United States will get more time than the rest of the world to ditch Libor after American banks agreed to help compile the tarnished interest rate benchmark until mid-2023, regulators announced on Monday. ICE Benchmark Administration (IBA), which takes quotes from a panel of banks to compile different Libor “tenors” across a range of currencies, said it would consult on ceasing publication of one-week and two-month U.S. dollar Libor by the end of 2021. All remaining Libor tenors, which are more heavily used, will cease after the end of June 2023, IBA said in a statement. Extending the publication of some ... (full story)