Libor’s end means no rigging, less flexibility

Perhaps it’s understandable cash-traded SOFR hasn’t yet reached same level of seamless integration that dollar Libor once had. — Bloomberg

A seminal event occurs at the end of this week: Dollar Libor will finally die. The big question is does its replacement, the Secured Overnight Financing Rate (SOFR), make the global financial system safer, or just exposed to different risks?

The London interbank offered rate, set daily by panels of banks, was once dubbed the most important number in finance.