Is LIBOR's legal backlog starting to kick in?
The real USD-LIBOR disappearance came at the end of June 2023. As the discontinuation was clumsily implemented a “synthetic” LIBOR was required and was published until 30 September 2024. To our opinion, this was a fundamental mistake as we explained in the post “ Synthetic LIBOR, genuine manipulation ". Now that the synthetic LIBOR period has ended, the real legal legacy for LIBOR can start. It seems that once more the court battle is rigged in favour of power in place by opposition to financial reality. We referenced the Bank of England rigging the LIBOR setting and later the trials of those involved in the setting in our post “ Rigged: part 1 - Will there be a part 2? ” Now it appears that a discussion between private individuals (ISDA) about a new convention for new derivative trades is becoming a law for all on previously issued securities. The story is described in a Reuters article “ StanChart welcomes 'clarity' from UK court ruling over replacement rate for Libo