HSBC India seals 1st trade finance deal linked to SOFR

Markets across the globe are getting ready to this alternate reference rate following an announcement from the UKs Financial Conduct Authority on March 5 that Libor will either cease to be provided by any administrator or no longer be a representative rate. The decision came following revelations that banks were rigging the rate, which was a prevalent benchmark over the past five decades.

via Economictimes