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The LIBOR Transition is the biggest transformation in financial services today, affecting some $200 trillion of U.S. Dollar transactions. LIBOR is slated for cessation at the end of 2021. Increasingly, financial regulators in the US and UK are speaking out about LIBOR reform, and their message is uniform — transition needs to begin today.

This leaves FHLBNY members and their clients with a need to identify an alternate benchmark index for new floating-rate transactions and a strategy for managing legacy LIBOR transactions extending beyond 2021. In this article, we’ll talk about the alternative benchmark, the role of the Federal Home Loan Bank System in developing a new market, and the role of the Federal Home Loan Bank of New York in providing alternative floating-rate funding…