The sunset for the London Interbank Offered Rate (LIBOR) is set for the end of 2021, creating one the most sweeping challenges for financial markets in recent history. The Secured Overnight Financing Rate (SOFR) has been positioned as its successor in the U.S. market and the transition to a new reference rate is progressing steadily, though substantial hurdles still lie ahead for the benchmark that impacts more than $200 trillion of underlying floating rate instruments.
