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Reference Rates Upgraded to All New Avatars

Major reference interest rate benchmarks are widely linked to many financial instruments and there is an exposure of trillions of dollars to these reference rates. Recent manipulation of these rates by certain financial firms has reduced the integrity and transparency of the existing reference rates. Hence there has been a need to revamp the reference rates in order to make the market more robust and transparent and also eliminate the possibility of manipulating the reference rates. This paper gives an insight on key recommendations laid to revamp the reference rates, advantages and disadvantages of the proposed changes.