According to a study conducted by the law firm Cadwalader, Wickersham & Taft and consulting firm Sia Partners, big banks are making the fastest progress in the transition away from LIBOR. The study questioned 75 financial firms—including banks, investors, insurance companies and trade groups – about the state of the transition while several businesses and regulators are seeking consensus on a replacement when LIBOR ends in 2021. Results showed that a majority of firms believe that markets should adopt the Secured Overnight Financing Rate (SOFR), which is the Federal Reserve’s preferred replacement. The survey also found that banks making the fastest progress in the transition had leadership that were heavily involved in the changeover from LIBOR to SOFR.

Read more via the Wall Street Journal.