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'Legacy' refers to older systems, contracts or other arrangements, implemented before current systems, regulations or other market conditions, but still having a remaining life until their retirement or final maturity.

Legacy RTGS systems
"TARGET2 is run by the Eurosystem under the responsibility of the Governing Council of the ECB.
The NCBs of France, Germany and Italy jointly provide the single technical infrastructure and operate it on behalf of the Eurosystem.
All of the eurozone countries have migrated to TARGET2 and have chosen to close their legacy RTGS systems upon migration."
The Treasurer's Handbook, Payments and payment systems.

Legacy LIBOR contracts
"Legacy contracts are those [incorporating LIBOR] that do not mature until after the [cessation of LIBOR]
Depending on the financial product under consideration (loan, derivative etc), the precise response to the disappearance of LIBOR will vary."
ACT Briefing Note, Transition to risk free rate benchmarks.

See also