Ligamentum teres is

Circulatory Changes at Bih:After bih, the umbilical vessels, ductus aeriosus, foramen ovale, and ductus venosus normally constrict or collapse. The more distal poions of the hypogastric aeries, which course from the level of the bladder along the abdominal wall to the umbilical ring and into the cord as the umbilical aeries, undergo atrophy and obliteration within 3 to 4 days after bih. These become the umbilical ligaments, whereas the intraabdominal remnants of the umbilical vein form the ligamentum teres. The ductus venosus constricts by 10 to 96 hours after bih and is anatomically closed by 2 to 3 weeks, resulting in the formation of the ligamentum venosumReference: William&;s Obstetrics; 24th edition; Chapter 7; Embryogenesis and Fetal Morphological Development