Dudley calls for ‘aggressive action’ on benchmark reforms
Failure to move to new framework before 2021 could create “large-scale disorder”
Markets and regulators need to move urgently to adopt new interest rate benchmarks before the flawed current framework is discontinued, the president of the Federal Reserve Bank of New York said today (May 24).
“I think we need aggressive action to move to a more durable and resilient benchmark regime,” William Dudley told a conference in London.
On current plans, the London interbank offered rate (Libor) is likely to be discontinued in 2021, but firms are still issuing financial products
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