Now is a ‘critical time’ for Ibor transitions – Bailey
Global regulators convene in Washington, DC to tackle the transition to new benchmark rates
Even though the “endgame” for the transition to new benchmark rates is several years away, now is a “critical time”, the UK’s Andrew Bailey told a gathering of regulators and market players in Washington, DC, on April 10.
The endgame, in which markets must coalesce around a new risk-free rate, “isn’t just going to happen”, the Financial Conduct Authority chief said. This is a “critical point in time”, he added.
Bailey stressed regulators have made significant progress in finding alternatives
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