Libor
BoJ sets out goals for interest rate benchmark reform
Working committee aims to publish deliberations in March 2019
Dealers seek FRTB carve-out for Libor transition
Swaps could be hit with capital add-on as liquidity tails off in Libor
Indonesia launches new overnight benchmark rate
New rate replaces the quotation-based model with one based on transactions
Implementation of new Sofr rate is “ahead of schedule”, says Fed vice-chair
Implementation of new ‘Sofr’ rate is “ahead of schedule”, says Fed vice-chair
FCA’s Bailey stresses need for Libor backstop
Chief executive warns firms the end of Libor is not a “black swan” event, but a certainty, as contracts referencing the benchmark continue to grow
Dudley calls for ‘aggressive action’ on benchmark reforms
Failure to move to new framework before 2021 could create “large-scale disorder”
New York Fed launches rates replacing US Libor
New rates are calculated using actual interbank transactions
People: Brazil central bank set for female deputy
Carolina de Assis Barros set to become deputy governor after reshuffle; ECB’s Euribor expert prepares for EMMI move; and more
Esma working group concerned about Euribor transition timeline
ECB’s Cœuré says new regulation has set “demanding” timeframe to find alternative to benchmark interest rates
Fed finalises new market benchmarks
Three transaction-based alternatives to US dollar Libor will launch in 2018
UK enters next phase of Libor transition
BoE and FCA say expanded working group will be tasked with delivering the switch to Sonia
FCA to publicly recognise selected codes of conduct
Regulator says the public recognition of good practice will encourage adherence
ECB develops new overnight benchmark rate
The new rate will complement the existing overnight benchmark, Eonia
Bank swap rate reforms going well, Australian deputy governor says
Guy Debelle says BBSW rate will be strengthened by changes
Fed announces Libor alternative
Secured Overnight Financing Rate will measure overnight treasury financing transactions
Book notes: The Spider Network, by David Enrich
A thrilling exploration of how currency trader Tom Hayes and confederates managed to corrupt the UK banking system in what has become one of the largest financial scandals in history
FCA set to replace Libor by 2022
The interbank lending rate was manipulated by major banks during the financial crisis to give a healthier picture of their credit quality
Fed fines BNP Paribas over forex manipulation
French bank is to pay $246 million to settle an investigation of misconduct
Deutsche Bank fined further $41 million by Fed
US central bank finds fault with banking giant’s AML function, months after UK regulators imposed similar fines; Deutsche has two months to submit reform plans
BBC claims ‘secret recording’ implicates BoE in Libor scandal
Phone conversation transcript suggests government and Bank of England put pressure on Barclays to lower its Libor submission
BoE’s Salmon seeks to fix deadline for delayed Libor replacement
Chris Salmon sets three-month target to finalise transition plan and reach decision on design for risk-free rate
FSB calls for more progress on risk-free reference rates
The FSB says authorities have made progress towards reforming reference rate methodologies, but says they must continue to develop alternatives to the existing main reference rates
Discontinuation of Libor would result in ‘significant systemic risk’, Powell says
Fed’s Powell discusses future of Libor; discontinuing the benchmark rate could entail “substantial losses”, he says
Change to broken benchmarks years away, say industry commentators
After the FCA produced a review criticising banks for not learning the lessons of Libor and forex, observers predict no major benchmark reform until efforts co-ordinated with industry