IMF paper proposes ‘more ambitious’ benchmark design

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Research published by the International Monetary Fund (IMF) on May 29 has argued in favour of greater ambition from policy-makers when choosing a benchmark rate-setting mechanism, and proposed a possible design for such a mechanism.

The working paper, Fixing the Fixings: What Road to a More Representative Money Market Benchmark?, by V Brousseau, A Chailloux and A Durré, says current benchmarks such as Libor and Euribor are more a "legacy from history" than a reflection of actual bank funding

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