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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