Central Banking

Fed finalises new market benchmarks

A view of downtown Manhattan in New York
New York Fed will publish the new rates

The Federal Reserve has finalised its proposals for replacing US dollar Libor, confirming on December 8 that three new market benchmarks will launch in 2018.

The three rates are calculated as the volume-weighted median of transactions data from US Treasury markets, rather than the bank submissions that underpinned Libor, which ultimately proved flawed. The New York Fed will be responsible for publishing the rates, with their launch set for the second quarter of 2018.

The Fed describes the

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