Regulators Under Pressure To Force Banks Off Libor
Law360, London (December 19, 2019, 3:00 PM GMT) -- A forum of central bankers has turned up pressure on financial regulators to move the banking sector away from using the scandal-plagued Libor interest-rate benchmark in contracts by the end of 2021 to help reduce risk in the global financial stability.
The Financial Stability Board warned on Wednesday that global financial markets continue to rely on the London Interbank Offered Rate in their financial contracts, which poses risks to the market. The rate lost favor in the wake of a multibillion-dollar global rigging scandal, which led the board to recommend in 2014 that banks should move away from it by the...
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