The Fed is among the world regulators looking at alternatives to the benchmark
A US Federal Reserve governor has said a key benchmark for
dollar denominated derivatives could be replaced by alternative
rates, as global regulators demand improvements and reform.
The London Interbank Offered Rate (Libor) has come under
scrutiny since the revelation that bankers setting the rate
colluded with one another to manipulate it in order to benefit
their derivatives positions.
In a speech given in New York on Thursday, Federal Reserve
governor Jerome Powell said that while there has been some
reform to the Libor, much more remains to be done in order to
bring fairness and transparency.
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