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US Libor transition relief from uncleared swaps margin rules should be allowed indefinitely, Fed-sponsored panel says

By Neil Roland ( January 15, 2020, 21:08 GMT | Insight) -- A US proposal to encourage derivatives traders to substitute market benchmarks for Libor in existing contracts should be made even more attractive by allowing market participants more flexibility in making the switch, said the Federal Reserve-sponsored panel overseeing the Libor transition. Transition relief from federal margin requirements for uncleared swaps should be granted indefinitely because of uncertainty about the pace at which alternative benchmarks will develop, the Alternative Reference Rates Committee said. “We do not believe that an end date would be necessary,” the private sector panel said in a letter to banking regulators.A US proposal to encourage derivatives traders to substitute market benchmarks for Libor in existing contracts should be made even more attractive by allowing market participants more flexibility in making the switch, said the Federal Reserve-sponsored panel overseeing the Libor transition....

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