FSB benchmarks group calls on industry association to include ‘pre-cessation’ trigger in move to new rates

( November 19, 2019, 11:37 GMT | Official Statement) -- MLex Summary: Senior regulators have called on an industry association to include pre-cessation triggers as standard language in the definition for new derivatives, as part of the move to phase out Libor. A letter sent on Nov. 15 and published today from Andrew Bailey, chief executive of the UK Financial Conduct Authority and John Williams, chief executive of the New York Federal Reserve, said it would help to reduce systemic risk and market fragmentation by ensuring that as much of the swaps market as possible falls back to alternative rates in a coordinated fashion. They wrote to the International Swaps and Derivatives Association in their role as co-chairs of the Financial Stability Board’s official sector steering group.The letter is attached....

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FSB benchmarks group calls on industry association to include ‘pre-cessation’ trigger in move to new rates

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