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Curb use of central bank alternatives to Libor, watchdog says
By Huw Jones
Reuters
Monday, July 3, 2023
LONDON -- The use of four dollar-denominated alternatives to the now-scrapped Libor interest rate need restrictions to avoid threatening financial stability, a global securities watchdog said today.
IOSCO, a global securities watchdog group that includes the U.S. Securities and Exchange Commission as a member, said a review has identified "varying degrees of vulnerability" in these four unnamed rates.
The final dollar-denominated London Interbank Offered Rate or Libor was published last Friday.
Once dubbed the most important number in the world, Libor has been withdrawn after banks were fined for trying to rig a rate referenced in credit cards, business loans and mortgages worth trillions of dollars globally.
Libor has largely been replaced by rates compiled by central banks, such as the dollar-denominated Secured Overnight Funding Rate, or SOFR, from the Federal Reserve. ...
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