Regulator calls for term Sonia as transition talk ramps up
Schooling Latter throws scepticism on Libor reform efforts
The group tasked with finding an alternative rate to sterling Libor is set to launch a public consultation on developing a term market for the new rate, says a senior official at the UK financial regulator.
The move is part of wider plans to develop a suite of risk-free rates to replace the Libor benchmark, which faces an uncertain future after 2021, when banks will no longer be compelled to submit rates to the administrator.
“There is a community of users that tell us they have economic or
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