Japan dealers unhappy with all Libor fallback options
Bank association snubs request to rank Isda’s proposals – reluctantly picking ‘least bad’ option
Swaps users in Japan have criticised the proposed methods for calculating a fallback rate for legacy Libor trades, responses to a consultation paper issued by the International Swaps and Derivatives Association reveal.
In an open letter to Isda dated October 23, the Japanese Bankers Association, which represents national and regional banks across Japan, declined to rank the fallback calculation methods offered in the consultation, as requested by Isda.
“The JBA’s member banks have discussed
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