Over the past 18 months, small groups of senior fixed-income bankers, regulators and other market participants have been meeting in Brussels, London, New York, Tokyo, Zurich and other financial centres in order to quietly plan a change to the foundations of the interest rate swap market.
The aim is to end the benchmark status of unsecured interbank lending rates (Ibors), such as Libor, in hundreds of trillions of dollars' worth of derivatives contracts worldwide, and replace them with
- Asia moves: Natixis sales head moves to Barclays, new banking head for StanChart Singapore, and more
- Functional programming reaches for stardom in finance
- Banks hope final FRTB rules will ease NMRF burden
- Banks use machine learning to ‘augment’ corporate sales
- Buy-siders eye ways to get ahead of US resolution stay rules