BoJ: unsecured overnight rate top pick for Ibor alternative

Isda AGM: New rate would complement rather than replace existing ones

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The uncollateralised overnight call rate is the top candidate for the alternative risk-free rate (RFR) in Japan, and would serve as an alternative to Libor rather than a replacement, according to a central bank official.

In response to international regulatory efforts launched in 2013 to shift the derivatives market away from the prevailing unsecured interbank lending rates – the so-called Ibors – private sector working groups in different currencies have been working on coming out with

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