US Treasury: prepare for a post-Libor world

Senior official urges participants to adopt new benchmark

the road to a alternative benchmark
Regulators want a clearer roadmap to an alternative benchmark

A senior official at the US Department of the Treasury has urged the financial industry to wean itself off the popular but discredited Libor interest rate benchmark and focus on selecting an alternative rate as the reference for derivatives contracts, stating the rate is not fit for purpose despite reforms.

Daleep Singh, acting assistant secretary for financial markets at the US Treasury, said a decline in underlying transactions linked to Libor and the fact that a majority of submissions are st

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