The two options on the table for replacing the London Interbank Offered Rate as the key reference for derivatives might not be perfect, a senior US Federal Reserve official has said, but they are currently the only ones available.
David Bowman, a special adviser to the Board of Governors of the Federal Reserve, said that while there are known issues with the rates, "there aren't that many to choose".
"It turns out that there just aren't that many active fixed-income markets. Or at least, active
The week on Risk.net, July 7-13, 2018Receive this by email