Ice’s Sprecher criticises Libor replacement push

Exchange head says overnight rates cannot replace term benchmarks

Jeffrey Sprecher, Ice

A global effort to replace term Libor benchmarks with overnight rates could face resistance from market participants, the head of the Intercontinental Exchange has warned.

“There are trillions of dollars of loans and agreements and all kinds of infrastructure that are benchmarked to predominantly three-month and one-year Libor,” said Jeffrey Sprecher, chairman and chief executive of Ice. “The substitute the Europeans and US have come up with is an overnight rate, and so the substitute doesn’t

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