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The US Federal Reserve is considering the margin impact that firms could face as they abandon the use of Libor.
The scandal-hit benchmark will be allowed to die after 2021, creating pressure for market participants to convert Libor trades to new risk-free rates (RFRs) beforehand. Making that change, however, could subject old trades to new clearing and margining rules such as the US Dodd-Frank Act.
Regulators are aware of the problem, which could