​​​​​​​Fed adviser denies plan to ‘euthanise’ Libor

IBA agreement to keep the benchmark alive would be welcomed but comes with risks, says Bowman

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David Bowman, the US Federal Reserve’s Libor expert, says it is not the regulator’s intention to “kill” the beleaguered interest rate benchmark, but it is simply warning of the risks of using the reference rate to fix financial contracts in the future.

Speaking at an event held at Bloomberg’s offices in New York yesterday, Bowman said neither the Fed nor the Alternative Reference Rates Committee, which has selected the Secured Overnight Financing Rate as a new benchmark rate for US dollar

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