Fed’s Quarles critical of opaque Libor data

ARRC chair Sandra O’Connor also questions IBA transparency

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Federal Reserve vice-chairman Randal Quarles has expressed concern that financial markets might not be fully aware of how few transactions are used to make up the US dollar Libor rate on a daily basis due to a lack of transparency around those trades. 

Giving a speech via a pre-recorded video at an industry event hosted by the Federal Reserve Bank of New York on July 19, Quarles shared data compiled by the central bank which showed that in the second quarter, the median number of unsecured whol