More carrot, less stick in US Libor transition

Risk USA: US regulators take softer approach than UK counterparts

US Treasury
“We’re not in a situation where we’re looking to tell anyone to do anything” – Treasury Department’s Phelan

US regulators are not looking for ways to compel market participants to shift away from US dollar Libor and into the secured overnight financing rate (SOFR), despite the limited amount of trade linked to the new interest rate benchmark. 

Peter Phelan, deputy assistant secretary for capital markets at the US Treasury, is a government member of the Alternative Reference Rates Committee tasked with bringing SOFR into use. Phelan said it was not Treasury’s place to crack the whip. 

“We’re not in a

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: