Banks rely on clients to police US Libor ban

Dealers say it’s “impossible” to verify end-user compliance with narrow Libor exceptions trade by trade

Clients-to-self-police-Libor-ban montage

Banks are relying on their clients to obey a regulatory ban on new US Libor transactions, saying it is not practical for dealers to enforce rules on a trade-by-trade basis.

Dealers began the year with a flurry of client memos, instructing them to obey rules that limit use of the outgoing benchmark to a narrow band of hedging activities from the start of this year.

“We are relying on clients – they have to represent to us that the trade is consistent with the guidance from regulators – rather

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