EC official signals ‘preference’ for synthetic US Libor fix

UK regulator has resisted calls for a synthetic fallback for legacy dollar contracts

European Commission

A senior European Union official has added his voice to a growing chorus calling for a synthetic version of US dollar Libor to mop up legacy contracts that remain stubbornly welded to the outgoing interest rate benchmark.

“Our preference is that a synthetic rate would be mandated for periods which are long enough for us to wind down our legacy exposures,” said Tilman Lüder, head of the securities markets unit at the European Commission.

He argued that synthetic Libor had “certain advantages”

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