FSB says swaps users to be pushed away from Libor

Market may not give up liquid benchmark of its own accord, regulators accept

federal reserve
The Federal Reserve in Washington, DC

Regulators in the UK, US and elsewhere are prepared to break the derivatives market's reliance on Libor, and push participants towards a range of alternative reference rates – some of them untested or illiquid – according to a report on the reform of interest rate benchmarks that was published yesterday by the Financial Stability Board (FSB). Officials envisage using tools ranging from moral suasion to margin requirements.

The report endorses what the FSB calls a multiple-rate approach – the

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