ECB backed to fix floundering euro swaps reform
Swiss, UK and US progress leaves euro swaps market playing catch-up in rates reform
Swaps users have welcomed European regulators’ dramatic intervention in the search for a Euribor alternative, and hope it will speed up a reform process that has fallen well behind that for other currencies. Other reform working groups have all included central bank officials but – until yesterday – the European Central Bank has not been involved in the Euribor efforts.
“We now have the secured overnight funding rate for US dollar, Swiss average rate overnight for Swiss franc and a reformed
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