ECB backed to fix floundering euro swaps reform

Swiss, UK and US progress leaves euro swaps market playing catch-up in rates reform

It is “right for the ECB to step up now”, says buy-side portfolio manager

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 ste