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ECB backed to fix floundering euro swaps reform

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

ecb-office-frankfurt
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

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