U.S. Regulators Press Banks to Transition Away From Libor by End 2021


Federal Reserve Chairman Jerome Powell



Photo:

Susan Walsh/Associated Press

WASHINGTON–U.S. regulators on Friday pressed banks to stop using the London interbank offered rate on new transactions by the end of 2021, warning that firms aren’t moving swiftly enough to replace the benchmark for hundreds of trillions of dollars in financial contracts.

(More to come)

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