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Wall Street warned by U S regulators to speed up Libor exit

Wall Street warned by U S regulators to speed up Libor exit
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City ofUnited kingdomJanet yellenGary genslerRandal quarlesFinancial stability oversight councilTerm bank yield indexAmerican financial exchange ameriborFederal reserveExchange commissionBloomberg index services ltdTreasury departmentCommodity futures trading commissionGoldman sachs groupBank yield indexReference rates committee

U S regulators urge financial firms to quickly ditch Libor rate benchmarks

U S regulators urge financial firms to quickly ditch Libor rate benchmarks
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United statesJerome powellPaul simaoJanet yellenPete schroederLeslie adlerKatanga johnsonGary genslerRandal quarlesExchange commissionTerm bank yield indexFinancial stability oversight councilReserve vice chair randal quarlesSecured overnight financingTreasury secretary janet yellenFed chair jerome powell

Prepared Remarks Before The Financial Stability Oversight Council, SEC Chair Gary Gensler, June 11, 2021: LIBOR Statement

Thank you. I’d like to discuss the transition from the London Interbank Offered Rate (LIBOR). I’d also like to talk about Hans Christian Andersen and Warren Buffet. Now you might be wondering why I’m thinking about these two men — born 125 years and an ocean apart — in the context of LIBOR. I’ll get to that in a minute.

City ofUnited kingdomHans christian andersenCommodity futures trading commissionTerm bank yield indexInternational organization of securitiesLondon interbank offered rateFinancial stability boardBloomberg short term bank yield indexSecured overnight financing rateInternational organizationSecurities commissionsநகரம் ஆஃப்ஒன்றுபட்டது கிஂக்டம்ஹான்ஸ் கிறிஸ்துவர் ஆண்டர்சன்பண்டம் எதிர்காலங்கள் வர்த்தக தரகு

CME Group to Launch Bloomberg Short-Term Bank Yield Index (BSBY) Futures in Q3

Share this article Share this article CHICAGO, May 24, 2021 /PRNewswire/ CME Group, the world s leading and most diverse derivatives marketplace, today announced it will launch interest rate futures based on the Bloomberg Short-Term Bank Yield Index (BSBY). These new contracts will be available for trading in Q3, with OTC clearing of BSBY swaps introduced in Q4, pending regulatory review. In response to client demand for credit sensitive instruments, we are pleased to introduce BSBY futures to offer both price discovery and risk hedging for the BSBY Index, said Sean Tully, Global Head of Financial and OTC Products at CME Group. Our launches of BSBY futures in Q3 – and cleared BSBY swaps in Q4 – will complement our existing short-term interest rate futures and Term SOFR index products, providing global market participants with a suite of capital-efficient risk management tools to manage their interest rate exposures going forward.

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Libor Replacements Multiply in Shift That Could Fracture Markets

Libor Replacements Multiply in Shift That Could Fracture Markets Nowhere is the race to succeed Libor more up in the air than in the multitrillion-dollar syndicated lending markets. Bloomberg | May 24, 2021 (Bloomberg) A slew of newer and lesser known reference rates are staking their claim to a share of the post-Libor landscape as the outlook for the space grows increasingly fractured. Once largely considered afterthoughts in the race to replace the London interbank offered rate, a clutch of upstart challengers, from Ameribor and BSBY to ICE’s Bank Yield Index, have been gaining traction, or at least garnering more attention, in recent weeks. Their ascent comes as borrowers and bankers increasingly question whether the Federal Reserve’s long-preferred replacement, the Secured Overnight Financing Rate, is the best option for the multitude of markets that must ditch scandal-tainted Libor by year-end.

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