BoE: Libor reform needs swaps market support

“The dependence on term Libor fixings remains an unnecessary vulnerability,” writes BoE’s Salmon

boe-bank-of-england-web
The Bank of England believes a reformed Sonia would be a viable risk-free rate

Chris Salmon is the Bank of England's executive director for markets

The Libor scandal exposed manipulation and false reporting. It also highlighted that the benchmark and its pattern of use had failed to respond to developments in financial markets. The ongoing reform of Libor is part of the solution. But, crucially, alternative reference rates are needed, particularly in derivatives markets. Here, near risk-free reference rates (RFRs) may be better aligned with users' requirements, and would b

To continue reading...

You must be signed in to use this feature.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: