Fed funds-linked swaps outstrip Libor for first time

Banks point to money market reform, Libor changes and Fed expectations as catalyst

dollar funding chart
Volumes of swaps referencing US dollar Libor fell behind those linked to the OIS rate in February

US dollar interest rate swaps that reference the overnight indexed swap (OIS) rate catapulted ahead of equivalent derivatives linked to Libor for the first time in February, according to data fr