Global banks warn of market chaos should court abolish LIBOR
Bloomberg
Bloomberg
Some of the world s biggest banks are urging a U.S. judge not to immediately terminate LIBOR after a group of borrowers filed suit claiming the benchmark was the work of a price-fixing cartel.
Defendants in the case, including J.P. Morgan Chase, Credit Suisse Group and Deutsche Bank, said in a November filing that an injunction abruptly ending the London interbank offered rate would wreak havoc on financial markets and undermine years of work reforming the reference rate. The plaintiffs, which include 27 consumer borrowers and credit card users, are also seeking monetary damages.
International banks warn of market chaos if court abolishes LIBOR | Gold Anti-Trust Action Committee
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Global banks warn of market chaos if court were to abolish Libor
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For the better part of three years, U.S. officials have been preaching patience. Bloomberg | Jan 11, 2021
(Bloomberg) It’s one of the most confounding questions facing regulators in the fight to phase out the London interbank offered rate.
How do you wean everyone from asset managers and traders to corporate treasurers off derivatives that are so ubiquitous, they’ve become part of the fabric of the financial system?
For the better part of three years, U.S. officials have been preaching patience. Libor-based interest-rate swaps, futures and options, among the most liquid markets in the world, would gradually give way to new securities tied to new benchmarks, they said, including the Secured Overnight Financing Rate, dollar Libor’s anointed successor.