Financial Markets Face Uncertainty in Post-Libor World
Andrew Bailey, the head of the U.K.'s Financial Conduct Authority, announced last week that a substitute for Libor must be in place by the end of 2021, meaning banks and customers, alike, will have no choice but to transition to alternate rates.

In June, the Alternative Reference Rates Committee (ARRC), a group of market participants assembled by the U.S. government, recommended replacing the U.S. dollar Libor with a new, broad Treasury repurchase agreement, or repo rate.

Despite the ARRC's announcement, there remained an open question as to how widely utilized the new rate, which is to be published by the Federal Reserve Bank of New York, would be since regulators had no means to compel its use.

SFIG will work with its members in the coming months to determine the best ways in which to implement this significant change.

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