Australia's central bank and regulators urged financial firms on Wednesday to double down on their plans for the phasing out of the Libor benchmark, as some still showed substantial exposure to the interbank lending rate.
- Australia’s central bank and regulators urged financial firms on Wednesday to double down on their plans for the phasing out of the Libor benchmark, as some still showed substantial exposure to the interbank lending rate.
Regulators want markets to stop using Libor by the end of 2021 and switch to less easily rigged alternatives, like the Bank of England’s Sonia rate, or Sofr compiled by the U.S. Federal Reserve. “We encourage all firms that may have exposure to LIBOR to assess the extent of their use of LIBOR and to take timely action to plan for a world in which LIBOR is no longer available,” ASIC Commissioner Cathie Armour said in a statement.
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