The U.S. financial industry must accelerate efforts to move away from the scanda...
WASHINGTON - The U.S. financial industry must accelerate efforts to move away from the scandal-plagued Libor reference interest rate, Federal Reserve Governor Randal Quarles said on Wednesday, adding that the regulator was scrutinizing banks’ transition plans.
The global financial industry has been slow to embrace the change, with Reuters reporting in October that U.S. investors are unprepared for the transition to the Secured Overnight Financing Rate , which they do not see as a pressing issue. Industry hopes for more transition time were quashed by Andrew Bailey, chief executive of Britain’s Financial Conduct Authority, who said that requiring banks to support a “fragile” Libor beyond 2021 was “not appropriate”.
The FCA and Bank of England are making senior bank officials personally responsible for timely transition from Libor to the BoE’s Sonia overnight rate.
Singapore Latest News, Singapore Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Trump says economy would take off like 'a rocket ship' if Fed cut rates, ending tightening policyPresident Donald Trump told reporters on the White House lawn on Friday that if the Federal Reserve cut interest rates then the U.S. economy would climb like 'a rocket ship.'
Read more »
The Fed doesn't need backward-looking businessmen like Herman Cain pushing half-baked tax policiesCain may know his way around a pizza pie, but he doesn't have the chops to find ways to make the economic pie bigger for one and all, says Ron Insana.
Read more »
Mnuchin says he doesn't believe Fed Chief Powell is the 'wrong person' despite Trump criticismU.S. Treasury Secretary Steven Mnuchin spoke with CNBC's 'The Exchange' on Wednesday.
Read more »
Treasury yields edge lower ahead of Fed minutesU.S. government debt yields were slightly lower on Wednesday morning, continuing a downward move seen in the previous session.
Read more »
S&P 500, Nasdaq edge higher on tech gains; Fed minutes awaitedTechnology stocks lifted the S&P 500 and the Nasdaq on Wednesday, ahead of the r...
Read more »
Dow futures slightly higher ahead of inflation data, Fed minutesU.S. stock index futures were higher Wednesday morning, as market participants await inflation data and minutes from the Federal Reserve's latest meeting.
Read more »
Stocks remain mostly higher following Fed minutesU.S. stocks remain mostly higher Wednesday as investors pored over the minutes from the Federal Reserve’s March meeting which detailed in depth why the...
Read more »
White House economic adviser calls criticisms of Trump's Fed picks 'very unfair'White House economic adviser Larry Kudlow calls criticisms of President Trump's controversial selections for the Federal Reserve Board 'very unfair.'
Read more »
Kudlow defends Trump's Fed picksWhite House economic adviser Larry Kudlow defended Trump's controversial picks for the Federal Reserve Board, citing their experience and demurring on personal allegations
Read more »