Benchmark Replacement Rates Update: Q4-2019
As we move through the fourth quarter of 2019, we can hear the urgency of the IBOR replacement process ramping up – in the tone we hear from the regulators, in the number of articles and papers on the subject, and in the questions we receive from our clients and counterparts in the industry. What we are not hearing is a lot of progress. The increasing volume of warnings about the IBOR issue from regulators would lead one to think that the industry is aware of the size and importance of the job and is fully involved. But the increasing urgency of those same warnings indicates there is a lot of foot-dragging and procrastination. So which is it? This TABB Group Market Note covers the major progress that has been made in the past three months and highlights the big issues that remain.
- Fixed Income