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Fed's Powell warns that dollar-based Libor could disappear
By Jason Lange and Jonathan Spicer
Financial Times, London
Tuesday, June 21, 2016
Financial markets need to consider the risks of relying heavily on the dollar-based London Interbank Offer Rate because this reference rate could stop being published, Federal Reserve Governor Jerome Powell said on Tuesday as a Fed-convened committee continued to zero in on an alternative to the so-called Libor.
"Market participants are not used to thinking about this possibility, but benchmarks sometimes come to a halt," Powell said in prepared remarks in New York for a roundtable discussion on a report on alternative reference rates.
Libor is one of the world's most important benchmarks and about $300 trillion in contracts reference it. But Libor has come under scrutiny since traders at several large banks were accused of rigging its daily rates. ...
... For the remainder of the report:
http://www.reuters.com/article/us-usa-fed-libor-idUSKCN0Z72LQ
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