The U.S. markets regulator on Friday added its voice to the chorus of global wat...
WASHINGTON - The U.S. markets regulator on Friday added its voice to the chorus of global watchdogs calling for banks to promptly end their use of the Libor lending benchmark, warning that the industry was running out of time ahead of a 2021 deadline.
The Securities and Exchange Commission wants to see banks begin the process of assessing their existing contracts’ exposure to the London interbank offering rate, known as Libor, and to ensure that all new contracts move to an alternative benchmark reference rate, most notably the Secured Overnight Financing Rate.The SEC said firms should also assess and mitigate the impact of the transition on their business strategy, processes and information systems.
“The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner,” it said. The U.K. regulators have set a 2021 deadline for financial firms, including banks and investors, to transition away from the benchmark, presenting one of the biggest challenges faced by the global market in decades, according to regulatory experts.
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