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Fed urges U.S. financial industry to accelerate Libor transition

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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.

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