Federal Reserve Bank of New York Senior Vice President Lorie Logan discussed the future of the London Interbank Offered Rate and efforts to administer and produce more effective reference rates.
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Board of Governors of the Federal Reserve System Governor Jerome H. Powell described current considerations related to a transition from LIBOR to an alternative rate.
The FDIC outlined important steps for banks to take to prepare for the forthcoming change to the standard settlement cycle. The new cycle is slated to become effective on September 5, 2017.
The Board of Governors of the Federal Reserve System will publish three new benchmark interest rates based on overnight repurchase agreement transactions backed by Treasuries.
The FDIC reminded financial institutions of a proposed rulemaking that would shorten the standard settlement cycle from T+3 to T+2 for securities sold and purchased by banks.