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Bailey: Descending safely: Life after Libor
Many thanks to Tom [Wipf] and the Alternative Reference Rates Committee (ARRC) for the invitation to join today’s SOFR symposium and to John [Williams] for his remarks. Introduction I have spoken on the transition from Libor each year since 2017 when we set out that despite the significant improvements in its governance and oversight, there were increasing challenges in anchoring the submissions on which those rates were based, to the greatest extent possible, in actual transactions. The underlying market that Libor seeks to measure – the market for unsecured wholesale term lending between banks – is no longer ... (full story)
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BOE GOV. BAILEY: THE ACTIVE AND LIQUID UNDERLYING MARKETS THAT SUPPORT OVERNIGHT RATES HAVE SHOWN RESILIENCE, AND WE ANTICIPATE LIQUIDITY TO FLOW THROUGH THESE MARKETS.
— Breaking Market News (@financialjuice) May 11, 2021
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BOE GOV. BAILEY: INTER DEALER MARKET MAY BE OVER 90% SONIA.
— Breaking Market News (@financialjuice) May 11, 2021
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BOE GOV. BAILEY: CASH PRODUCTS MUST ADOPT A ROBUST FALLBACK ARRANGEMENT.
— Breaking Market News (@financialjuice) May 11, 2021