I am pleased that we have this opportunity to meet with many of the institutions active in helping to achieve a transition from LIBOR to the risk-free rates identified by working groups in each of our jurisdictions. The Financial Stability Board (FSB) has coordinated the international effort to reform interest rate benchmarks at the direction of the G-20. This is an important effort across the globe, but nowhere is it of more importance than in the jurisdictions relying on LIBOR. Let's review the reasons that we are here. By the time of the financial crisis, much of the global financial system had come to rely on ... (full story)