Bankers to Debate Libor (Reuters)

Central bankers will discuss the viability of the London interbank offered rate.

Global central bankers will discuss the possibility of reforming Libor or scrapping it altogether  at a September conference, Reuters reports. Mark Carney, governor of the Bank of Canada, said that it was vital that markets have “absolute confidence” in the rate, adding that if Libor can’t be fixed, alternatives will need to be discussed. Carney floated the idea of using market-based rates, citing repo rates and Overnight Index Swap (OIS) rates, and suggested that different rates may be used in different currencies.

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