Dump LIBOR, Say Fed, BoE Officials

Reuters reported both the U.S. Federal Reserve and Bank of England urged global financial markets to increase their efforts to replace LIBOR with alternative interest rate benchmarks.

Bloomberg: LIBOR Won’t Back Down

Bloomberg reported that LIBOR is attempting to fend off a challenge to its throne as the global benchmark for dollar-based assets from suddenly scrutinized SOFR.

Reuters: Companies Experimenting with LIBOR Alternatives

Reuters reported that with the end of the LIBOR benchmark approaching at the end of 2021, companies are experimenting with alternative language, often without consulting lenders.

U.S. Charges Former Societe Generale Managers With LIBOR Fraud

Reuters reported that U.S. authorities have charged two former managers at Societe Generale with participating in a scheme to manipulate the LIBOR benchmark rates.

Bloomberg: Interest-Rate Benchmarks Questioned

Bloomberg reported that banks underestimated LIBOR submissions long after probes began into allegations they were doing so, raising questions of whether lenders can be relied on to provide sound data for interest-rate benchmarks.