Speech
Measure Twice, Cut Once
Williams, John C. (2021-05-11)
Remarks at SOFR Symposium: The Final Year (Part II) (delivered via videoconference).
Speech

Speech
SOFR and the transition from LIBOR: remarks at the SIFMA C&L Society February Luncheon, New York City
Held, Michael (2019-02-26)
Remarks at the SIFMA C&L Society February Luncheon, New York City.
Speech , Paper 307

Speech
Act Now, and Choose Wisely
Wuerffel, Nathaniel (2021-10-27)
Remarks at the 2021 ISDA North America Conference (delivered via videoconference).
Speech

Discussion Paper
How the LIBOR Transition Affects the Supply of Revolving Credit
Harry, Cooperman; Duffie, Darrell; Kang-Landsberg, Alena; Luck, Stephan; Wang, Zachry; Yang, Yilin (2023-02-03)
In the United States, most commercial and industrial (C&I) lending takes the form of revolving lines of credit, known as revolvers or credit lines. For decades, like other U.S. C&I loans, credit lines were typically indexed to the London Interbank Offered Rate (LIBOR). However, since 2022, the U.S. and other developed-market economies have transitioned from credit-sensitive reference rates such as LIBOR to new risk-free rates, including the Secured Overnight Financing Rate (SOFR). This post, based on a recent New York Fed Staff Report, explores how the provision of revolving credit is likely ...
Liberty Street Economics , Paper 20230203

Report
LIBOR: origins, economics, crisis, scandal, and reform
Hou, David; Skeie, David R. (2014-03-01)
The London Interbank Offered Rate (LIBOR) is a widely used indicator of funding conditions in the interbank market. As of 2013, LIBOR underpins more than $300 trillion of financial contracts, including swaps and futures, in addition to trillions more in variable-rate mortgage and student loans. LIBOR's volatile behavior during the financial crisis provoked questions surrounding its credibility. Ongoing regulatory investigations have uncovered misconduct by a number of financial institutions. Policymakers across the globe now face the task of reforming LIBOR in the aftermath of the scandal and ...
Staff Reports , Paper 667

Speech
537 Days: Time Is Still Ticking
Williams, John C. (2020-07-13)
Remarks at LIBOR: Entering the Endgame (a webinar hosted by the Bank of England and the New York Fed) .
Speech

Speech
The transition to a robust reference rate regime: remarks at Bank of England’s Markets Forum 2018, London, England
Dudley, William (2018-05-24)
Remarks at Bank of England?s Markets Forum 2018, London, England.
Speech , Paper 287

Speech
901 Days
Williams, John C. (2019-07-15)
Remarks at Securities Industry and Financial Markets Association (SIFMA), New York City.
Speech , Paper 326

Speech
A Resolution for 2021: No New LIBOR
Wuerffel, Nathaniel (2020-12-10)
Remarks at the Securities Industry and Financial Markets Association’s LIBOR Transition Forum (delivered via videoconference).
Speech

Discussion Paper
Investigating the Proposed Overnight Treasury GC Repo Benchmark Rates
Cipriani, Marco; Sherman, Scott; Solimine, Brett; Copeland, Adam; Bayeux, Kathryn; Altman, Alexandra (2016-12-19)
In its recent ?Statement Regarding the Publication of Overnight Treasury GC Repo Rates,? the Federal Reserve Bank of New York, in cooperation with the U.S. Treasury Department?s Office of Financial Research, announced the potential publication of three overnight Treasury general collateral (GC) repurchase (repo) benchmark rates. Each of the proposed rates is designed to capture a particular segment of repo market activity. All three rates, as currently envisioned, would initially be based on transaction-level overnight GC repo trades occurring on tri-party repo platforms. The first rate would ...
Liberty Street Economics , Paper 20161219