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Report
LIBOR: origins, economics, crisis, scandal, and reform
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 ...
Speech
Act Now, and Choose Wisely
Remarks at the 2021 ISDA North America Conference (delivered via videoconference).
Speech
The transition to a robust reference rate regime: remarks at Bank of England’s Markets Forum 2018, London, England
Remarks at Bank of England?s Markets Forum 2018, London, England.
Speech
901 Days
Remarks at Securities Industry and Financial Markets Association (SIFMA), New York City.
Speech
A Resolution for 2021: No New LIBOR
Remarks at the Securities Industry and Financial Markets Association’s LIBOR Transition Forum (delivered via videoconference).
Speech
Restoring confidence in reference rates
Remarks at the Salomon Center for the Study of Financial Institutions, New York University Stern School of Business, New York City.
Discussion Paper
Investigating the Proposed Overnight Treasury GC Repo Benchmark Rates
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 ...
Speech
LIBOR: The Clock Is Ticking
Remarks at the 2019 U.S. Treasury Market Conference, Federal Reserve Bank of New York, New York City.
Speech
SOFR and the transition from LIBOR: remarks at the SIFMA C&L Society February Luncheon, New York City
Remarks at the SIFMA C&L Society February Luncheon, New York City.
Speech
537 Days: Time Is Still Ticking
Remarks at LIBOR: Entering the Endgame (a webinar hosted by the Bank of England and the New York Fed) .