© Reuters. FILE PHOTO: Financial Stability Board chair and Federal Reserve Vice Chairman for Supervision Randal Quarles addresses the Economic Club of New York in New York City, U.S., October 18, 2018. REUTERS/Brendan McDermid
WASHINGTON (Reuters) – U.S. financial regulators urged market participants on Friday to accelerate their efforts to detach financial products from Libor interest rate benchmarks, which is set to expire for new products at the end of 2021.
Federal Reserve Vice Chair Randal Quarles emphasized there is “no path forward” for Libor, and that firms have no reason to delay moving derivatives and other market contracts to the new Secured Overnight Financing Rate.