Fed hosts meeting with banks, regulators on LIBOR alternatives
Reuters
Published Nov 17, 2014 08:56AM ET
Fed hosts meeting with banks, regulators on LIBOR alternatives
WASHINGTON (Reuters) - The Federal Reserve said it is hosting a meeting on Monday with banks and regulators to discuss the development of a reference rate alternative to LIBOR, the London interbank rate that was at the center of a global rigging scandal.
Expected participants in the discussion include Bank of America (N:BAC), Goldman Sachs (N:GS), HSBC (L:HSBA) and central bank officials from England, Europe and Japan.
The Fed said that the meeting, held at the New York Fed, is a step toward implementing recommendations issued by a Financial Stability Board report in July.
(Reporting by Michael Flaherty)
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