Members of the House Financial Services Committee cited leveraged lending, cybersecurity and the switch to a new interest rate benchmark among potential systemic risks that keep them up at night. ... Read full article
The most widely referenced interest rate benchmark will cease to function after 2021, and the financial system is still coming to grips with that complicated reality. ... Read full article
The bank elevated three senior executives who could be possible successors to CEO Sergio Ermotti; the move to a new rate benchmark won’t trigger a “tax event.” ... Read full article
President says Facebook could face “full banking regulation”; big banks’ farm loan portfolios have shrunk more than 17% since 2015 ... Read full article
The Alternative Reference Rates Committee promotes the adoption of a new Secured Overnight Financing Rate index rate to replace Libor in pricing hybrid adjustable-rate mortgages within the next two years. The change would be the first application of SOFR ... Read full article
The banking industry isn’t prepared to transition away from a key financial benchmark in 2021, and steps need to be taken now to avoid market disruptions. ... Read full article
Employee may have leaked information about upcoming deals; company says it’s rare that the wrong person gets email receipt, but it's looking to improve. ... Read full article
Although Libor will will not be phased out until at least 2021, Randal Quarles said making the switch early is "consistent with prudent risk management." ... Read full article
By Evan Sypek The London Interbank Offered Rate (Libor) is calculated daily by the British Banking Association (BBA) and published by Thomson Reuters. The rates are calculated by surveying the interbank borrowing costs of a panel of banks and averaging ... Read full article
