Global regulators heaped more pressure on banks and other firms to ditch Libor, saying that continuing to use the scandal-tarred benchmark rate threatens the stability of the financial system.
The Financial Stability Board warned firms that they “should expect increasing scrutiny” about the pace of the transition to alternative rates. Regulators are seeking to phase out the London interbank offered rate and related benchmarks by the end of 2021.
“Transition well before that date would greatly minimize risks to financial stability,” the FSB said in a report on Wednesday. The FSB is led by Chair