The use of four dollar-denominated alternatives to the now scrapped Libor interest rate need restrictions to avoid threatening financial stability, a global securities watchdog said on Monday.
IOSCO, a global securities watchdog group that includes the U.S. Securities and Exchange Commission as a member, said a review has identified "varying degrees of vulnerability" in these four unnamed rates.Once dubbed the most important number in the world, Libor has been withdrawn after banks were fined for trying to rig a rate referenced in credit cards, business loans and mortgages worth trillions of dollars globally.
Several so-called credit sensitive rates and term SOFR rates are being offered as alternatives to SOFR, which has no forward 'terms' or credit component, thoughRegulators have previously warned that these alternatives could be vulnerable during periods of market stress, but Monday's statement goes further in suggesting curbs.
"Administrators should consider licensing restrictions for use of CSRs and Term SOFR rates within certain products or by certain user groups," IOSCO said.
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