Libor shift will reward banks that do it first, Bank of England's Hauser says

9 July 2019 8:16pm
A Bank of England official appealed to banks’ financial self-interest in urging reluctant market participants to transition from Libor to other interest-rate benchmarks.

“There is a business, as well as a risk, imperative to shift,” said Andrew Hauser, the Bank of England’s executive director for markets. “Those who get there first stand to gain the most. Those who don’t, risk getting caught napping.”

Hauser’s pitch pivots from the risk-based exhortations to date by UK, US and global authorities seeking a move from scandal-plagued Libor by the end of 2021.