US Libor panel to decide on seeking legislative relief from certain contracts

6 June 2019 4:45pm
A US Federal Reserve-sponsored Libor panel hopes to decide in the next few months whether to seek legislative relief from some existing contract requirements that are impeding a shift from the benchmark, said Tom Wipf, head of the Alternative Reference Rates Committee.

“There may be no solution for some of these products,” he said at a committee roundtable* this week. “We need to be sure that the legal arguments are fully considered before deciding whether to take any steps.”

“The analysis is in its very early stages, and it is not yet ready for 'prime time,'” said Wipf, a Morgan Stanley vice chairman.