“We really need to get there sooner rather than later,” the Democratic commissioner told an industry conference* Monday. “We may need to think about more aggressive policy decisions to help the transition move along in a quicker, more expedient way.”
As an example, Behnam said, market participants are suggesting changes to margin rules for uncleared swaps to ensure they don’t cover existing, or legacy, contracts being modified to include fallback benchmarks.
“If I were to support a move like that, I’d hope we can do it in a measured way,” he said.
US should consider industry incentives to speed Libor shift, CFTC's Behnam says
13 June 2019 8:03pm