FSB: Statement on the impact of COVID-19 on global benchmark reform
- The Financial Stability Board (FSB) has discussed the impact of COVID-19 on global benchmark transition
- FSB’s Official Sector Steering Group (OSSG) is monitoring the developments closely
- The FSB maintains its view that financial and non-financial sector firms across all jurisdictions
- LIBOR transition remains an essential task that will strengthen the global financial system
- COVID-19 has highlighted that the underlying markets LIBOR seeks to measure are no longer sufficiently active
- The FSB set out in 2014 a series of recommendations for strengthening key interbank offered rates (IBORs) in the unsecured lending markets
