More carrot, less stick in US Libor transition
US regulators are not looking for ways to compel market participants to shift away from US dollar Libor and into the secured overnight financing rate (SOFR), despite the limited amount of trade linked to the new interest rate benchmark.
Peter Phelan, deputy assistant secretary for capital markets at the US Treasury, is a government member of the Alternative Reference Rates Committee tasked with bringing SOFR into use. Phelan said it was not Treasury’s place to crack the whip.
“We’re not in a
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