Per the Financial Conduct Authority, the London inter-bank offered rate is due to be phased out by December 2021. Oonagh McDonald, international financial regulatory expert, author and former Labour party politician joins OMFIF’s Ben Rands to discuss its future. They cover what went wrong with Libor, current issues surrounding its branding, and prospects for replacement. They also assess whether banks are prepared for this transition and the potential role of fintech in future benchmarks.
Oonagh McDonald’s latest book is Holding bankers to account: A Decade of Market Manipulation.