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Market Should Break Reliance on Libor: Treasury Official

Singh urges move to new benchmark for global rates.

By Matthew Leising, Bloomberg | Updated on October 21, 2016

The United States Treasury Department would like to break the market of its Libor addiction.

The London Interbank Offered Rate, a measure of the interest banks claim to charge one another to loan money, is tied to an estimated $350 trillion of notional value derivative contracts and $10 trillion in loans. It’s also been under attack since before the financial crisis as banks admitted to rigging it to benefit financially. Now Daleep Singh, acting assistant secretary for financial markets for the U.S. Treasury, wants users to move to a new benchmark for global interest rates.

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