The time has come for John Williams to put away the LIBOR countdown clock.
The Federal Reserve Bank of New York's president for more than two years has been counting the days until Friday, when most versions of the London Interbank Offered Rate—with the notable exception of three-month U.S. dollar LIBOR—will be published for the last time. It's the beginning of the end of its decades-long reign as the pre-eminent tool of the financial system, more than a decade after bank manipulation was first alleged.
For regulators, it's celebration time. For U.S. traders, the outlook remains muddy, as the painful slog of integrating replacements for LIBOR goes on.
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