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'The urgently needed reform is degenerating into farce.'
FSB proposal for loss-absorbing buffers may create new problem for big banks: Who will want to buy this debt?
Recognition from 2014 Nobel Prize may help Jean Tirole influence policy; he sees regulation as crucial in preventing banks from taking too much risk.
Agency recommends widening windows for setting benchmark rates, from one minute to five minutes, to reduce chance of manipulation.
Financial Stability Board suggests basing rates on trade data rather than estimates.
Global regulators ponder options for preventing manipulation of WM/Reuters benchmark rates.