In July 2014, the FSB published a report, Reforming Major Interest Rate Benchmarks, which proposed recommendations for enhancing existing benchmarks for key interbank unsecured lending markets (known as Interbank Offered Rates, or IBORs), and “promoting the development and adoption” of new nearly risk-free benchmark rates called Risk-Free Rates (RFRs).
The FSB’s initial report in July 2014 recommended that IBORs should be underpinned “to the greatest extent possible” with transactions data, and
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