For markets to continue to rely on benchmarks that were widely rigged is pretty clearly a bad idea. But coming up with a good replacement can be hard. That’s been the case in a number of countries looking to phase out Libor as an interest-rate benchmark in the wake of rate-manipulation scandals. But the stakes are especially high in Switzerland, whose central bank has been using a Libor rate as its main monetary policy target.


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WashingtonPost

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