US regulators urge quick LIBOR replacement

US regulators have called for new interest rate benchmarks to be found quickly to replace Libor, the interbank borrowing rate at the centre of a sprawling rate -rigging investigation.

The Financial Stability Oversight Council, a collection of regulators including the Federal Reserve and Treasury, said on Thursday that alternative rates "anchored in observable transactions" should be identified "promptly" by international officials and market participants ... READ MORE

Released by the Financial Times - 25 April 2013