Insight Category: Consultations

IOSCO-aligned benchmark credit spreads can strengthen financial stability, improve credit market efficiency, and support the United Kingdom’s position as a leading global financial center in the post-LIBOR financial system. The global transition from LIBOR to risk-free reference rates such as SOFR and SONIA represents one of the most significant structural reforms in modern financial markets. While these rates have strengthened benchmark integrity by anchoring reference rates in…