Global regulators’ approval of a U.S. dollar-denominated rate that assesses market credit risk is growing nearer as the beleaguered London interbank offered rate is set to be phased out, allowing financial service firms to fill the void with new benchmarks.
Bloomberg’s Short-Term Bank Yield Index, or BSBY, adheres to the International Organization of Securities Commissions’ Principles for Financial Benchmarks, based on an independent assurance review, Bloomberg LP said in a statement Tuesday. A final report is expected soon.
