Article reports that multiple alternative replacement rate curves could emerge after Libor is discontinued, resulting in a decentralised market with liquidity problems. Article includes comments from Alex McDonald arguing that the market should develop a range of replacement benchmarks to suit the different needs of market participants. He argues that the success of a benchmark rate depends on whether the market deems it's underlying data to be relevant to the products it will underpin.
Interview with Alex McDonald discussing how mergers and acquisitions are increasingly likely to occur in the FX industry through 2019 as the cost of risk capital continues to rise, with only political or regulatory intervention able to prevent this from occurring. He also notes that a similar trend may also occur with central counterparties and that a consolidated CCP framework may in turn lead to more FX market participants choosing to clear their trades.
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