Chris Salmon: The bank and benchmark reform

Speech by Mr Chris Salmon, Executive Director for Markets of the Bank of England, at the Roundtable on Sterling Risk-Free Reference Rates, London, 6 July 2017.

The views expressed in this speech are those of the speaker and not the view of the BIS.

Introduction

Thank you to NatWest Markets for hosting this event, and let me add my own welcome and thanks to you all for coming.  

The Governor has set out the need for a substantial transition from Libor to near-risk free alternatives. 

I want to expand on his remarks by explaining what the Bank has been doing to advance this objective, and why.  And, importantly, looking ahead, I want to highlight the need for action from many of you.