Las vegas

Libor warnings

Category: Regulation ABS

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Senior Fed governor spells things out for the SFA

Federal Reserve vice chair of supervision Randal Quarles fired a shot across the bows – very close to the bows – of the structured finance market this morning (October 5th) when he addressed the SFA conference in Las Vegas on the topic of Libor transition.

“The year of magical thinking is over,” he said, quoting the title of Joan Didion’s book on mourning, and repeatedly reminded his audience that no new dollar Libor-based contracts can be written from the end of this year.

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